U.S. Equity Markets rebounded yesterday, finishing the day higher, despite a late sell-off into the Close. The NASDAQ 100 led the rally ending the day with a gain of 1.51%. The S&P made a new all-time high before a late sell-off saw the rally cut to a gain of 0.37%. Federal Reserve Bank Governor Randal Quarles said he is optimistic about domestic economic growth, but the central bank will remain patient with its “above target” inflation. This continued the recent optimistic commentary from other Fed presidents. President Joe Biden is set to reveal the details for a $2 trillion infrastructure plan. Reports suggest that there will be investments in roads, broadband access, and the electric grid. But the administration said it would pay for the deal by raising taxes for over 15 years with a corporate tax increase from 21% to 28%. Jobs data were positive. ADP employment change data came in above expectations, meaning that private companies added more jobs than expected in March. This is another strong sign for the labour market’s recovery. We will look for more confirmation of this trend with the Non-Farm Payroll data released tomorrow despite Markets closed for the Good Friday Holiday. European Markets closed lower after the French Government announced a new four- week lockdown from Saturday. OPEC’s Joint Technical Committee decreased its oil demand outlook for 2021, suggesting demand could be depressed in April through June. The German government suspended the use of AstraZeneca’s COVID-19 vaccine in people under 60 due to concerns about blood clots. The European Union’s number of COVID-19 vaccinations rose to 71.4 million on Tuesday, with a daily average of 1.67 million doses administered over the past seven days. Elsewhere, Oil closed 2% lower after OPEC revised its 2021 demand outlook lower, while Gold rebounded 1.35% following a small sell-off in the U.S Dollar.
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