- 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
HighTower Bellevue is registered with Hightower Securities, LLC, member FINRA and SIPC, and with Hightower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through Hightower Securities, LLC; advisory services are offered through Hightower Advisors, LLC.
This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.
All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and Hightower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.
This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of Hightower Advisors, LLC, or any of its affiliates.