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Source: Copyright © 2021 Kalkine Media Pty Ltd.
Summary
- IMF to raise the global economy forecasts for 2021 and 2022 next week.
- The Federal Trade Commission has filed a lawsuit to block Illumina’s proposed US$7.1 billion acquisition of Grail.
- The Conference Board Consumer Confidence Index rebounded to its highest reading in one year during March.
U.S. markets closed lower on Tuesday, March 30, 2021, as technology, healthcare, and utility stocks pulled down the indices despite positive cues from the IMF on economic recovery.
The S&P 500 dropped 0.32 percent to 3958.55. The Dow Jones Industrial Average was down 0.31 percent to 33066.96. The NASDAQ Composite Index fell 0.11 percent to 13045.39, while the small-cap Russell 2000 rose 1.76 percent to 2195.80.
IMF Managing Director Kristalina Georgieva said on Tuesday that the organization would raise the global economy forecasts for 2021 and 2022 next week following additional policy support, including the US$1.9 trillion COVID-19 relief plan in the U.S. and the expected recovery in many advanced economies over vaccine availability later this year. In January, the IMF expected global output to grow 5.5% in 2021.
The Federal Trade Commission has filed a lawsuit to block Illumina’s proposed US$7.1 billion acquisition of Grail, which makes early detection liquid biopsy test to screen cancer. The FTC believes that the vertical merger will impact the competition for life-saving Multi-Cancer Early Detection tests in the U.S.
The Conference Board Consumer Confidence Index rebounded to its highest reading in one year to 109.7 during March, up from 90.4 in February. Meanwhile, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported 11.2 percent year over year increase in U.S. home prices during January, the highest growth recorded since February 2006.
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Top Gainers
Top performers on S&P 500 included DXC Technology Co. (9.15%), Enphase Energy Inc. (5.95%), Caesars Entertainment Inc. (5.69% ) and L Brands Inc. (5.39%).
VirTra Inc. (66.74%), Color Star Technology Co Ltd. (35.82%), Mannatech Inc. (31.40% ) and VivoPower International PLC (31.39%) were the top performers on NASDAQ.
On Dow Jones, Goldman Sachs Group Inc. (1.93%), Caterpillar Inc. (1.24%), JPMorgan Chase & Co. (1.18%) and Dow Inc. (1.11%) gained the most.
Top Losers
Top laggards on S&P 500 included Illumina Inc. (6.59%), Marketaxess Holdings Inc. (4.05%), Newmont Corporation (3.67%) and Broadcom Inc. (3.48%).
Elite Education Group International Ltd. (35.54%), ThredUp Inc. (29.78%), Recon Technology Ltd. (29.45%) and SeaChange International Inc. (29.33%) were among the top losers on NASDAQ.
On Dow Jones, Amgen Inc. (2.04%), Merck & Co Inc. (1.71%), Procter & Gamble Co. (1.54%) and UnitedHealth Group Inc. (1.45%) were the laggards.
Image Source: EODHD/Others, S&P 500 March 29, 2021 price chart
Volume Movers
Top volume movers are ViacomCBS Inc. (30.15M), VirTra Inc. (24.01M), Color Star Technology Co Ltd. (23.78M) and Apple Inc. (19.67M).
Futures & Commodities
Gold futures were 1.80 percent to US$1,683.70 per ounce. Silver declined 3.12 percent to US$23.997 per ounce while copper fell 1.45 percent to US$3.9762.
Brent oil futures decreased 1.37 percent to US$64.03 per barrel and WTI crude lost 1.90 percent to US$60.39 per barrel.
Bond Market
The 30-year Treasury bond yields fell 2.05 percent to 2.374 while the 10-year bond yields were down 0.53 percent to 1.712
US Dollar Futures Index grew 0.37 percent to US$93.297.
