Take a look at last week’s market recap from Joe Gallemore, CIMA® Partner & Director of Investment Management for Argent Bridge Advisors. Watch the video now!
Joe’s Notes:
- The S&P 500 ended last week at a new all-time high level and is now +20% in 2021. As of Monday the 16th, the large cap index has doubled since its lowest point back on March 23, 2020, in the midst of the Pandemic shutdown.
- Emerging markets stocks struggled last week, primarily because of China which is facing surging delta variant cases resulting in a lot of economic shutdown. Add to this increased regulation by the Chinese government on the tech sector which is really weighing down investor sentiment for that region.
- The unemployment rate is down to 5.4% while we are still in the midst of an acute labor shortage. Nearly 9 million Americans remain unemployed but there are over 10 million job openings. This imbalance has led to higher wages which is a contributor to higher inflation.
- September could be a milestone as many children go back to school (alleviating child care issues) and the remaining increased unemployment benefits are set to expire. We may see this combination lead to more people going back to work, which we all know is good for the economy and good for the country.
