Market Commentary — October 18, 2021

Stocks built on previous week’s gains helped by strong corporate earnings and positive economic news. There was evidence that supply pressures and inflation might be peaking as September Core CPI (ex food and energy) came in at 4%, inline with estimates.

There were also signs that the economic impact from the delta variant of COVID 19 was waning. Jobless claims fell to a 293k pandemic-era low, retail sales jumped 0.7% in September vs. estimates for a decline, and U.S. travel border restrictions were eased on lower cases.

Global oil prices continued their climb to the highest level in over three years, pushed higher in part by expectations that utilities could switch to oil from natural gas due to supply shortages in Europe.

Supply chain issues continued to grab headlines with warnings from retailers struggling to fill shelves ahead of the holidays, with Apple scaling back its expectations for iPhone sales due to chip shortages. The White House announced measures intended to relieve port congestion.

The SEC approval of a futures-based Bitcoin ETF is the lead headline in ETF land. The ProShares Bitcoin Strategy ETF, which will give exposure to bitcoin futures contracts but not the spot market, is expected to begin trading on Tuesday under the ticker “BITO”.

The SEC also accepted the registration request for Valkyrie’s Bitcoin Strategy ETF for listing on the NASDAQ, as application deadlines from Invesco, VanEck, and Valkyrie are quickly approaching. Bitcoin prices surged on the approval news and rallied above $60k over the weekend.

Keep checking your Coinbase account and have a great week!

Jane Edmondson
CEO and Co-Founder

Share this Market Commentary


EQM Indexes LLC is a woman-owned firm dedicated to creating and supporting innovative indexes that track growth industries and emerging investment themes. Co-founded by Jane Edmondson, a former Institutional Portfolio Manager with more than 25 years in the investment industry.


The information provided on this page is for illustrative purposes only and is not intended to serve as investment advice. The information provided is as of particular time and subject to change at any time without notice.

It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. EQM Indexes does not sponsor, endorse, sell, promote or manage any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. EQM Indexes Indices makes no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. EQM Indexes is not an investment advisor, and makes no representation regarding the advisability of investing in any such investment fund or other investment vehicle. A decision to invest in any such investment fund or other investment vehicle should not be made in reliance on any of the statements set forth in this article. Prospective investors are advised to make an investment in any such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or other vehicle. Inclusion of a security within an index is not a recommendation by EQM Indexes to buy, sell, or hold such security, nor is it considered to be investment advice.