Market Review: March 03, 2020
Seeking Alpha Analyst Since 2021
I am a 3rd-year student at the University of Waterloo.
My investment strategy is driven by my goal of achieving financial freedom before 40. To this end, I am investing primarily in high-growth equities and ETFs through fundamental and technical analysis.
Summary
- Technology heavy Nasdaq fell sharply (over 2.5%).
- Investors are rotating towards more value, cyclical related sectors.
- A tale of two markets as "stay at home" names suffered while reopen related sectors outperformed.
Equity Market Recap:
The US major averages indices fell on Wednesday. Investors of technology-focused stocks continued to rotate out of the growth stocks into value-oriented cyclical sectors, such as energy and financials, that are expected to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.
Software moves: Adobe (ADBE) fell 3.89% and closed at $448.45 and Unity (U) dropped 4.90% to $102.80 today.
Reopen related sectors: Air Canada (AC.TO) rose 3.37% and Cineplex (CGX.TO) surged almost 5%.
The fiscal stimulus, vaccination programs and rapid rise in bond yield raised optimism that the economic recovery would revive demand.
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