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Market Update

February 2021

With markets closed for Presidents’ Day on Monday 15th February, the US had a shortened trading week, which ended in negative territory. The technology heavy Nasdaq index closed down -1.20%, in local currency terms, as rising long-term interest rates weighed on future earnings expectations of the large growth stocks. In contrast, the positive effect that rising rates would have on the balance sheets of financials led to relative outperformance of value shares. Higher than expected initial jobless claims in the region dampened sentiment, with the broader S&P 500 index closing at -0.69%. European markets fared little better, with the Euro STOXX 50 and Germany’s DAX index ending the week at -0.38% and -1.16%, respectively. In the UK, the FTSE 100 posted gains.

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