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Bob Carey
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  US Stock Markets Ended June 11, 2021
Posted Under: Weekly Market Commentary

 
Markets were mixed for the week with growth pockets of the market leading the way, despite a higher-than-expected inflation reading for the month of May. The Consumer Price Index increased by 0.6% month-over-month and by 5% from a year ago. Traders sold the inflation news with cyclicals and value stocks falling for the week as some investors chalked up the higher reading to base effects and transitory supply chain issues. Shares of Caterpillar Inc. led the sell-off in reflation stocks, falling almost 10% for the week. Homebuilders were also weak due to fears of rising prices shrinking buyers and supply chain bottlenecks limiting new builds. Biotech posted strong performance on the back of Biogen Inc. receiving approval for its Alzheimer's drug. Shares of Campbell Soup fell after disappointing earnings on rising input costs and execution issues. High growth stocks moved higher for the week on positive commentary from corporate access events and lower bond yields with ServiceNow Inc., Adobe Inc., CrowdStrike Inc. and Cloudflare Inc. all moving higher by over 7%. Fastly Inc. initially fell after a service interruption caused many well-known websites to go offline briefly, however, shares recovered and rose by over 10% for the week. Looking ahead to next week, traders will closely follow the Federal Reserve meeting for clues on potential policy changes as economic growth accelerates and inflation increases. Additionally, how officials define "transitory" in respect to inflation and clues to when the Fed could start to taper will be watched. Risk assets have been in a goldilocks scenario with easy monetary policy and well-above trend economic growth that is likely to continue into 2022.  In our view, strong corporate fundamentals are likely to lead to more market gains with more economically sensitive parts of the market leading from here.
Posted on Monday, June 14, 2021 @ 8:03 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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