President Joe Biden is due to present his infrastructure spending plan on Wednesday, the opening salvo in getting legislation through Congress to fix crumbling roads and bridges.
Industrials and materials will likely be the biggest beneficiaries of an infrastructure bill, along with U.S. small-caps, whose sales are highly correlated to U.S. capital spending cycles, the strategists say. For the highest sales sensitivity to technology equipment investment, it is pharmaceutical Incyte INCY, +1.48%, microchip equipment maker Lam Research LRCX, +4.02%, electric utility Centerpoint Energy CNP, -0.94%, cloud services company NetApp NTAP, +1.55%, and chip equipment maker Applied Materials AMAT, +5.84%. The highest sales sensitivity to industrial investment includes some of the same companies: Incyte, biotech Vertex Pharmaceuticals VRTX, +1.
ADP said private-sector employment jumped by 517,000 in March. There’s data to come on the Chicago-area purchasing managers index and pending-home sales. BlackBerry BB, -8.46% shares fell 6% after the security software provider reported weaker-than-expected revenue, which the company blamed on a delay in selling patent licenses.
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Let me guess. BankofAmerica left Bitcoin off the list. HaveFunStayingPoor