A Snapshot of the Market for the Week Ended July 30, 2021:
This week’s narrative was the disappointment over big tech’s outlook, especially that of Amazon. Lingering concerns over China’s clampdown on their internet and technology sectors also weighed. Yet the S&P 500 was down this week by a mere 17 points or 0.4 % and closed at 4395. It should have risen, because equity funds took in more than $23 billion in new money, of which $1.2 billion flowed into U.S. tech funds. Companies reported meaningful earnings beats and upbeat outlooks. Moreover, the market liked the bipartisan breakthrough for an infrastructure bill, the irrefragable return to a more conventional monetary policy, and indications that the economy should soon get back to normal. On the other hand, there are several cross-currents below the surface as we are about to enter a historically more volatile period.
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By Hubert Marleau
By Hubert Marleau
