March 22, 2022

Markets:

U.S. equity futures advanced in pre-market trading Tuesday after hawkish remarks from Federal Reserve Chair Jerome Powell snapped last week’s winning streak on Wall Street in the previous session.

The Fed’s top leader reiterated in comments at the National Association for Business Economics Monday that policymakers will lean into higher short-term interest rates “as needed” to mitigate fast-rising price levels, with a goal of bringing inflation back down to an annual pace of about 2% while maintaining low unemployment.

Russia’s war in Ukraine also continued to be front-and-center for investors. As of Monday, Ukraine refused to surrender its heavily-attacked port city of Mariupol to Russian forces as the civilian death toll climbed. Energy and commodity prices spiked amid the latest developments in Russia's war in Ukraine.

U.S. crude oil prices soared more than 6% at session highs to top $112 per barrel, and Brent crude, the international standard, rose above $116 per barrel. Elsewhere in commodities markets, aluminum, palladium and wheat prices also gained on Monday.

Bitcoin (BTC-USD) topped the $42,000 mark following news Ray Dalio's Bridgewater Associates, the world's biggest hedge fund, is set to invest in the digital asset.

Ethereum (ETH-USD) also gained on the news, rising 3.7% to $3,022.01 as of early Tuesday. The cryptocurrency advanced 16.5% in a week to $3,020 after its co-founder Vitalik Buterin appeared on the front cover of Time magazine.

Bridgewater's plan to invest in bitcoin underscores the faith institutional finance has in a long-term upward trajectory for the cryptocurrency. The hedge fund is one of several professional investment management firms adding bitcoin to their investment portfolios.

Portfolio:

We enter the new trading session holding positions in AG, EVH, YEXT, JEF, and continue to hold itrm.  We will be looking to potentially add a new holding today based on early morning queue activity.  As a reminder, do not chase day to day moves.  Stay the course and please be ready today.  Let's have a great session.