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Bob Carey
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  US Stock Markets Ended August 6, 2021
Posted Under: Weekly Market Commentary

 
The S&P 500 index once again closed at an all-time high last week. A strong US job report helped fuel equity returns as non-Farm Payrolls for July came in at 943k besting expectations and last months was revised up 88k to 938k. Unemployment fell to 5.4% down from 5.9% last month, while hourly earnings surprised to the upside. All this shows the strength of the U.S. recovery from the COVID recession. The Delta variant continues to concern the equity markets but hasn't prevented equities from reaching new all-time highs. Earnings season is winding down as 414 of the S&P 500 have reported quarterly results. Last week, several mega-cap health care names announced quarterly results. Eli Lilly & Co. released quarterly revenue ahead of expectations but missed on earnings. They announced several positive developments in their drug pipeline that helped them return 8.2% last week. Moderna Inc. saw its shares rip up 17.0% for the week after they reported revenue and earnings ahead of expectations as the mRNA COVID vaccine demand remains high. They revealed that a 3rd dose booster is needed for the northern hemisphere this winter and a multivalent vaccine is likely the best future strategy for the vaccine. Amgen Inc. released earnings and revenue ahead of expectations, but saw its shares dipped 4.7% on some lumpy drug pipeline news. Apparel maker Under Armour Inc. rallied 20.7% last week as they released very strong earnings and revenue for 2Q. They also raised full year earnings guidance from $0.30 a share up to $0.52 as margin gains are likely to persist for longer because of strong consumer demand. Looking ahead to next week, the global reaction to the Delta variant of COVID-19 will likely control headlines. The U.K. has seen their two-month Delta wave fall after peaking in July, perhaps foreshadowing the path here in the U.S. A handful of earnings are also on tap for the coming week.
Posted on Monday, August 9, 2021 @ 8:20 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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