Key Points

- S&P 500 closed at an all-time high of 4,468.00, up from 4,436.52 last week.

-The week started with cyclical and Epicenter sectors rallying, and the end of the week was marked by low volatility, but more defensive sectors and Technology lead gains.

- Earlier this week, we upgraded the Financial sector as we see the healthcare situation and thus outlook for growth and rates as likely to improve.

- An incredible 50% of wealth gains in US households from 1Q2020 to 1Q2021 were from the stock market. US households are participating at a higher rate than ever in the stock market, a trend that we believe will continue.
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Markets closed at all-time highs again, and although the rises today weren’t incredibly robust and were indeed led by defensive sectors, we’ll certainly take it for Friday the Thirteenth. Treasury yields popped to around 1.37% at the beginning of the week but then had a tamer end and didn’t do too much after CPI showed inflation might be slowing or peaking and consumer sentiment came in soft. They settled at 1.287% to end the week.

Nonetheless, we see evidence in the healthcare data and analysis from some of our favorite sources that the Delta variant indeed has more bark than bite,...

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