U.S. Equity markets traded in wide range before ending yesterday’s session mixed as investors digest the start of earnings season. The earnings season officially kicked off – with reports from JPMorgan (JPM) and Goldman Sachs (GS). Both companies handily beat earnings and revenue estimates, with JPMorgan CEO Jamie Dimon reiterating his stance that the U.S. economy is set for multiple years of strong growth. Vaccine news was also positive, after Pfizer CEO Albert Bourla said that the company could deliver 10% more doses of its COVID-19 vaccine by the end of May than previously agreed, boosting the supply outlook. And the Federal Reserve’s most recent Beige Book highlighted that the economic recovery was accelerating going into April. The pause on the Johnson & Johnson vaccine will still weigh on sentiment until the issues are cleared up. In a speech yesterday afternnon, Federal Reserve chair Jerome Powell said that the central bank would dial back its bond purchase before it raised Interest Rates. But he reiterated that this would happen no time soon. Investors will continue to watch the rollout of earnings reports for any major catalysts in the markets. European Markets closed higher. European Commissioner for Economy Paolo Gentiloni said the ECB might raise its guidance for 2021 growth when it releases its latest update in May. European Central Bank Governing Council Member Francois Villeroy de Galhau said it should use its 2% inflation goal as a target and not a ceiling with regards to stimulus. Euro-Zone Industrial Production data for February were stronger than expected, but fell versus January, signalling economic activity slowed. Early yesterday, Johnson & Johnson announced that it had halted the rollout of its vaccine across Europe over blood clot fears. Elsewhere, Oil gained 4.60% on a large drawdown in U.S. crude inventories while Gold reversed Tuesday’s gain by closing lower by 0.63%.
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