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Bob Carey
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  US Stock Markets Ended Nov. 19, 2021
Posted Under: Weekly Market Commentary
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Mixed stocks characterized last week as mega cap tech names drove returns in large cap indexes and small cap indexes ended the week in negative territory. Tesla, and it's $1.1 trillion dollar market cap, returned over 10% after an analyst report noted the company's potential to deliver 40% of the automakers 2022 output to China. The EV market has been highly talked about in recent weeks as existing automakers like Ford and GM move to produce more electric models and newcomers such as Rivian and Lucid introduce new models to consumers. On Friday, stocks wavered after news that Austria will reenter a nationwide lockdown and neighboring Germany is considering the same measure. Back in the US, Pfizer and Moderna rallied after the FDA authorized Covid boosters for all adults aged 18 and older after six months from receiving their primary series. The booster availability adds to the multiple ways health officials try to combat the ongoing pandemic. Youth vaccination uptake is about 10% through the first weeks of eligibility for the 28 million kids aged 5 to 11. In Washington, the House voted 220-213 to pass President Biden's Build Back Better proposal with its 10-year $1.64 trillion dollar price tag. The nonpartisan Congressional Budget Office estimated the bill would add $367 billon to the deficit over the next decade. Moderate House members demanded the CBO analysis before casting their votes. Adding back tax credits and cuts, the total package adds up to $2.4 trillion, according to watchdog group Committee for a Responsible Federal Budget. The bill now goes to the Senate, where it will face a tough road with Democrats having narrow control of the chamber. Next week, plenty of economic data will be released for investor's going into Thanksgiving Day. Existing home sales, mortgage applications, and GDP are all on the calendar during the first half of the week.
Posted on Monday, November 22, 2021 @ 8:38 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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