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Weekly Market Recap

May 14, 2021

The Dow Jones Industrial Average crossed 35,000 for the first time this week, but stocks were generally lower by week’s end. Several stocks or themes that outperformed in 2020, particularly those at the most speculative edge of the market, underperformed this week. There were also sharp sell-offs in lumber and corn after those prices reached multi-year highs. Wednesday’s report on consumer inflation showed core inflation (excluding food & energy prices) up 0.9% in the past month and up 3.0% in the past year. Thursday’s report on producer inflation showed core inflation (excluding food & energy prices) up 0.7% in the past month and up 4.1% in the past year. All of these figures were higher than the average estimate. We would expect above-average inflation readings for several months to come, in part due to comparing to much lower prices a year ago (oil has more than doubled in the past 12 months, for example). The weekly jobless claims report on Thursday showed continued improvement, with 473,000 new jobless claims being filed. Friday’s reports on retail sales and consumer sentiment came in a bit below expectations, with inflation impacting both reports. Starting on Tuesday May 18th, we are co-hosting a three-part webinar series for business owners. Please visit https://mybuckingham.com/events to register.

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

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