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Bob Carey
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  US Stock Markets Ended Sept 17, 2021
Posted Under: Weekly Market Commentary

 
Equities ended the week lower on mixed economic data points, fears of economic contagion in China's real estate market, and profit warnings from a handful of industrial stocks. Despite the rise and now declining covid-19 cases domestically, the U.S. consumer remains healthy with retail sales rising by 0.7% over last month. Inflation moderated slightly in August with CPI rising by 0.3% month-over-month but remained above trend. Industrial production missed expectations due to Hurricane Ida and supply chain inefficiencies. Conference season has led to a cautious tone in the near term for many cyclically sensitive names. The Timken Company, a maker of ball bearings, lowered guidance on supply chain disruptions, rising input prices, and manufacturing inefficiencies. Dover Corp. sees robust demand; however, rising costs are likely to impact margins in the upcoming quarter. Energy stocks were the big winners for the week as supply has not recovered from Hurricane Ida, leading to crude finishing the week above $70 per barrel. Mega-cap tech was also a drag on the broader market as shares of Apple Inc. moved lower for the week after introducing their new slate of iPhones. Facebook Inc. fell 3.7% for the week on bad press as the platform has allowed criminal activity and poses risks to young people's mental health. As we look ahead, investors will be focused on next week's Fed meeting and the timing of a potential tapering. While tapering is viewed as a potential negative catalyst in the near term, strong economic growth coupled with record corporate profits can potentially keep the market moving higher.
Posted on Monday, September 20, 2021 @ 9:22 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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