March 23, 2021

After a rough week, crude and tech stocks look to mount a comeback

[] After a rough week, crude and tech stocks mount a comeback | Fortune© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our u003ca href="https://fortune.com/terms-of-use/">Terms of Useu003c/a> and u003ca href="https://fortune.com/privacy-policy/">Privacy Policyu003c/a> | u003ca href="/california-privacy-policy/#notice">CA Notice at Collection and Privacy Noticeu003c/a> | u003ca href="https://fortune.com/right-to-opt-out/">Do Not Sell My Personal Informationu003c/a> | u003ca href="http://preferences-mgr.trustarc.com/?pid=fortunemedia01&aid=fortunemedia01_pub&type=fortunemedia">Ad Choices u003c/a>u003cbr />nFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.u003cbr />nQuotes delayed at least 15 minutes. 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Fortune's annual summit includes prominent women leaders in business, philanthropy, government, education, and the arts. Photographer: Sarah Silbiger/Bloomberg via Getty Images","caption":"Best Buy CEO Corie Barry speaks at Fortune’s Most Powerful Women Summit in Washington, D.C., Oct. 23, 2019.","crops":[],"height":3669,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1177750012.jpg?quality=60&resize=60,40","postId":2958586,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1177750012.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1177750012.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1177750012.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/02/GettyImages-1177750012.jpg","useBasicImg":false,"usingDataFallback":false,"width":5503,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/phil-wahba/","name":"Phil Wahba"},"children":[]}]},{"name":"content-list-item","config":{"title":"Watch out: Rising interest rates could be what kills the bull market","permalink":"https://fortune.com/2021/02/25/stock-market-interest-rates-bull-market-us-economy/","hasVideo":false,"themeName":"article-sidebar","isNativoTout":false,"eyebrowSectionLabel":"Finance","eyebrowSectionLink":"https://fortune.com/section/finance/","eyebrowTagLabel":"Stock market","eyebrowTagLink":"https://fortune.com/tag/stock-market/","publishDateIso8601":"2021-02-25T11:54:17-05:00","id":2958044,"excerpt":"Fast-rising prices would force the Fed to throttle the economic engine by raising rates, a move that would hammer corporate profits. ","type":"post"},"children":[{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]},{"name":"image","config":{"aspectRatio":0.6666666666666666,"attachmentId":2958290,"alt":"Rising Interest Rates-Graph Concept","caption":"Rising interest rates could be a killer for stocks.","crops":[],"height":1920,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?quality=60&resize=60,40","postId":2958044,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/02/Rising-Interest-Rates-Graph-Concept-GettyImages-1303546981.jpg","useBasicImg":false,"usingDataFallback":false,"width":2880,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/shawn-tully/","name":"Shawn Tully"},"children":[]}]}]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles1","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":2}},"children":[]},{"name":"dianomi","config":{"type":"sidebar"},"children":[]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles2","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":3}},"children":[]}]},{"name":"article-media","config":{"publishDate":"","type":"image","section":"Newsletters"},"children":[{"name":"image","config":{"aspectRatio":0.6666666666666666,"attachmentId":2968104,"alt":"An oil pump jack in a field with wind turbines in Corpus Christi, Texas, U.S., Friday, Feb. 19, 2021. Natural gas futures fluctuated Friday as an energy crisis plaguing the central U.S. eased amid