Market Commentary — August 30, 2021
Stocks gained last week, helped by FDA approval of the Pfizer-BioNTech Covid 19 vaccine. However, that good news was offset on Thursday by an attack at the Kabul Airport in Afghanistan amid the U.S. military exit, resulting in casualties.
The Fed held its annual meeting in Jackson Hole, Wyoming, virtually for the second consecutive year. Fed Chairman Powell’s speech was something of a non-event as he did not signal any deviation from recent statements.
Weekly jobless claims ticked up but remain at their lowest levels of the pandemic. And the Commerce Department’s revised estimate of second-quarter GDP growth showed that the economy expanded at a 6.6% seasonally adjusted annual rate, slightly above the 6.5% initial reading.
The week’s positive economic data pushed bond yields higher and credit spreads tighter.
News from ETF land:
- Bloomberg’s Eric Balcunas is predicting a Bitcoin Futures ETF will be approved in October.
- Capital Group, one of the biggest managers without an ETF presence has announced the timing and details of its long-awaited ETF entries.
- Roundhill filed for a MEME ETF, screening stocks based on their social media activity and levels of short interest.
Enjoy your entry into the month of September!
CEO and Co-Founder