September 25, 2021 Weekly Market Update. Equity volatility as measured by "VIX" spiked on the week to the highest in four months as the U.S. equity markets tumbled then recouped the losses by the end of the week. The Dow Jones Industrial Average led the major indices with +0.62%, followed by the S&P 500 Index +0.51%and the Nasdaq +0.02%. The capital markets were rattled by one of China’s largest real estate groups facing a debt crisis in the form of potential default, uncertainty over the direction of the scheduled Fed meeting, and ongoing delta variant struggles; the virus uptick has led some economists to lower growth targets for both the third and fourth quarter of the year. However in contrast, the Leading Economic Index marked the 15th advance in over the last 16 months, rising +0.9% to 117 for the month of August. With the Fed’s recent statement of "slower bond buys may soon be warranted", it appears the FOMC might also be tapering the purchase program by year-end.
September 18, 2021 Weekly Market Update. All major U.S. equity indexes lost ground on the week: Dow Jones Industrial Average declined -0.07% followed by the Nasdaq -0.47% and the S&P 500 Index -0.57%. After hitting a new high back on September 2nd, the S&P 500 has been trading lower in a narrow, choppy range as we look to close the summer. With no fundamental earnings reports due until mid-October the focus remains on the virus, the developments on a new Congressional spending bill, meandering course of the Biden tax plan, and the economy. On this front the news has been mixed with some positive economic trends laden with potential higher capital gains taxes (25%) concerns and frustration over the coronavirus variants.
September 11, 2021 Weekly Market Update. Marked by three days of consecutive losses the Dow Jones Industrial declined -2.15% followed by both the S&P 500 Index -1.69% and the Nasdaq -1.61% losses for the week. Market volatility has increased in what we believe to be a response to uncertainty related to the meandering course of Biden’s new tax regime that could have negative impact on investment gains and estates along with a growing feeling of ongoing virus mutation taking a toll on future economic growth. Additionally, the equity markets have been rising without much resistance; September is the 11th month without a 5% correction for the S&P 500, which from a historical perspective, also happens to be one of the longer rally streaks.
September 3, 2021 Weekly Market Update. The U.S. market indexes finished mixed for the week: Dow Jones Industrial and S&P 500 posted +0.9% and +0.7% gains, respectively, while the Nasdaq Composite dipped -0.1%. However, the broad market index of the S&P 500 showed a strong trend by closing with gains in 7 out of the last 8 trading sessions. With S&P 500 Q3 earnings just around the corner (3 wks), FactSet noted that third quarter (Q3) earnings estimates showed the “fourth largest increase in EPS Estimates for S&P 500 Companies Since 2009.” Going into this new month it is also notable that since 2004, September has finished up for the month in 11 of the last 17 years, or 65% of the time, while also finishing up 75% of the time in three of the past four years.
September 18, 2021 Weekly Market Update. All major U.S. equity indexes lost ground on the week: Dow Jones Industrial Average declined -0.07% followed by the Nasdaq -0.47% and the S&P 500 Index -0.57%. After hitting a new high back on September 2nd, the S&P 500 has been trading lower in a narrow, choppy range as we look to close the summer. With no fundamental earnings reports due until mid-October the focus remains on the virus, the developments on a new Congressional spending bill, meandering course of the Biden tax plan, and the economy. On this front the news has been mixed with some positive economic trends laden with potential higher capital gains taxes (25%) concerns and frustration over the coronavirus variants.
September 11, 2021 Weekly Market Update. Marked by three days of consecutive losses the Dow Jones Industrial declined -2.15% followed by both the S&P 500 Index -1.69% and the Nasdaq -1.61% losses for the week. Market volatility has increased in what we believe to be a response to uncertainty related to the meandering course of Biden’s new tax regime that could have negative impact on investment gains and estates along with a growing feeling of ongoing virus mutation taking a toll on future economic growth. Additionally, the equity markets have been rising without much resistance; September is the 11th month without a 5% correction for the S&P 500, which from a historical perspective, also happens to be one of the longer rally streaks.
September 3, 2021 Weekly Market Update. The U.S. market indexes finished mixed for the week: Dow Jones Industrial and S&P 500 posted +0.9% and +0.7% gains, respectively, while the Nasdaq Composite dipped -0.1%. However, the broad market index of the S&P 500 showed a strong trend by closing with gains in 7 out of the last 8 trading sessions. With S&P 500 Q3 earnings just around the corner (3 wks), FactSet noted that third quarter (Q3) earnings estimates showed the “fourth largest increase in EPS Estimates for S&P 500 Companies Since 2009.” Going into this new month it is also notable that since 2004, September has finished up for the month in 11 of the last 17 years, or 65% of the time, while also finishing up 75% of the time in three of the past four years.