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Weekly Market Recap

July 30, 2021

The S&P 500 hit a new high yesterday but posted a slight loss for the week. The calendar was heavy with companies reporting second quarter results, including the five largest companies in the index. Generally results were good, as a higher percentage of companies “beat” estimates than usual. Q3 corporate earnings could be on pace to increase 85% compared to a year ago, which was the low of 2020. The Federal Reserve kept short-term rates unchanged, as expected, and stayed on message about growth, inflation, and rates. The next Fed meeting will be the Economic Policy Symposium at Jackson Hole Wyoming in late August. The first read on Q2 GDP was below expectations but still had a solid showing at 6.5%. Next week we will see updates on inflation, industrial output, and the monthly unemployment report. If your needs are changing or if you would like more information on the markets or your portfolio, please contact your Buckingham advisor at https://mybuckingham.com/contact.

Ryan P. Johnson, CFA, CFP®
Director of Portfolio Management & Research

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