Dow dropped 121, decliners over advancers 5-2 & NAZ sank 145. The MLP index fell 2+ to the 164s & the REIT index pulled back 4+ to the 401s. Junk bond funds fluctuated & Treasuries were also sold. Oil fell below 61 & gold tumbled 23 to 1709.
AMJ (Alerian MLP index tracking fund)
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As Covid-19 cases rise once again in the US, the country is also administering vaccinations at a faster pace than ever. More than 63K daily new Covid-19 cases are being reported in the US, based on a 7-day average of Johns Hopkins University data. That figure is up 16% from one week ago. Yesterday, White House Chief Medical Advisor Dr Anthony Fauci said that the latest rise in coronavirus cases is not being caused solely by new variants of the virus, & that travel & easing of business restrictions is also a factor in the increase in infections. “What we’re likely seeing is because of things like spring break and pulling back on the mitigation methods that you’ve seen,” Fauci said. The US is reporting a weekly average of 970 Covid-19 deaths per day. The average daily death toll has been under 1K for 7straight days for the first time since Nov. As cases rise, so does the pace of vaccinations. The US Centers for Disease Control & Prevention has reported 3 straight days of more than 3M vaccine doses administered, including a record of nearly 3.5M shots reported on Mar 27. The 7-day average of vaccine doses administered is now at roughly 2.7M shots per day. To date, more than 143M doses of Covid-19 vaccines have been administered in the US. About 28% of the US population has received at least one dose of a vaccine & 15.5% is fully vaccinated.
The US isn't ready to lift tariffs on Chinese imports in the near future, but might be open to trade negotiations with Beijing, according to US Trade Representative Katherine Tai. In her first interview since Senate confirmation, Ms Tai said she recognized that the tariffs can exact a toll on US businesses & consumers, though proponents have said they also help shield companies from subsidized foreign competition. "I have heard people say, 'Please just take these tariffs off,'" Ms. Tai said. But "yanking off tariffs," she warned, could harm the economy unless the change is "communicated in a way so that the actors in the economy can make adjustments." "Whether they are companies, traders [or] manufacturers," she added, "the ability to plan" for changes that affect their businesses is essential. The negotiator also cited tactical reasons for her reluctance. "No negotiator walks away from leverage, right?" she said.
New trade representative says US isn’t ready to lift China tariffs
The Ever Given, the massive container ship that became wedged in the Suez Canal & cut off traffic in the vital waterway for almost a week, has been refloated, authorities said. The ship is currently on its way to Great Bitter Lake, according to Leth Agencies, which is a transit agent at the Suez Canal. Once there, it will undergo a technical inspection. Earlier today, the Suez Canal Authority said the ship had “responded to the pulling and towing maneuvers” & had corrected its course by 80%. The Ever Given is one of the largest container ships in the world. The 220K-ton vessel is able to carry 20K containers, & stretching more than 1300 feet is almost as long as the Empire State Building is tall. The ship, which ran aground last Tues, created further disruptions in a global supply chain already straining under the ongoing impacts of Covid-19. Around 12% of global trade passes thru the Suez Canal. Lloyd's List estimates that more than $9B worth of goods passes thru the 120-mile waterway each day, translating to around $400M per hour.
Suez Canal traffic resumes after cargo ship Ever Given is moving againAfter the start of the month, stocks have had tough going (shown below). The ship in the Suez Canal has been refloated, but the virus has been fighting hard as vaccinations continue. This will be a holiday shortened week for trading due to the Good Fri holiday.
Dow Jones Industrials
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