Weekly Market Insights: 9-9-21 - Data and Delta Scramble Stock Results
Markets continue their tug of war at present. Dow is declining while portions of the NASDAQ are advancing. S&P 500 is slightly down. At the moment, Wall Street seems preoccupied with the Covid Variants (Alpha, Beta, Gamma & Delta) as well as the slowing of the economic recovery.1
We can all expect to see more variants come forth as the virus continues to spread and mutate. Wearing masks, washing hands, and social distancing all are solid behavior changes to make in addition to your vaccine. I get my 2nd shot on the 9th.
September and October are not expected to be productive months in the markets, but that doesn’t mean there will not be any activity in the headlines or moves in some sectors that will catch our attention.
Seeing college football on the TV again was nice this past weekend along with the cooler weather. The McCardle household added a new family member this weekend. Her name is Maggie, and she is a rescue puppy—a Black Mouth Cur we think—and the most loving little thing. Been 2 years since we had a dog, and after putting our Cindy down after 14 years, not sure we ever wanted to go through that pain again.
Time heals and along came Maggie…
Till we speak again, enjoy your week and the time you have with loved ones.
Stocks were mixed last week amid conflicting economic data and continued spread of Delta variant infections.
The Dow Jones Industrial Average slipped 0.24% during the five trading days. But the Standard & Poor’s 500 tacked on 0.58% and the Nasdaq Composite index rose 1.55%. The MSCI EAFE index, which tracks developed overseas stock markets, gained 1.51%.1,2,3
Investors gravitated toward the high growth technology and communication services sectors, as well as the more defensive sectors, such as utilities and real estate. Reopening stocks were weighed down by Delta variant fears and a retreating consumer, while energy struggled to bounce in the wake of Hurricane Ida shutting down energy production and refining capacity.4
Stocks appeared to shrug off a shaky employment report on Friday, despite the questions it raised about economic growth in the months ahead.
After initial jobless claims reached a new pandemic low on Thursday, the August employment report on Friday came in below expectations as payrolls expanded by 235,000. Adding to the subdued report was a 4% decline in the number of hours worked by employees. On the positive side, the Friday report showed the unemployment rate fell to 5.2%, while wage growth rose 0.6% from July and increased 4.3% from August 2020.5
The weak employment report may reflect a pause in hiring due to the Delta variant. It could additionally muddy the outlook for the Federal Reserve, which has indicated it may begin tapering before year-end. The uncertain jobs picture may force the Fed to push its tapering start date into 2022.5
This Week: Key Economic Data
Wednesday: JOLTS (Job Openings and Labor Turnover Survey).
Thursday: Jobless Claims.
Source: Econoday, September 3, 2021The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Tuesday: Coupa Software, Inc. (COUP), Uipath, Inc. (PATH).
Wednesday: Lululemon Athletica, Inc. (LULU), Gamestop Corporation (GME).
Thursday: Zscaler, Inc. (ZS), Affirm Holdings, Inc. (AFRM).
Friday: The Kroger Co. (KR).
Source: Zacks, September 3, 2021Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
“When things go wrong, you'll find they usually go on getting worse for some time; but when things once start going right they often go on getting better.”
– C.S. Lewis
Get a Tax Transcript From the IRS
Whether you need a copy of your tax transcript for a mortgage, student loan, or other financial need, the IRS makes it easy to request a tax transcript online.
To request a tax transcript, you should know what type of transcript you need. The transcript types are:
Tax Return Transcript
Tax Account Transcript
Record of Account Transcript
Wage and Income Transcript
Verification of Non-filing Letter
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov6
3 Yoga Poses for Beginners
The first pose is downward-facing dog. This pose is used in most yoga practices. In it, you have your arms stacked under your shoulders and your bottom in the air with your back legs straight. Your body is in the shape of an upside down 'V."
The next is Crescent Lunge. Stand in a forward lunge with one foot in front and bent. Your back leg is straight. Now, straighten your arms and lift them over your head. This pose is often used in yoga flow classes.
Last, we have Triangle pose. Step your feet apart (wider than your shoulders). Then, hinge at your hip and lean over your front leg. If you can, reach down with the same arm that's in front and rest it on the floor or on a yoga block.
Tip adapted from SELF Magazine7
I can only live where there is light, but I die if the light shines on me. What am I?
Last week’s riddle: The more you take away, the bigger I become. What am I? Answer: A hole.
Woman in sari standing on a fishing boat, Phewa lake, Pokhara City, Nepal.
Footnotes and Sources
1. The Wall Street Journal, September 3, 2021
2. The Wall Street Journal, September 3, 2021
3. The Wall Street Journal, September 3, 2021
4. ALPS Portfolio Solutions Distributor, September 3, 2021
5. CNBC, September 3, 2021
6. IRS.gov, February 20, 2021
7. Self.com, August 28, 2019
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.
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