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Bob Carey
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  US Stock Markets Ended June 25, 2021
Posted Under: Weekly Market Commentary

Equity markets closed near all-time highs after a broad rally lifted all 11 GICS sectors higher for the S&P 500 index. Cyclicals rallied the most as positive economic data from GDP, jobs, consumer sentiment, durable goods, personal income, and personal spending all continue to confirm the strength of the US economy. Energy was the top sector after West Texas Intermediate crude oil prices rallied more than 3.2% rebounding from soft pricing the week before. Strong economic data also heightened interest rates as the yield on the 10-year rallied 8bps and the 2year 10year spread steepened helping to rally Financials as the second-best performing sector. Banking stocks rallied on Friday after the Fed released the results of their stress test, which all banks passed. The S&P 500 Banking index rallied 1.56% after the Fed took a step further and released the participating financial institutions from the additional COVID-19 restrictions that were imposed last year. In total banks could return more than $140b to shareholders. Eli Lilly & Co. rallied 7.31% on Thursday after their experimental drug for Alzheimer's gained breakthrough status from the FDA. Biogen Inc., which had its breakthrough Alzheimer's drug two weeks ago, fell 10.42% last week as more competition in the space quelled enthusiasm. Splunk Inc. rallied 9.41% last week after global technology investment firm Silver Lake announced a $1b convertible note investment which the company will use for growth and share buybacks. Nike Inc. rallied 15.53% on Friday after announcing quarterly revenue and earnings that surpassed analyst expectations. The apparel maker credited their direct to consumer sales strategy as a key driver in profit growth, which led them to increase their full year guidance. Looking ahead to next week, the 2nd quarter closes next Wednesday and if the 8.11% gain holds on the S&P 500 index it would mark the 5th quarter in a row of gains and a total return of 69.01% since 3/31/2020.
Posted on Monday, June 28, 2021 @ 9:03 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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