In a relatively narrow range of trading, the markets ended last week down marginally, with the Dow (-0.4%), NASDAQ, (-1.1%), and S&P 500 (-0.4%). Taxable bonds were up about 0.3%, while tax free municipal bonds were flat to down fractionally. For the month, of July, stocks were up about 1% - 2%, and bonds were also up almost 1%. Not a bad month.
Corporate earnings continued to pour in at a record-setting pace. According to Factset, earnings have grown by 85% over the 2nd quarter of 2020. But then again, we were in the midst of the pandemic at this time last year, which puts that growth number into perspective.
The views stated in this letter are not necessarily the opinion of Cetera Advisor Networks LLC and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.