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Stocks Rebound Off Monday Lows, But Bounce Remains Shallow

EQUITIES
  • Wall Street equity markets traded uniformly positively Tuesday, staging a bounce off the Monday lows to boost the three major indices by as much as 1.5%. The S&P 500 traded a good 2% or more above the Monday lows, although the rally stopped short of challenging Friday's highs and Friday's open, which hold at 4668.00 and 4664.00. These levels need to give way before a more solid recovery can set in.
  • Given the stabilisation in headline equity markets, the VIX extended the slip off the Monday high, dropping near 2 points to trade either side of the 21 handle.
  • Monday's laggards, the financials and energy sector, were the outperformers Tuesday, driving the bounce as crude oil prices recovered and the US sovereign curve steepened. Re-opening names traded particularly well, with the likes of Live Nation Entertainment, Norwegian Cruiselines and United Airlines among the index's best performers. Conversely, vaccine makers Pfizer and Moderna were the two worst performing stocks on the day, dropping over 4% apiece.
  • Europe follows the lead in the US, with continental markets finishing with solid gains. Peripheral Europe rallied sharply, with Italian and Spanish bourses adding 1.8%.
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