The Strength of the Market is: Strong
Last week, stocks had their worst week since October. The poor performance was the result of fear that the Federal Reserve could start raising interest rates sooner and faster than expected - essentially, putting an end to their pandemic-related emergency & easy-money policies. The 'economic reopening' stocks, which have been 2021's winners thus far, were hit the hardest during last week's sell-off.
Economic reports from last week came back negative:
•Manufacturing (New York) - worse than expectation
•Manufacturing (Philadelphia) - worse than expectation
•Housing Market - worse than expectation
•Jobless Claims - worse than expectation
This week, investors will look for guidance from economic reports like National Activity, Manufacturing, Existing & New Home Sales, Jobless Claims and Consumer Sentiment.