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A year ago 16 March, US equity markets had one of the worst
single-day sell-offs on record, with major indexes recording
double-digit declines, as stocks headed to the 23 March pandemic
low. Since that time, markets have risen dramatically, supported by
near-zero interest rates and the expansion of the Federal Reserve's
balance sheet coupled with two rounds of federal stimulus payments,
with fresh highs continuing to be recorded as investors look
forward to the post-COVID economic recovery. With this in mind, we
review thematic trends and sector exposures in light of the current
macro-economic setting.
The recent record issuance level of SPACs suggests heightened
speculation and froth in the market
ETF trends confirm a rotation into small cap and value stocks
as large cap and growth stocks are shunned
Energy stocks have been supported by a tailwind of decreasing
short interest, higher oil prices and increasing sector ETF flows,
though are at higher risk to rising interest rates from a leverage
perspective
The Technology sector was the beneficiary of the pandemic
driven economic downturn in 2020, but has given up ground this year
as the shares lose favor from retail investors and short
sellers
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