The Week 28 of 2021 US Stock Market  News Recap

In Week 28 The Stock Market Bear gets his first 3-0 win since Week 24. Some experts say he will be in charge for a while, others say not. What to you believe?

By Larry C. Paxton

The US Stock Market Week 28 Summary:

With great confidence The Stock Market Bull continued his romp through the pasture by establishing new record closes on all three major US stock indices on Monday. Proud of himself, on Tuesday he wandered off into a field of grass for a nice roll and long day nap. The Stock Market Bear saw his chance and took Tuesday by around the same margin. The Stock Market Bull returned on Wednesday and took 2 out of 3 indices. At that point it looked like the week would be a mixed win result for the Bull. Thursday the Bear returned the favor, took a big gouge out of the NASDAQ, and it appeared the week would be a Bear mixed win. On Friday the Bull decided it didn’t want to play, the Bear took charge with a big day and gets an outright 3-0 win in Week 28.

Summary News Items for Week 28:

• Despite mostly positive news the US economy created some inflationary fears despite Fed Chairman Powell‘s testimony in Congress during the week saying it would moderate.
• The US Dept of Labor reported that June 2021 current wages were +3.9% from last year.
• The US Dept of Labor indicated that the consumer price index was +0.9% in June, +5.4% over the year.
• The US Dept of the Treasury reported a $174 billion deficit in June, a $2.238 trillion deficit YTD.
• The US Dept of Labor says the Producer Price Index for June was +1.0%, +7.3% the last 12 months.
• The Federal Reserve released its Beige Book, reports overall the US economy has strengthened further but there are issues with major shortages and higher prices.
• The US Dept of Labor said June import prices were up 1.0%, +11.2% year-over-year, export prices were +1.2%, +16.8% year-over-year.
• The Federal Reserve says industrial production capacity was at 75.4%, it was 68.9% a year ago.
• Both the Federal Reserve Bank of New York and Philadelphia reported significant increases in their factory indices.
• The US Dept of Commerce indicated business inventories were +0.5% in May.
• The US Dept of Commerce says advance retail sales for June indicated a +0.6% growth, much of that from food services and drinking establishments.
• The U of Michigan preliminary July Consumer Sentiment Index was at 80.8, a positive number, but down from June’s 85.5.
• The US Senate Democrats are working on a $3.5 trillion budget agreement.
• OPEC doesn’t get a consensus on oil production, maintains targets.
• South Africa struggles with violent riots over the jailing of former president Zuma.
• The assassination of Haiti‘s president last week and arrests of suspects continues to cause turmoil.
• US President Biden and German Chancellor Merkel meet in Washington DC, discuss Russian oil, climate change, Covid-19 vaccines, Russian cyber attacks, Ukraine and shoring up their democracies.
• Germany and Belgium are having to contend with severe floods.
• US President Biden says the situation in Hong Kong is deteriorating, says US businesses need to be concerned.
• The Covid-19 Delta variant cases continue to rise in certain parts of the world, especially Asia and Africa.

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