Market Commentary — June 28, 2021
Stocks rebounded from the previous week’s declines, taking the S&P 500 and NASDAQ indexes to new highs, recording their best gains since April.
Energy shares continued their rally, as oil prices reached their highest levels since October of 2018. Despite higher oil prices, the moderating inflation signals for other commodity prices such as lumber and metals helped calm the market. And Bloomberg reported that the wholesale used car auction market had peaked.
The market also got a boost from the agreement on a bipartisan infrastructure deal, as the Senate agreed on a plan for $1 trillion in infrastructure spending over the next 5 years.
Next week’s jobs report is expected to move markets next week heading into the end of the quarter.
Just so you know, the market almost always trades up on my birthday, July 1st, so trade accordingly and have a happy fourth of July.
CEO and Co-Founder