Market Commentary — August 9, 2021
Stocks recorded record gains again last week, helped by large-cap and big tech names. Friday’s strong jobs report sparked a rise in long-term interest rates, boosting financials. Employers added 943k jobs in June, well above consensus estimates and unemployment hit a new pandemic low.
Concerns about peak economic growth and the delta variant continues to weigh on U.S. market sentiment. China stocks continue to be problematic thanks to new regulatory crackdowns there.
Positive earnings surprises abound, with FactSet predicting second-quarter earnings for the S&P 500 to have increased 85% on a year-over-year basis.
In ETF land, SEC Chair Gary Gensler signaled that regulators might be more open to a Bitcoin ETF based around futures rather than bitcoin itself. This caused two big issuers to file.
Have a great week!
CEO and Co-Founder