an outlook for milder weather and a decline in blackouts. Photographer: Eddie Seal/Bloomberg via Getty Images","caption":"Crude oil futures were higher in early trade on Friday after a brutal drop on Thursday. It's been the worst week in the energy markets since October.","crops":[],"height":2365,"imageSize":"article-featured-image","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg?quality=60&resize=60,40","postId":2968042,"retina":true,"showCaption":true,"sources":[{"transforms":{"resize":[750,500]},"descriptor":750,"media":{"min":"lg"}},{"transforms":{"resize":[500,333.34]},"descriptor":500,"media":{"min":"md"}},{"transforms":{"resize":[375,250]},"descriptor":375,"media":{"max":"md"}}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg?resize=1500,1000 1500w,https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg?resize=750,500 750w,https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg?resize=1000,666 1000w,https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg?resize=500,333 500w,https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg?resize=750,500 750w,https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg?resize=375,250 375w","url":"https://content.fortune.com/wp-content/uploads/2021/03/GettyImages-1231266719-1.jpg","useBasicImg":false,"usingDataFallback":false,"width":3876,"credit":"Eddie Seal/Bloomberg via Getty Images","fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"(min-width: 64rem) 750px,(min-width: 48rem) 500px,(max-width: 48rem) 375px,100vw"},"children":[]}]},{"name":"article-body","config":{"mediaType":"image","premiumCategory":"P-Newsletter"},"children":[{"name":"gutenberg-content","config":{},"children":[{"name":"html","config":{"content":" u003cp>u003cem>This is the web version of the Bull Sheet, Fortune's no-BS daily newsletter on the markets. u003c/em>u003ca href="http://bullsheet.fortune.com/">u003cem>Sign up to receive it in your inbox hereu003c/em>u003c/a>u003cem>.u003c/em>u003c/p> u003cp>Good morning, and happy Friday.u003c/p>u003cp>u003c!-- piano selector -->u003c/p>u003cdiv class="paywall"> u003cp>Risk assets were roughed up on Thursday. This morning, the outlook is a bit brighter—that is in the U.S., anyhow. Europe and Asia are closing out the week on a downer note.u003c/p> u003cp>Oil yesterday bombed 7% lower, its worst one-day drop since October. Now, lower oil prices, in normal times, would be a boon for equities as it pushes down inflation risks. That's something to watch as the energy markets suddenly look less stable. Crude though is on the rebound as I type.u003c/p> u003cp>Let's spin the globe, and see what's happening elsewhere.u003c/p> u003ch2>Markets updateu003c/h2> u003ch4>Asiau003c/h4> u003cul>u003cli>The major u003cstrong>Asia indexesu003c/strong> are mostly lower in afternoon trading, with the u003cstrong>Nikkei u003c/strong>down u003cstrong>1.4%u003c/strong> in volatile trade. u003c/li>u003cli>Shares in u003cstrong>Shanghai u003c/strong>andu003cstrong> Hong Kongu003c/strong> were down about as much as a China-U.S. summit in Alaska gets off to u003ca href="https://www.cnbc.com/2021/03/19/-first-us-china-meeting-under-biden-gets-off-to-a-rocky-start.html">a shaky startu003c/a>. u003c/li>u003cli>The global u003cstrong>middle classu003c/strong> had a rough year. u003cstrong>COVIDu003c/strong> u003ca href="https://fortune.com/2021/03/18/covid-middle-class-shrinks-poverty-pew/">pushed millions more into povertyu003c/a>, erasing the gains of previous years, a new Pew study reports.u003c/li>u003c/ul> u003ch4>Europeu003c/h4> u003cul>u003cli>From u003cstrong>Milan u003c/strong>to u003cstrong>Londonu003c/strong>, the u003cstrong>European boursesu003c/strong> are awash in the red at the open with energy and financials hit particularly hard.u003c/li>u003cli>u003cstrong>COVID