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Bob Carey
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  US Stock Markets Ended May 7, 2021
Posted Under: Weekly Market Commentary

 
Stocks rose to a record high as Energy, Materials and Financials in the S&P 500 led the charge last week. The closely watched payroll numbers came in much lower than expected at +266k jobs added versus the consensus estimate of a one million job surge. The data rattled the markets early on Friday before stocks, measured by the S&P 500, took off at the opening bell to close up over 1% for the week. Tech stocks continue to move independently from the broad market indexes. Both the NASDAQ 100 and NASDAQ Composite index lost value last week. The indexes major components such as Facebook, Apple, Netflix, and Amazon all traded lower last week. On the positive side, the leaders of the S&P 500 were some all but forgotten Energy and Materials companies that have seen the benefit of increasing economic activity. Offshore driller Baker Hughs gained over 20% last week after its rig counts continue to climb. Steel company Nucor was also up over 20% after an industry-wide trend of improving revenue and margins set the tone for a bullish second half of 2021. With economic activity picking up, but the jobs number sending mixed signals to the market, policymakers are reluctant to change their conservative views of the recovery. Treasury Secretary Janet Yellen commented that the jobs report "underscores the long-haul climb back to recovery." She retains her expectation of full employment returning in 2022. Looking ahead to next week, data points on pricing along with retail sales are set to hit the tape.
Posted on Monday, May 10, 2021 @ 8:13 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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