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THIS WEEK'S UPDATE

| September 14, 2021
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THE WEEK ON WALL STREET

In a quiet week of news, stocks moved lower amid simmering concerns over the

Delta variant’s effect on the progress of economic reopening. The Dow Jones

Industrial Average declined 2.15%, while the Standard & Poor’s 500 dropped 1.69%.

The Nasdaq Composite index fell 1.61% for the week. The MSCI EAFE index, which

tracks developed overseas stock markets, slipped 0.63%.

 
STOCKS WEAKEN

In a holiday-shortened week of trading, markets were choppy as investors grew

cautious in the face of a potential Fed tapering decision later this month and the

impact of Delta on the economic recovery. What little news there was, it was

decidedly mixed. Job growth showed real strength coming off a shaky employment

report the previous Friday, while the Producer Price Index surged by 8.3% year-

over-year, representing the largest annual increase since November 2010. The

release reminded investors that inflation remained a market risk. Stocks tried to

stage a rebound on Friday before sagging to close out the week.  

 
JOBS IMPROVEMENT

After a disappointing employment report, two labor market reports last week

appeared to show that the labor market recovery appeared intact. The JOLTS report

(Job Openings and Labor Turnover Survey) showed 10.9 million open jobs, a

number that exceeded the number of unemployed by more than two million. The

rate of hiring, however, decelerated, perhaps explaining why the August

employment report fell short of expectations. A day later the weekly initial jobless

claims fell to a new pandemic low of 310,000, coming in below its four-week moving

average of 339,500. Continuing claims fell to their lowest level since March 14, 2020.

 
THE WEEK AHEAD: KEY ECONOMIC DATA

Tuesday: Consumer Price Index.

Wednesday: Industrial Production. 

Thursday: Jobless Claims. Retail Sales.

Friday: Consumer Sentiment.

 
THE WEEK AHEAD: NOTABLE COMPANIES REPORTING EARNINGS

Monday: Lennar Corporation (LEN)


Have a good week!

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