deathsu003c/strong> and infections are spiking across Europe, but reinforcements are on the way. The EU’s drug regulator on Thursday said the u003cstrong>AstraZenecau003c/strong> COVID vaccine u003ca href="https://fortune.com/2021/03/18/astrazenecas-covid-vaccine-all-clear-eu-health-agency-blood-clot-uproar/">is safe to useu003c/a>, paving the way for the bloc to fully resume their vaccination campaigns.u003c/li>u003c/ul> u003ch4>U.S.u003c/h4> u003cul>u003cli>The u003cstrong>U.S. futures u003c/strong>are a touch higher this morning in choppy trade. That's after a brutal sell-off on Thursday, led lower by tech stocks. u003c/li>u003cli>Yields on u003cstrong>Treasuriesu003c/strong> are subdued, trading below u003cstrong>1.70%u003c/strong>.u003c/li>u003cli>Shares in Peloton fell u003cstrong>4.7%u003c/strong> yesterday; it's flat this morning. The company u003ca href="https://fortune.com/2021/03/18/peloton-treadmill-accident-warning-death-of-child/">warned users yesterdayu003c/a> to u003cstrong>keep kids awayu003c/strong> from its high-end treadmills after an accident that killed a small child.u003c/li>u003cli>In a rare rebuke, shareholders u003ca href="https://www.wsj.com/articles/starbucks-shareholders-reject-executive-pay-proposal-11616020313">opposed a compensation packageu003c/a> for u003ca href="https://fortune.com/company/starbucks" target="_blank">Starbucksu003c/a> CEO Kevin Johnson that included a one-time bonus of u003cstrong>$1.86 millionu003c/strong>... Me, I'm loyal to my u003cem>u003ca href="https://www.amazon.it/Bialetti-Express-Caffettiera-Alluminio-tazza/dp/B0000AN3QH/ref=asc_df_B0000AN3QH/?tag=googshopit-21&linkCode=df0&hvadid=90713137620&hvpos=&hvnetw=g&hvrand=5811610443288163152&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=1008736&hvtargid=pla-82956043980&psc=1">caffetierau003c/a>u003c/em> of caffè mocha.u003c/li>u003c/ul> u003ch4>Elsewhereu003c/h4> u003cul>u003cli>u003cstrong>Goldu003c/strong> is higher, but it's not living up to its reputation as a safe-haven. It's trading around u003cstrong>$1,740u003c/strong>. u003c/li>u003cli>The u003cstrong>dollar u003c/strong>is lower. u003c/li>u003cli>u003cstrong>Crudeu003c/strong> is rebounding, with u003cstrong>WTIu003c/strong> trading just above u003cstrong>$60/barrelu003c/strong>. u003c/li>u003cli>u003cstrong>Bitcoinu003c/strong> is steady at u003cstrong>$58,000u003c/strong>. That's after it pushed closer to 60K over night.u003c/li>u003c/ul> u003cp class="has-text-align-center">***u003c/p> u003ch2>By the numbersu003c/h2> u003ch4>1,059u003c/h4> u003cp>Last week at this time, tech shares were on the upswing. The u003ca href="https://fortune.com/company/nasdaq" target="_blank">Nasdaqu003c/a> had just surged u003cstrong>675 pointsu003c/strong> over a few sessions, a move that changed the narrative from "u003cstrong>correctionu003c/strong>" to "u003cstrong>resurgenceu003c/strong>." Alas, since then the tech-heavy Nasdaq has bombed lower by u003cstrong>7.5%u003c/strong>, a loss of 1,059 points. Yesterday's 409-point sell-off was brutal. Tech stocks are particularly sensitive to bond yields, we're learning (the hard way). And, yesterday, when the yield on 10-year Treasuries hit a 14-month high, the Nasdaq crumbled.u003c/p> u003ch4>$5.56u003c/h4> u003cp>A fiver doesn't sound like much, unless, that is, you're talking about u003cstrong>crude oil future contractsu003c/strong>. Brent is trading higher this morning at $64.41, but it's down u003cstrong>7.5%u003c/strong> in the past week on doubts over demand and a robust dollar. At one point yesterday, the u003cstrong>U.S. benchmark WTIu003c/strong> was faring even worse, down more than 10% off its highs of last week. All in all, it's been the worst week for the crude market since October. And, sure enough, the u003cstrong>S&P 