ClearWater Market Commentary as of April 26th, 2021

Here is the ClearWater Market Commentary as of April 26th, 2021:

In this issue:
– Performance of Major Indices
– Market Commentary
– Last Week’s Key Economic  
  Events and Upcoming Events

Performance of Principle Indexes: 

S&P/TSX Composite Index  
5 Day-1.29%
1 Month1.87%
1 Year32.47%

As of 2021/04/23 – Source:

Index PerformancesLast 5 DaysYTD
Russell 20001.79%15.04%
Hang Seng Index0.50%4.48%
CAC 400.33%9.06%
Shanghai Composite -0.10%0.03%
S&P 500-0.13%8.99%
Dow Jones Industrial -0.46%8.93%
FTSE 100-0.94%6.76%
S&P/TSX Composite-1.29%9.57%
Nikkei 225-1.51%5.56%
Oil ($/bbl)-1.70%28.10%

As of 2021/04/23

Last week’s and next week’s key economic events:

US economy (S&P 500 -0.13%):

  • Stock markets came under pressure from renewed worries that rising global COVID-19 cases will delay the full recovery of economic activity.
  • The growing pessimism overshadowed the positive economic data and better-than-expected corporate earnings report. However, current data still reinforced the view that the economic recovery so far has been much more robust than expected.
  • A White House proposal to increase capital gains tax added to the pressure on stock prices.
  • Applications for unemployment insurance dropped to a new pandemic low.
  • The energy sector led the S&P’s declining sectors, as rising US crude inventories and talk of potential sanctions relief in Iran nuclear talks added to the pressure on oil prices.

Canadian markets (S&P/TSX -1.29%):

  • Canadian housing starts in March were the strongest since the data began in 1990.
  • The Bank of Canada raised its forecast of Canada’s first quarter Gross Domestic Product growth to 7%.
  • The Bank of Canada also held its benchmark rate state at last weeks meeting, but reduced its bond purchase program by one-quarter and shortened its expected timeline for potential interest-rate hikes.
  • In scaling back its quantitative easing, the Bank of Canada became the first major central bank to move towards exiting from stimulus.
  • The decline in the S&P/TSX Composite Index was led by the information technology, industrials, and energy sectors.

Performance 2021: S&P 500/400/600 Sectors

European and Asian economies:

  • Most European and Asian markets were lower amid concerns on the rising coronavirus caseload.
  • The European Central Bank (ECB) kept its interest rates unchanged and confirmed a significantly faster pace of bond purchases, as it had previously announced.
  • European PMI (Purchasing Managers’ Index) was stronger than expected and business activity in the manufacturing sector rose to a record high, and the services portion of the economy unexpectedly returned to growth, despite the introduction of new restrictions aiming to curb the coronavirus’ spread.
  • Sentiment in Europe was set back when the US State Department boosted its ‘Don’t Not Travel’ guidance to about 80% of countries worldwide.
  • Chinese stocks rose all week as mainland equity markets received the third-largest single-day inflow of cash from Hong Kong investors.
  • New rules from China’s financial regulators appear to have lifted investor sentiment as well.
  • Tensions between Russia and its neighbour Ukraine remained elevated which put pressing on Russian assets.
  • Japan was among the weakest major equity markets, as the government planned another state of emergency which could push the country back into recession.

What to watch this week:


  • Retail sales (February)
  • Gross Domestic Product (February)
  • Industrial Product, Raw Materials Price Indices (March)


  • Federal Reserve interest rate decision (April 28)
  • Durable goods orders (March)
  • Conference Board Consumer Confidence Index (April)
  • Gross Domestic Product (1st Quarter)
  • Pending home sales (March)
  • Personal income and spending (March)
  • Univ. of Michigan Consumer Sentiment Index (April)

Sources:,, Barron’, and

Thank-you for checking out our ClearWater Market Commentary for April 26th, 2021. If you would like to receive the ClearWater Commentary at the start of every week, sign-up for our Newsletter.