Weekly Market Recap
October 15, 2021
The S&P 500 gained over 1.7% this week, its best showing in over two months. Most of the gains came on Thursday, which had one of the best single-day gains this year. Year-to-date, the S&P 500 has gained over 20% including dividends. Weekly jobless claims improved, falling below 300,000 for the first time since the pandemic began, COVID cases continue to slow, and third quarter earnings reports have started off favorably compared to analyst expectations. Even though oil made a multi-year high at over $80 per barrel this week, the 10-year Treasury yield came down a bit to 1.57%. Core consumer inflation was 4.0% compared to a year ago, the same as last month and in-line with expectations. Core producer inflation was 6.8% compared to a year ago, just above last month’s reading and a bit below expectations. While we expect above-average inflation to stay with us for a while, we are starting to see signs that the rate of change may be leveling off, as covered in greater detail in our October Market Insights newsletter: https://mybuckingham.com/insights/october-2021-market-insights. Next week we look forward to 80 of the S&P 500 companies reporting as well as updates on the housing market. 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