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Weekly Market Recap

Incoming economic data was mostly good last week, including inflation (CPI and import prices), retail sales, Empire Manufacturing, and the Philly Fed Business Outlook. Stock market performance was weaker, which is a fairly typical seasonal pattern, perhaps exacerbated by the fact that the market was already up more than 20% YTD coming into September.

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Weekly Market Recap

Risk assets struggled through the holiday-shortened work week as new case counts continued to rise in the US. In an effort to improve workplace safety, the Biden Administration announced on Thursday that the Department of Labor would direct all companies with more than 100 employees to require vaccines or weekly negative tests. The constitutionality of this directive was immediately called into question by several Republican governors.

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Weekly Market Recap

“Defensives had a better time of it last week, particularly following Friday’s payroll miss. The yield curve steepened a bit as well, as traders made some tweaks to their assumptions about near term tapering & rate hikes as well as the longer term inflation outlook. Overall, though, the picture didn’t change a whole lot, as markets mostly treated the payroll and consumer confidence numbers as small bumps in the road rather than any kind of major turning point in the recovery.”

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Weekly Market Recap

The events in Kabul notwithstanding, there were two things that moved markets last week: the FDA’s approval of Pfizer’s vaccine (and the quick reaction from companies and government agencies in terms of vaccine mandate announcements), and Jerome Powell’s speech at Jackson Hole on Friday where he threaded the needle almost perfectly regarding the status of the Fed’s dual mandate, asset purchase tapering, and rates.

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Weekly Market Recap

US equities started strong on Monday and finished strong on Friday, but the 3 days in between were challenging and left all major US indices in the red for the week. Escalating covid-19 case counts in the US and potential trade disruptions from new lockdowns in China caused investors to reign in risk. Among US […]

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Weekly Market Recap

It was a good week for most large caps last week, as the S&P 500 and the Dow both closed at fresh all-time highs on Friday. The Nasdaq pulled back slightly on some softness in biotech. Small and midcap stocks were mixed, as were international markets.

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Second Quarter 2021 – Quarterly Letter

Read all archived copies of the quarterly letter in our Learning Center

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Weekly Market Recap

Equities moved modestly higher around the world last week, with gains in the 1% range across market caps and geographies. A steeper yield curve benefitted financials, which delivered the best return amongst S&P 500 sectors at +3.6% on the week. All other sectors finished in positive territory with the exception of consumer staples, which was […]

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Weekly Market Recap

Large cap indices finished lower last week, although performance was quite mixed across sectors. Amazon fell 9% on the week after issuing a revenue forecast that disappointed investors, dragging the consumer discretionary sector to a return of -2.6%. Cyclicals like basic materials (+2.8%), energy (+1.7%), and finance (+0.8%) outperformed, as did domestic small and midcap […]

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Weekly Market Recap

“Equities bounced back last week despite surging covid-19 cases in many parts of the world.”