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Marin Wealth Advisors, LLC.

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Blog

July 3, 2021

Market Recap Week Ending July 2

The week in review…Dow +353 or +1.0%, the Nasdaq +279 or +1.9%, and the S&P +72 or +1.7%.  

Another great week for the three major indices with all three notching new closing highs. The performance was based on benign to good news that came throughout the week. New York Fed President Williams’ comments on Monday apparently mentioned nothing about asset purchases but focused on crypto currencies. On Tuesday, Richmond Fed President said that while some progress has been made on the inflation front, he would like to see and expects to see a better jobs situation in the fall before committing to tapering asset purchases. On Wednesday, June Chicago PMI fell to 66.1 vs last month’s record setting 75.2 and expectations of 70. Prices paid were the highest since December of 1979. ADP employment saw an increase of 692,000 jobs vs expectations of 550,000. On Thursday, initial jobless claims were 364,000 vs expectations 390,000 and last week’s upwardly revised number of 415,000. Finally, on Friday, the June jobs number was very good with 850,000 jobs added vs expectations of 706,000 and last month’s 583,000 print. However, the unemployment rate edged up a 0.1% to 5.9% as more workers are lured back into the labor market. The 10-year U.S. Treasury yield retreated 9 bp to 1.437%. To summarize, the misses weren’t that bad, and the good news wasn’t stupendous; the Goldilocks theme is intact. Happy 4th of July! 

What we are watching next week… 

Monday – Markets closed in observance of Independence Day. 

Tuesday – ISM Services, Services PMI. 

Wednesday – Fed minutes released, JOLTS (Job Openings and Labor Turnover Survey), Atlanta Fed President Raphael Bostic speaks at the National Association of Black Journalists. 

Thursday – Initial Jobless Claims. 

Friday – N/A

Category iconEducation Tag iconasset purchase tapering,  economic data,  economics,  federal reserve,  interest rates,  market recap

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    Marin Wealth Advisors LLC

    899 Northgate Drive, Suite 300
    San Rafael, CA 94903
    415-458-5880
    Toll-Free: 800-758-3768

    315 Montgomery Street, 10th Floor
    San Francisco, CA 94104
    415-472-5885
    Toll-Free: 800-758-3768

    1901 Harrison Street, Suite 1100
    Oakland, CA 94612
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    Toll-Free: 800-758-3768

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    Walnut Creek CA 94596
    925-374-4899
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