Good Afternoon Valued Clients, Friends & Family,
I am not sure if any of you are golf fans, but I am. This past weekend, I enjoyed watching the 2021 Masters Tournament. Although, much of the news this week was par for the course with updates on vaccinations and markets on their “A” game, the real ace was Hideki being the first Japanese to win a major Championship Tournament.
On Sunday, Hideki Matsuyama became the first Japanese professional golfer to win a men’s major golf Championship. Matsuyama has played in the Masters ten times and was able to win on his eleventh. Throughout the tournament, Hideki was leading the board but took control in the third round with a 7-under-par 65. He ended up winning by one shot, with Will Zalatoris (U.S.) following in second place and Xander Schauffele (U.S.) in third.
Earlier this week, the Center for Disease Control (CDC) and the Food and Drug Administration (FDA), both recommended Johnson & Johnson (JNJ) put a pause on their vaccine distribution. JNJ is in the rough due to six reported cases, out of the nearly 7 million doses administered, of extremely rare and severe blood clots. The CDC is currently investigating these cases, which will give scientists more time to review data, along with determining if they need to change who can receive the vaccine. No cases have been reported among the more than 180 million people who received Pfizer (PFE) or Moderna (MRNA) vaccines.
The markets used the driver for the second consecutive week this month with all three indexes ending Thursday on the green. Since the start of the week, the S&P 500 finished up nearly 1%, the Nasdaq up .9%, and the Dow up half a percent. Much of the gains can be attributed to a strong first week of earnings with banks posting significant profits due to an unreeling of loan loss reserves. While not all big banks saw positive performance this week, the rolling back of loan loss reserves can be seen as a strong signal that an economic recovery is on the horizon. That paired with last month’s recovery in retail sales (+9.8%) and vaccines becoming available to all adults over 18 today, you can’t help but feel like Hideki.
Your Q1 reports were uploaded to your client portal or mailed today. Please call our office at (888) 253-0288 or email Sunni Allen at Sunni@apriem.com to schedule a virtual appointment or conference call with your wealth manager.
Our webinar on Medicare Essentials is next Wednesday, April 21st at 11 AM, with Beatriz Nunez from HICAP. Please click here to learn more and register.