Market Talk – Wednesday, March 31

New York state is expected to bring in millions in tax revenue annually after Governor Cuomo signed a bill legalizing recreational marijuana use. New York City will place a 15% tax on the product, with 9% going to the state and 4% going to local government. Some are estimating the measure could create 60,000 new jobs, although recreational sales may not begin until 2023. In 2020 alone, 94% of marijuana-related arrests in New York targeted minority populations. The measure will expunge thousands of criminal records of non-violent offenders who may have experienced trouble finding employment or housing due to marijuana-related charges.

US Market Closings:

  • Dow declined 85.41 points or -0.26% to 32,981.55
  • S&P 500 advanced 14.34 points or 0.36% to 3,972.89
  • Nasdaq advanced 201.48 points or 1.54% to 13,246.87
  • Russell 2000 advanced 24.73 points or 1.13% to 2,220.52

Canada Market Closings:

  • TSX Composite declined 4.89 points or -0.03% to 18,700.67
  • TSX 60 decline 1.71 points or -0.15% to 1,117.15

Brazil Market Closing:

  • Bovespa declined 215.95 points or -0.18% to 116,633.72

ENERGY:

The oil markets had a mixed day today:

  • Crude Oil increased 0.49 USD/BBL or 0.81% to 61.0300
  • Brent decreased 0.24 USD/BBL or -0.37% to 63.9000
  • Natural gas decreased 0.007 USD/MMBtu or -0.27% to 2.6160
  • Gasoline increased 0.0085 USD/GAL or 0.43% to 1.9975
  • Heating oil increased 0.0065 USD/GAL or 0.36% to 1.7957
  • Top commodity gainers: Silver (1.13%), Platinum (2.59%), Coal (1.11%) and Palm Oil (1.23%)
  • Top commodity losers: Wheat (-1.04 %), Rubber (-2.67%), Bitumen (-1.90%), and Cotton (-1.87%)

The above data was collected around 11:20 EST on Wednesday.

BONDS:

Japan 0.10%(+1bp), US 2’s 0.15%(+0.006%), US 10’s 1.72%(-1bps); US 30’s 2.38%(-0.020%), Bunds -0.28% (+0bp), France -0.04% (-1bp), Italy 0.66% (-2bp), Turkey 18.54% (+23bp), Greece 0.87% (-4bp), Portugal 0.23% (-1bp); Spain 0.34% (-1bp) and UK Gilts 0.84% (+1bp).

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Disclosure: None.

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