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Bob Carey
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  US Stock Markets Ended June 18, 2021
Posted Under: Weekly Market Commentary

 
The S&P 500 Index turned in its worst week since the end of February, declining 1.48% last week. The index had a positive day on Monday hitting an all-time closing high of 4,255.15, but reversed course and declined the remainder of the week. The downward pressure came last week as the Federal Reserve appeared to be turning hawkish. Wednesday's Federal Open Market Committee meeting revealed that some members see a minimum of two rate hikes by the end of 2023, though Federal Reserve Chair Jerome Powell stated during his press conference that the tapering would be "orderly, methodical, and transparent" and advanced notice would be given for expectations' adjustments. Pressure on equities continued with Friday producing the worst day of the week with the index declining 1.31% as St. Louis Fed President Bullard added hawkish comments related to discussions of reducing the rate of bond-buying. U.S. initial jobless claims of 412K were much higher than the expected 360K and the previous week's claims of 376K. Materials, financials, and energy felt the brunt of the pain last week, though all sectors were in negative territory except for information technology which managed positive performance by +10 basis points. Crude oil advanced 1.03% last week, closing at $71.64 per barrel. Enphase Energy Inc., a solar power solutions manufacturer, was the best performing stock in the S&P 500 Index last week returning 12.72%, contributing to the top performing information technology sector. Generac Holdings Inc., a leading generator manufacturer, also turned in positive double-digit performance returning 10.66%. Strain on power systems caused by a heatwave spreading across a portion of the country may have kindled investors' interest in the generator company as some utility companies have warned to expect power outages. Materials stocks Freeport-McMoRan Inc., The Mosaic Company, and Nucor Corp, were the three worst performing stocks in the index, returning -14.42%, -13.50%, and -12.73% respectively. Some earnings announcements expected this week include Nike Inc., FedEx Corp, Carnival Corp, CarMax Inc., Darden Restaurants Inc., and others.
Posted on Monday, June 21, 2021 @ 8:12 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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