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Bob Carey
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  US Stock Markets Ended Sept 10, 2021
Posted Under: Weekly Market Commentary

The S&P 500 Index returned -1.68% last week, with all four days in the shortened holiday week posting declines. Including the previous Friday, the index has marked five consecutive losing days after hitting an all-time closing high of 4,536.95 the previous Thursday. Equity markets have followed an upward trend most of the year with the S&P 500 Index currently sitting on a 19.91% return year-to-date. The August non-farm payroll data that was released the previous Friday showed an increase of 235K jobs which was well under the expectations of 733K. While leisure and hospitality had strong job gains in the previous two months, hiring in the industry appeared to be flat for the month of August with some attributing that to increased concerns over the spread of the Covid-19 Delta variant. This brought downward pressure on stocks last week as the underperforming jobs numbers and Delta may have led some investors to take profits over concerns of future growth. No sector was immune to the negative sentiment, as all economic sectors were down last week with the worst pain felt by real estate, health care, and industrials, and while crude oil prices increased 0.62%, the energy sector declined 1.72%. Better than anticipated news showed U.S. initial jobless claims of 310K which were lower than the 335K expected. Moderna Inc., the biotech best known for its Covid-19 vaccine, was the top performing stock in the S&P 500 Index returning 7.84%. The stock jumped on Thursday as the company held an R&D day and announced they are in the process of developing a combination vaccine for Covid-19 and the seasonal flu and are developing a vaccine for respiratory syncytial virus (RSV). Home builder PulteGroup Inc. showed the worst performance last week declining 10.23%. The company decreased their guidance for the third quarter and fiscal year 2021 due to the impact from supply chain issues. Apple Inc. declined 3.45% last week after a judge ordered that the company must give app developers an option of sidestepping their commissions from in-app purchases, which could lead to lost revenue of a few billion dollars. Earnings announcements expected this week include Oracle Corp, Carnival Corp, Weber Inc., and FuelCell Energy Inc.
Posted on Monday, September 13, 2021 @ 8:04 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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