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.