U.S. equity markets slid lower last week amid a notable backup in long-term interest rates due to an improving economic outlook and growing expectation for more government debt issuance to fund stimulus and resulting upward pressure on inflation. Coronavirus cases, hospitalizations, and vaccine doses administered all continued to trend in an encouraging direction, which has bolstered growth expectations alongside last week’s very strong retail sales numbers.

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U.S. equity markets closed out last week at new all-time highs as investor sentiment was buoyed by robust corporate earnings results, improving traction on the Covid-19 vaccine rollout, and expectations for continued support from stimulus and an accommodative Federal Reserve. For the week, the S&P 500 gained 1.2%, while the Dow Jones and Nasdaq Composite rose 1.0% and 1.7%, respectively.

U.S. equity markets bounced back last week with the strongest weekly returns since November as the speculative trading frenzy in heavily shorted stocks from January began to subside. The broad market rally pushed higher despite a weaker than expected January jobs report, as market participants increased their focus on the potential for additional fiscal stimulus.

Amid a wild week in financial markets, U.S. equities broadly tumbled lower while pockets of speculative trading mania drove significant volatility and surging prices in a narrow group of small, thinly-traded stocks. For the week, the S&P 500 and Dow Jones each lost -3.3%, taking the indexes into negative territory on the year, and the Nasdaq Composite lost -3.5%.