"Defensives had a better time of it last week, particularly following Friday’s payroll miss. The yield curve steepened a bit as well, as traders made some tweaks to their assumptions about near term tapering & rate hikes as well as the longer term inflation outlook. Overall, though, the picture didn’t change a whole lot, as markets mostly treated the payroll and consumer confidence numbers as small bumps in the road rather than any kind of major turning point in the recovery."

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The events in Kabul notwithstanding, there were two things that moved markets last week: the FDA’s approval of Pfizer’s vaccine (and the quick reaction from companies and government agencies in terms of vaccine mandate announcements), and Jerome Powell’s speech at Jackson Hole on Friday where he threaded the needle almost perfectly regarding the status of the Fed’s dual mandate, asset purchase tapering, and rates.

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US equities started strong on Monday and finished strong on Friday, but the 3 days in between were challenging and left all major US indices in the red for the week. Escalating covid-19 case counts in the US and potential trade disruptions from new lockdowns in China caused investors to reign in risk. Among US […]

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It was a good week for most large caps last week, as the S&P 500 and the Dow both closed at fresh all-time highs on Friday. The Nasdaq pulled back slightly on some softness in biotech. Small and midcap stocks were mixed, as were international markets.

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Equities moved modestly higher around the world last week, with gains in the 1% range across market caps and geographies. A steeper yield curve benefitted financials, which delivered the best return amongst S&P 500 sectors at +3.6% on the week. All other sectors finished in positive territory with the exception of consumer staples, which was […]

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Large cap indices finished lower last week, although performance was quite mixed across sectors. Amazon fell 9% on the week after issuing a revenue forecast that disappointed investors, dragging the consumer discretionary sector to a return of -2.6%. Cyclicals like basic materials (+2.8%), energy (+1.7%), and finance (+0.8%) outperformed, as did domestic small and midcap […]

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"Equities bounced back last week despite surging covid-19 cases in many parts of the world."

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Bit of a mixed bag last week, as most US large caps finished higher (exceptions included financials and energy), while small/midcaps and international stocks pulled back a bit. Bond markets rallied and commodities were slightly lower as concerns lingered regarding the delta variant’s impact on global growth. Meanwhile, the US labor market continues to improve, with lots of jobs available while new and continuing jobless claims edge lower week by week.

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Equities were higher across the board last week, as market participants became more comfortable with the prospect of a first rate hike taking place sometime in late 2022. All sectors of the S&P 500 posted gains, led by cyclicals including energy (+6.7%), financials (+5.3%), and industrials (+3.1%). Defensive sectors lagged the rally, including healthcare, consumer […]

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