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Bob Carey
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  US Economy and Credit Markets Ended Sept 24, 2021
Posted Under: Weekly Market Commentary

A volatile week for stocks turned positive mid-week as the S&P traded higher by 0.52%. On Monday, investors were spooked by the debt crisis at property developer China Evergrande Group. President Xi Jinping is trying to reduce property-sector leverage to make housing more affordable for the people of China. The move is seen as a critical moment for China's economy as the gamble could impede both industrial demand and consumption. The world's largest athleticwear company Nike dropped as much as 4.5% in premarket trading after the company lowered its sales outlook due to production and shipping delays. Production in Vietnam remains shutdown by government mandates since mi-July. The company expects production to resume in October and needs to build inventory to meet strong demand going into the holiday season. Back in the US, Federal Reserve Chair Jerome Powell took note of the global supply chain disruptions. Powell said Friday, "I've never seen these kind of supply-chain issues, never seen an economy that combines drastic labor shortages with lots of unemployed people and a lot of slack in the labor market." His comments come after Wednesday's post meeting statement outlining the Fed's reduction of monthly asset purchases as soon as its next meeting in November. The other notable projection made during the meeting was half of the 18 officials expect to raise interest rates by the end of next year. This contrasts with the June meeting where most Fed officials expected rate increases in 2023. Looking ahead to next week, and the end of the third quarter, Durable Goods Orders will be released on Monday, followed by inventory data later in the week.
Posted on Monday, September 27, 2021 @ 9:08 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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