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Bob Carey
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  US Stock Markets Ended Oct. 22, 2021
Posted Under: Weekly Market Commentary
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Stocks ended last week higher after rising four out of five days. The S&P 500 accelerated through Thursday before letting up on Friday to close out the week 1.66% higher. The index has returned over 22% this year despite multiple economic and geopolitical headwinds. Inflation from global supply-chain constraints continues to spook investors as evidenced by the market movement proceeding comments by Federal Reserve Chairman Jerome Powell on Friday. Investors are concerned that higher costs resulting from supply-chain disruptions will lead the Fed to raise interest rates faster than expected. This forward looking view has been offset by strong earnings reports from many companies leading major market indexes to near record highs. Real Estate companies in the S&P 500 were the best performing group in the index last week. The sector returned over 3% last week driven by data center and communication REITs. The best performer in the sector index, Digital Realty Trust Inc, is set to report earnings next Tuesday. Shifting to Technology stocks, Snap Inc, Intel, and IBM all released disappointing quarterly results last week. Snap warned that a decrease in advertising spending will lower the company's earnings in 2022. Higher costs for Intel and IBM, combined with lower growth prospects, also dragged prices down for both Dow components. Looking at quarterly results as a whole, the S&P 500 is up over 4% since JPMorgan kicked off earnings season about two weeks ago. Pool Inc, Etsy, and Tesla rallied last week as a sign the resilient consumer is powering an already visibly strong economy. Looking ahead to next week, new home sales and inventory data will shape investors views along with 165 companies in the S&P 500 set to report quarterly earnings.
Posted on Monday, October 25, 2021 @ 8:14 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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