500 Energyu003c/strong> sector is feeling the pain. That too is down 7.5% over the past five trading sessions. Energy stocks still make up the best performing sector YTD, but the abrupt reversal of fortunes is giving oil bulls whiplash. Mind you, I haven't seen any analysts revise down their year-end price target for crude. And nobody is fearing the larger re-opening trade is in jeopardy. Yes, new lockdown measures this week in places like Italy and France, not to mention u003ca href="https://fortune.com/2021/03/16/covid-vaccine-europe-astrazeneca-blood-clots-rollout-mess-italy-germany-france-coronavirus-vaccines-update/">Europe's stuttering vaccine rolloutu003c/a>, don't instill a lot of confidence. But, then, the U.S. is on track to vaccinate half the eligible population by May.u003c/p> u003ch4>2%u003c/h4> u003cp>Inflation is the kryptonite of the stock market. The Fed, for one, isn't concerned. Federal Reserve Chairman Jerome Powell told us on Wednesday rising prices are a mere u003cem>transitoryu003c/em> phenomenon. "Transitory" is central-banker-speak for fleeting, impermanent, fugacious (u003cem>fugaceu003c/em> in Italian). u003ca href="https://fortune.com/company/goldman-sachs-group" target="_blank">Goldman Sachsu003c/a> pegs the year-end core inflation rate at 2% on the nose. It will hover around that level next year and the year after, Goldman says. As such, nobody is expecting a rates rise until the second half of 2023 at the earliest. Keep that in mind when you hear all this renewed chatter about taper fears.u003c/p> u003cfigure class="wp-block-image size-large">u003cimg data-src="https://content.fortune.com/wp-content/uploads/2021/03/Screen-Shot-2021-03-19-at-10.45.14-AM.png?w=1024" alt="" class="lazyload wp-image-2968087"/>u003c/figure> u003cp>***u003c/p> u003ch2>Postscriptu003c/h2> u003cp>Do we have any beekeepers in our Bull Sheet community?u003c/p> u003cp>Living in an apartment here in Rome, I don't quite have the space for hives on our cramped terrace. Plus, the condominium rules forbid the breeding of pollinators, or so I've been told. u003c/p> u003cp>But I'm fascinated by beekeeping and beekeepers. If you keep bees, I have a lot of questions for you, starting with: which breed? Buckfast? The German u003cem>Mellifera Melliferau003c/em>? Here in Italy, the native bright yellow u003cem>Ligusticau003c/em> is one of the more common varieties. u003c/p> u003cp>When the dog is playing in the park I sometimes venture into the tall grass to watch the bees at work, their thighs thick with pollen balls. Italians love their bees. Along the ancient Appian Way, the fields this time of year are full of brightly colored hives, always a distraction for me on my way out of town on my bicycle.u003c/p> u003cp>I learned just the basics of beekeeping a few years ago u003ca href="https://www.theguardian.com/environment/2018/oct/16/frankenbees-genetically-modified-pollinators-danger-of-building-a-better-bee">on assignment in Bavariau003c/a>, and, yes, the bee bug has stuck with me.u003c/p> u003cp>So, if you put on a beekeeping suit every now and then, please drop me a line. I want to hear about it.u003c/p> u003cp>***u003c/p> u003cp>Have a nice weekend, everyone. I'll see you back here on Monday... But first, there's more news below.u003c/p> u003cp>u003cstrong>Bernhard Warneru003c/strong>u003cbr>u003ca href="https://twitter.com/BernhardWarner">@BernhardWarneru003c/a>u003cbr>u003ca href="mailto:Bernhard.Warner@Fortune.com">Bernhard.Warner@Fortune.comu003c/a>u003c/p> u003cp>u003cem>As always, you can write to u003c/em>u003ca href="mailto:bullsheet@fortune.com">u003cem>bullsheet@fortune.comu003c/em>u003c/a>u003cem> or reply to this email with suggestions and feedback.u003c/em>u003c/p> u003ch3>Today’s readsu003c/h3>nu003cp>u003cstrong>A