February 15 - 19, 2021 Recap
First Weekly Loss in Three Weeks
U.S. stocks pulled back last week, snapping back-to-back weekly gains as Treasury yields advanced on investor jitters about increasing evidence of faster inflation tied to economic recovery. Reflation fears overshadowed mostly favorable corporate fourth-quarter earnings and outlook data, especially among chipmakers rushing to produce more global supply. Oil producers slowly restarted output in Texas after being hit with freezing temperatures and subsequent power outages.
For the week, the S&P 500 declined 0.68%, the Dow Industrials rose 0.11% (+36 points) and the tech-heavy Nasdaq Composite gave back 1.54%. The small cap-focused Russell 2000 also declined, falling 0.98%. Year-to-date, S&P 500 large cap stocks are up 4.23%, while small caps are up 14.88%.
The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.
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