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The Market Wrap for April 16: Earnings Season Begins With Mixed Gains

Stocks spent much of their time moving higher and hitting new records this week. Leading the way was the start of earnings season. With the first quarter of 2021 now in the books, corporations have once again started the blitzkrieg of reporting their quarterly results. Up first were the big banks. Several bellwethers in the sector all reported top-notch numbers and strong guidance for the rest of the year. Traders were pleased with the results and continued to bid up stock on the news.

Economic data also helped keep stocks moving higher this week. Several key manufacturing and consumer measures showed that the economy is starting to really move. However, inflation data did put the brakes on the week’s gains. Key measures of price increases spiked last month and traders worried about the higher inflation and the Fed clamping down on interest rates and borrowing costs. Treasury yields overall slipped on the week, with a few minor spikes due to the rising inflationary numbers.

Corporate actions were also vast this week, but several key buyouts and new listings helped keep traders buying equities throughout the week. Analysts also upgraded several key tech and financial bellwethers based on continued economic gains.

All in all, stocks spent much of the week trending higher and hitting new records.

Be sure to check out our previous Wrap here, when President Biden’s infrastructure plan moved stocks higher.

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