Bellevue Perspectives


Monday Minute

Pipe
  • Last week finished positive Thursday and Friday but ended down more than 2% for the week after China tensions flared when the Commerce Department took measures to block shipments of semiconductors to Huawei.  The House also passed a $3T stimulus bill that didn’t have much impact due to the likelihood it would get held up in the Senate. Turn the page over the weekend and positive news out of Moderna on their vaccine, Federal Reserve Chairman Powell’s remarks on a gradual economic recovery and his affirmation that more monetary stimulus was on the way if required, coupled with nearly all 50 U.S. states in some form of reopening created a frenzy of buying today.  The “covid-19 stocks” that have benefited from the shutdown are taking a pause while money flows to the beaten down names in banking, travel and leisure, and the oil patch.  We still recommend exercising caution as a lot still has to go right to justify current valuations.  https://www.reuters.com/article/us-health-coronavirus-usa/u-s-states-press-on-with-reopenings-markets-boosted-by-virus-vaccine-potential-idUSKBN22U26H
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