ClearWater Market Commentary as of March 1st, 2021

Here is the ClearWater Market Commentary as of March 1st, 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-1.76%
1 Month4.17%
1 Year11.05%

As of 2021/02/12 – Source:

Index PerformancesLast 5 DaysYTD
WTI Crude (oil)3.90%26.90%
CAC 40-0.79%1.07%
Dow Jones Industrial-0.97%0.62%
S&P 500-1.64%1.02%
S&P/TSX Composite1.76%3.60%
FTSE 100-1.86%2.07%
Russell 2000-1.92%11.79%
Shanghai Composite-2.50%2.26%
Nikkei 225-3.82%1.74%
Hang Seng Index-4.69%5.92%

As of 2021/02/26

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

US economy (S&P 500 -1.64%):

  • Most equity markets were lower, as expectations of inflation and rising costs challenged the outlook for corporate profitability and stock valuations.
  • The mood of stock investors turned brighter midweek, but only briefly, after US Federal Reserve Chair Jerome Powell testified to Congress that the Fed viewed current inflation trends as temporary, and that the central bank was nowhere near close to withdrawing its support for the economy
  • The performance of the S&P 500 was bracketed by a much steeper drop in the technology-heavy Nasdaq Composite Index.
  • The energy sector posted gains due to higher oil prices.

Canadian markets (S&P/TSX -1.76%):

  • Bank of Canada Governor Tiff Macklem delivered a similar speech to the US Fed that highlighted the Bank’s view that the slow pace of healing in the labour market would require a longer-lasting stimulative bias in policy.
  • The overall loss for the S&P/TSX Composite Index masked some significant moves among several of the benchmark’s sectors.
  • Financials were and continues to benefit from rising yields and steepening yield curves, and stronger-than-expected earnings reports from the major banks.
  • Information technology led declining sectors as heavyweight Shopify Inc. posted a double-digit percentage drop in tandem with a broad global retreat in large cap technology companies.
  • The health care sector fell as several cannabis stocks pulled back from recent highs and the materials sector dropped as gold prices slipped to an eight-month low.

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

European and Asian economies:

  • European economic data was similarly positive, especially confidence indicators.
  • While most European equity markets were pressed lower by rising bond yields, as they were in North America, Spain bucked the trend. Spanish stocks, which are especially sensitive to UK travel, rose in reaction to the announcement of the easing of UK lockdown rules.
  • UK Prime Minister Boris Johnson unveiled a plan for gradually and irreversibly lifting lockdown restrictions in England from March 8 and ending on June 21. Almost all sections of the economy and many social activities are likely to be reopened by May 17.
  • Japanese stocks tumbled on Friday. On the positive side however the falling coronavirus infection rate and lessened strains on hospital capacity in several of Japan’s regions have prompted government officials to okay the removal of the state of emergency status.
  • Chinese shares fell in tandem with the global sell-off.
  • But in a week devoid of economic readings, China investors are focusing on the National People’s Congress (NPC) that starts March 5. In addition to reviewing the past year’s performance, the annual parliament meeting will offer a road map for future economic plans, including goals for 2021 and Beijing’s latest five-year development plan. 

What to watch this week:


  • Markit Manufacturing Purchasing Managers’ Index (February)
  • Gross Domestic Product (December)
  • Building permits (January)
  • Intl. merchandise trade (January)


  • Markit, ISM Purchasing Managers‘ Indices (February)
  • Construction spending (January)
  • Durable goods orders (January)
  • Employment report (February)
  • Trade balance (January)

Sources:,, Barron’, and

Thank-you for checking out our ClearWater Market Commentary for March 1st, 2021. If you would like to receive the ClearWater Commentary at the start of every week, sign-up for our Newsletter.