Key Points

- S&P 500 closed at 4,441.67, down from 4,468.00 last week. On Wednesday and Thursday, there was turmoil in markets, but a widespread rally Friday reversed course.

-The Epicenter sectors of Energy, Financials, Materials, Consumer Discretionary, and Industrials all had a tough week, with Energy leading the losses.

- Chinese demand concerns, taper concerns, inflation concerns, and of course, concerns about the Delta Variant all appeared to contribute to this week's volatility.

- According to RBC, buybacks, and dividends were mentioned 3x more than capital investment on Q2 earnings calls. We discuss how stock ‘yields’ are attracting money to equities.
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Markets had another meandering week, but we hung at levels just below recent all-time highs when all was said and done on Friday. The VIX collapsed almost 15% today and settled well under $20 after its brief foray higher. These forays do appear to be trending toward more temporary and less severe. There is undoubtedly fear in the air. Significant events have been canceled and spreads on bonds widened as the market digested the multitude of risks.

Delta variant may seem to be the main culprit given the palpable fear in...

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