Treasury yields are higher to start the day on supply pressures, which is weighing on tech stocks again ahead of the open (NASDAQ futures -1.25%). On the Covid front, President Biden announced yesterday that all U.S. adults will be eligible for a vaccine by May 1, and another vaccine maker released strong results yesterday. Novavax Inc’s Covid vaccine was 96% effective against the original strain in late-stage testing, and it was 86% effective against the newer British variant of the virus. Next week’s economic calendar is headlined by the February retail sales report (Tuesday) and the March FOMC report (Wednesday). Regarding the latter, the market will likely be very focused on the updated “dot plot” for any signs of emerging hawkishness within the participants.
Jason Haley
Chief Investment Officer
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