ClearWater Market Commentary as of January 25th, 2021

Here is the ClearWater Market Commentary as of January 25th, 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-0.35%
1 Month1.26%
1 Year1.60%

As of 2021/01/25 – Source:

Index PerformancesLast 5 DaysYTD
Hang Seng Index3.21%7.84%
S&P 5002.07%1.97%
Russell 20001.70%9.76%
Shanghai Composite0.86%4.43%
Dow Jones Industrial0.72%0.97%
Nikkei 2250.52%3.46%
FTSE 1000.06%3.53%
CAC 40 -0.21%0.62%
S&P/TSX Composite -0.35%2.37%
WTI Crude (oil)-0.40%7.50%

As of 2021/01/22

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

US economy (S&P 500 +2.07%):

  • Biden inauguration last week lifted US stocks to record highs as the markets focused in on his US$1.9 trillion fiscal-stimulus proposal.
  • Optimism about fiscal stimulus, as well as positive economic data, and an encouraging start to earning reporting season, boosted all major US stock indices to record highs.
  • The anticipation of President Biden’s proposed stimulus package, buoyed by supportive comments from incoming Treasury Secretary Janet Yellen, gave the S&P 500 its best first-day reaction to presidential inauguration since 1937.

Canadian markets (S&P/TSX -0.35%):

  • Canada’s S&P/TSX Index tested its high set earlier this month but failed to break through.
  • Gold, copper, and other commodity prices were also higher, helped by a slide in the USD.
  • The TSX energy sector led the index to a loss, as President Biden cancelled the permit for the $9 billion Keystone XL pipeline project on his first day in office.
  • However, Canadian retail sales in November were reporting much stronger than expected.
  • Furthermore, the Bank of Canada (BOC) said the country’s economy was stable enough not to need additional monetary policy help. The BOC held its benchmark interest rate steady and made no changes to its quantitative easing program and reiterated its promise not to raise rates until the economy has fully recovered from COVID-19.

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

European and Asian economies:

  • European equity markets were mostly lower as lockdown restrictions were extended in several countries, including the UK and Germany.
  • Most Asian markets were higher after China’s industrial production data for December and its fourth quarter gross domestic product (GDP) showed its economy recovering faster than expected.
  • China’s economy officially grew by 2.3% in 2020, which underscores the country’s remarkable recovery from the COVID-19 lockdowns.
  • Hopes on warmer U.S.-China relations under President Biden also lead to a rally in stocks
  • Markets are waiting to see however the decision from the New York Stock Exchange’s decision to delist U.S.-listed chares of China’s three biggest telecom companies.

What to watch this week:


  • Building permits (December)
  • Gross Domestic Product (November)
  • Industrial Product and Raw Materials Price Indices (December)


  • Federal Reserve interest rate decision (January 27)
  • Conference Board Consumer Confidence Index (January)
  • Durable goods orders (December)
  • Gross Domestic Product (4th Quarter)
  • Conference Board Leading Index (December)
  • New home sales (December)
  • Personal income and spending (December)
  • Univ. of Michigan Consumer Sentiment Index (January)

Sources:,, Barron’, and

Thank-you for checking out our ClearWater Market Commentary for January 25th, 2021. If you would like to receive the ClearWater Commentary at the start of every week, sign-up for our Newsletter.