|AUTHOR: Jason J. Roque, MS, CFP®, APMA®, AWMA® |
TITLE: Investment Adviser Rep – CCO
TAGS: S&P 500, NASDAQ, FRB, Earnings, ISM
This last week was like a pendulum as the markets swung back and forth. Should this continue?
Markets slipped on Monday with the S&P 500 shifting down less than 0.2%. Manufacturing data disappointed, although the number still indicated expansion. The miss set a sell mood for the day.
The S&P 500 rose 0.8% on Tuesday as a broad-based rally grabbed hold. All major indices rose on the day. Factory orders, a good indication of future consumer demand, rose more than expected in June.
Markets retreated from the Tuesday rally. ADP employment data, often used as a predictor for the Friday jobs report, missed expectations. A foreshadowing of concern over the employment market dominated the trading day.
The gyrations of the market continued on Thursday as the market regained the losses felt on Wednesday. This came as initial jobless claims dipped back below 400K, landing at 385K.
Although mild, markets ended the week on an up note. The S&P 500 gained about 0.10% on the day. The data was strong as jobs Friday delivered. Unemployment fell to 5.4% and 943K jobs were added in July. While strong it was not enough to elicit a strong market reaction as concerns over a hot re-opening persist.
For the week the S&P 500 gained 0.93%. Jobs were in focus this week, as was continued concerns over the spread of the Delta Variant. This coming week is set up to have a continued focus on jobs data and consumer data.
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