dignified wage.u003c/strong> America’s minimum wage earners are most likely to be young and female. They’re overwhelmingly in the u003cstrong>restaurant businessu003c/strong> (think waitresses and cooks). And, they made more (in purchasing power terms) in the u003cstrong>late 1960su003c/strong> than they do today. Here’s the bare minimum u003ca href="https://fortune.com/2021/03/18/federal-minimum-wage-15-how-much-each-state-history-of-compared-to-other-countries-by-industry/">you should knowu003c/a> about America’s minimum wage.u003c/p>nu003cp>u003cb>Ten-figure reprieve. u003c/b>The Department of Education yesterday u003ca href="https://fortune.com/2021/03/18/student-debt-canceled-cancellation-biden-student-loans-1-billion-college-university-loans/">announcedu003c/a> that u003cstrong>72,000u003c/strong> student loan borrowers will have the entirety of their u003cstrong>debt forgivenu003c/strong>, a u003cstrong>$1 billionu003c/strong> lifeline to recent grads trying to make ends meet in a brutal jobs market…Which brings to mind this: A few years ago I wrote about u003cstrong>America’s youth precariatu003c/strong> u003ca href="https://www.bostonglobe.com/ideas/2018/11/20/millennials-are-misfits-modern-capitalism-here-why-not-their-fault/T148DGPxPaZfLcSFnVFgIJ/story.html">in a piece for the u003cem>Sunday Boston Globe, u003c/em>u003c/a>a publication with a not-insignificant left-of-center reader base. I was genuinely surprised at how many readers emailed me to say I was out of touch in explaining why it’s a good idea to give America’s youth some kind of pass on their mounting debts.u003c/p>nu003cp>u003cem style="font-size: 1.125rem;letter-spacing: 0.035rem">Some of these stories require a subscription to access. There is a discount offer for our loyal readers if you u003ca href="https://fortune.com/subscribe/">use this linku003c/a> to sign up. Thank you for supporting our journalismu003c/em>u003cspan style="font-size: 1.125rem;letter-spacing: 0.035rem">.u003c/span>u003c/p>nu003ch3>Market candyu003c/h3>nu003cp>u003cstrong>Quiz timeu003c/strong>u003c/p>nu003cp>Yesterday’s sell-off was a brutal one. But there was a prominent green shoot among the blur of red. Which sector was it?u003c/p>nu003cul>nu003cli>u003cstrong>A) Healthcareu003c/strong>u003c/li>nu003cli>u003cstrong>B) Utilitiesu003c/strong>u003c/li>nu003cli>u003cstrong>C) Financialsu003c/strong>u003c/li>nu003c/ul>nu003cp>u003cstrong>The answeru003c/strong>: C. The S&P Financials sector finished up an impressive u003cstrong>0.56%u003c/strong> on Thursday.u003c/p>nu003c/div>n"},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]}]}]}]}},"componentData":{},"error":null,"loading":false,"player":{"currentTime":0,"duration":0,"loading":false,"playing":false,"seek":0,"src":"","visible":false,"volume":0.5},"route":{"status":200,"redirectTo":"","redirectStatus":0,"action":"PUSH","pathname":"/2021/03/19/after-rough-week-crude-tech-stocks-mount-comeback/","search":"?","hash":""},"visible":{"search":false,"primaryNav":false,"freestar":false,"adminBar":false},"contactForm":{"submitting":false,"submitted":false,"failed":false,"validation":{},"redirect":""},"user":{"isLoggedIn":false,"accessLevel":null}}; ]]> response.json()) .then(function (data) { signPackage = data; wx.config(data); wx.ready(function () { wx.updateTimelineShareData({ title: title, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.updateAppMessageShareData({ title: title, desc: desc, link: url, imgUrl: img, success: function () {}, cancel: function () {} }); wx.error(function (res) { //location.href = g_url; }); }); }) } }; script.src = "https://res.wx.qq.com/open/js/jweixin-1.6.0.js"; document.head.appendChild(script); } ]]> You need to enable JavaScript to view this site.
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