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Bob Carey
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  US Stock Markets Ended July 9, 2021
Posted Under: Weekly Market Commentary

 
Markets were mixed for the holiday-shortened week with growth stocks leading the way as a rise in cases from the Delta variant and declining yields led traders to favor technology stocks. President Biden's executive order to limit the power of many of the largest corporations sent jitters through the market on Thursday before the S&P 500 rallied to an all-time high on Friday. Economic datapoints were mixed with the ISM Non-Manufacturing missing the consensus forecast but remained a still strong 60.1.  Corporations are experiencing robust consumer demand, however, supply-chain issues, labor shortages and rising costs are current headwinds many firms face. In stock news, Group 1 Automotive Inc. pre-announced positive results that were nearly double the consensus estimates, despite limited inventory, as the owner of car dealerships sold vehicles for a higher margin. Railroad shares traded lower over speculation that President Biden's executive order is perceived to take aim at perceived anti-competitive pricing in ocean shipping and railroad industries. Shares of Kansas City Southern finished the week off over 3%. In tech news, the Joint Enterprise Defense Infrastructure (JEDI) Cloud contract, originally awarded to Microsoft Inc. was shelved for a multi-vendor approach that is likely to see Amazon Inc. as a big winner. Next week is the unofficial start to earning season with heavy reporting from the banking sector. Investors will be keyed in on the pace of the recovery as growth remains robust but could start to slow in future quarters as the second quarter 2020 was the nadir for S&P 500 earnings. In our view, equities could still see future gains if earnings continue to expand at a healthy clip.
Posted on Monday, July 12, 2021 @ 8:34 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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