Economic Update
Market Week: July 26, 2021
The Markets (as of market close July 23, 2021)
Last week proved to be a choppy one for stocks. The week began with stocks trending lower on news of a
spike in the number of coronavirus cases. However, strong corporate earnings reports helped support the
perception that the economy is continuing to advance, despite the cloud of the Delta variant hanging
overhead. By last Friday, both the Nasdaq and the S&P 500 reached record highs, with megacap tech
stocks helping drive the indexes upward. The Nasdaq gained 2.8% to lead the major benchmark indexes,
followed by the Russell 2000, the S&P 500, the Dow, and the Global Dow. Yields on 10-year Treasuries
dipped 2.0 basis points lower, while the dollar and crude oil prices each ended the week higher. Gold
prices, which had been climbing, took a slight step back, falling about 0.5%.
Market Week: July 19, 2021
The Markets (as of market close July 16, 2021)
Stocks suffered their worst week in quite some time, as each of the major indexes ended the week lower. Last week was the start of the second-quarter corporate earnings reporting period. Attention will be paid to
reported earnings to gauge whether corporate profits can support equity valuations. Despite Fed Chair Jerome Powell’s repeated statements that the recent spike in inflation is temporary, last week’s rise in the
Consumer Price Index and the Producer Price Index are likely to add fuel to the debate about the timing of the Federal Reserve’s stimulus reduction.
Market Quarter: April – June 2021
Market Week: July 12, 2021
The Markets (as of market close July 9, 2021)
The holiday-shortened week can best be described as volatile. Some observers suggest investors may be
retreating from stocks over uncertainties surrounding the pace of economic recovery coupled with easing
inflation expectations. For much of the week, stock values road a roller-coaster ride of ups and downs,
while Treasury prices climbed, pulling yields lower.
Market Week: July 06, 2021
The Markets (as of market close July 2, 2021)
Stocks opened last week mixed. Tech stocks surged, driving the Nasdaq to an all-time high. The S&P 500 inched ahead, while the Global Dow (-0.8%), the Russell 2000 (-0.5%), and the Dow (-0.4%) fell. Besides technology, other sectors performing well last Monday included communication services, utilities, and consumer discretionary. Energy, financials, and industrials dipped lower. Treasury yields and crude oil prices declined, while the dollar was mixed.
Quarterly Market Review: April-June 2021
The Markets (second quarter through June 30, 2021)
The second quarter began with stocks making solid gains in April. COVID vaccines became available to more Americans. The federal government and several states pushed forward with reopening after relaxing many of pandemic-related constraints. Economic data was favorable and encouraging. The first-quarter gross domestic product accelerated at an annualized rate of 6.4%, claims for unemployment slowed, 266,000 new jobs were added, and manufacturing expanded. Price inflation expanded, although the Federal Reserve asserted that it would continue stimulus measures, even if inflation reached and exceeded the Fed’s 2.0% target. Each of the benchmark indexes listed here posted solid monthly gains, led by the Nasdaq (5.4%), followed by the S&P 500 (5.2%), the Global Dow (2.9%), the Dow (2.7%), and the Russell 2000 (2.1%). Bond prices increased, pulling yields lower. Crude oil prices ended April at $63.50 per barrel after increasing by more than 7.0% from March. The dollar slipped 2.1%, while gold prices rose 3.5%, closing April at $1,788.20 per troy ounce.
Market Week: June 28, 2021
The Markets (as of market close June 25, 2021)
Despite hawkish rhetoric from some high-ranking Federal Reserve officials, equities kicked off last week on
an upswing, enjoying their biggest rally in several sessions. Energy, financials, and industrials helped push
the S&P 500 up 1.4%. The Russell 2000 rebounded from a rough prior week, gaining 2.2%. The Dow
gained 1.8%. The Global Dow climbed 1.0%, while the Nasdaq advanced 0.8%. Treasury yields and crude
oil prices moved higher, while the dollar dipped.
Market Week: June 21, 2021
The Markets (as of market close June 18, 2021)
Stocks opened the week with mixed returns: The Dow, the Russell 2000, and the Global Dow lost value,
while the Nasdaq and the S&P 500 rose. Tech shares and consumer services closed higher, while
financials and materials fell. Anticipating the Federal Open Market Committee meeting later in the week,
investors may have been waiting for cues from the FOMC on its inflation outlook. Yields on 10-year
Treasuries advanced. Crude oil prices pushed passed $71.00 per barrel. The dollar was mixed to lower.
Market Week: June 14, 2021
The Markets (as of market close June 11, 2021)
Stocks were mixed last Monday, with the Russell 2000 (1.4%) and the Nasdaq (0.5%) gaining, while the
Dow fell 0.4% and the S&P 500 and the Global Dow closed the day essentially unchanged. Treasury yields,
crude oil prices, and the dollar fell. Communication services, health care, and real estate advanced, while
materials, industrials, and financials dipped lower.
Market Week: June 7, 2021
The Markets (as of market close June 4, 2021)
Stocks were mixed last Tuesday to begin the holiday-shortened week. The Russell 2000 climbed 1.1%, the Global Dow added 0.6%, and the Dow eked out a 0.1% gain. The Nasdaq and the S&P 500 each dipped 0.1%. Yields on 10-year Treasuries, the dollar, and crude oil prices advanced. Energy gained nearly 4.0% as the OPEC+ alliance agreed to increase output in July. Real estate and materials also advanced more than 1.0%, while health care fell 1.6%. European markets closed higher for the fourth consecutive month as economies continue to show signs of recovery from the pandemic