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Bob Carey
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  US Stock Markets Ended Sept. 3, 2021
Posted Under: Weekly Market Commentary

 
Stocks rebounded last week as positive longer term catalysts outweighed short-term negative setbacks. Following the attacks in Kabul on Thursday, market participants took profits and drove down stock prices, measured by the S&P 500. The holding pattern was short lived, as investors interpreted comments from Federal Reserve Chairman Jerome Powell as dovish with regard to the central bank's plan to start gradually reducing bond purchases by the end of the year. The chairman noted the "clear progress" in the labor markets boosting investor confidence on Friday. Bank stocks sold off early in the day on Friday, before recovering to close out the week up over 3%. The Energy sector led the S&P 500 with a 7.4% return as oil climbed over 10% last week to close at just under $69 a barrel. The jump in price comes as OPEC+ is expected to increase production after crude's price recovered from its July high of over $75 a barrel. Another closely watched supply, the semiconductor and chip market, had management of HP Inc commenting how the shortage has impacted robust PC demand in the last quarter. Executives noted the company could not meet all its orders due to supply constraints. Dell also reported strong sales and profit, but investors took note after rival HP sent out a warning of continued disruptions in the market. Looking ahead to next week, various economic reports will kick off September. Jobs, durable goods orders, and home sales numbers are all set to release next week.
Posted on Tuesday, September 7, 2021 @ 8:11 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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