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Bob Carey
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  US Stock Markets Ended Oct. 1, 2021
Posted Under: Weekly Market Commentary
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The S&P 500 Index returned -2.19% during the week as selloffs on Tuesday and Thursday caused a negative monthly return for September of -4.76%. September was the worst month for the S&P 500 since March 2020 and snapped a seven-month positivity streak. Selloffs on Tuesday and Thursday were due to inflation fears, largely caused by the supply chain meltdown, and communications from the Fed that it may begin rolling off quantitative easing by the end of 2021. Retail demand continues to rise as August Personal Consumption numbers released on October 1st beat economist estimates and consumer balance sheets are still very strong. Equity markets also reacted after Fed Chair Powell's statement on Tuesday reaffirming that the central bank may begin tapering its bond buying as soon as the November meeting and possibly reduce the current purchase rate of $120B per month to zero by the middle of 2022. The Energy sector was the bright star of the week, returning 5.8% while every other GICS sector traded down. Crude oil prices rose on signs that global inventories are falling and increased faith in the reopening theme as positive COVID vaccine news was released on Friday. The best performing stock in the S&P 500 during the week was Dollar Tree (DLTR, +15.9%) which cited inflation as the catalyst for raising the prices of some items above $1. The worst performing stock in the S&P 500 was Moderna (MRNA, -20.7%) which followed other vaccine producers in a selloff due to the positive news announced by Merck (MRK, +10.6%) that a new antiviral pill has been shown to reduce the risk of COVID-induced hospitalization or death by 50%. Looking ahead, earnings from PepsiCo. Inc., Constellation Brands Inc., and Conagra Brands Inc. are expected to give insights into Food and Beverages during the third quarter. Investors will also be following the status of the $1B bipartisan Infrastructure Bill which has been thrown into question by turbulence within the Democratic party.
Posted on Monday, October 4, 2021 @ 8:29 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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