Home   Logon   Mobile Site   Research and Commentary   About Us   Call 1.800.621.1675 or Email Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       
 
 
 
Blog Home
Bob Carey
Chief Market Strategist
Click for Bio

Follow Bob on Twitter Follow Bob on LinkedIn View Videos on YouTube
 

  US Stock Markets Ended May 7, 2021
Posted Under: Weekly Market Commentary
Supporting Image for Blog Post

 
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: 
Print this post Printer Friendly

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.
Search Posts
MARKET ANALYSIS
Market Commentary and Analysis
•Market Commentary Video
•Weekly Market Commentary
•Weekly Market Watch
•Monthly Talking Points
•Quarterly Newsletter
•Market Observations
Subscribe To Receive Email
 


 PREVIOUS POSTS
• US Economy and Credit Markets Ended May 7, 2021
• A Global Snapshot Of Government Bond Yields
• A Snapshot Of Bond Valuations
• US Stock Markets Ended April 30, 2021
• US Economy and Credit Markets Ended April 30, 2021
• Comparing Two Major Recoveries: Technology vs. Financials
• A Global Snapshot Of Equity Returns Spanning The COVID-19 Pandemic
• US Stock Markets Ended April 23, 2021
• US Economy and Credit Markets Ended April 23, 2021
• A Snapshot Of Homebuilder-Related Stocks
Archive
Skip Navigation Links.
Search by Topic
Skip Navigation Links.

 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2023 All rights reserved.