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Stock Market Bounces Back Following Five-Day Losing Streak

Today, as the stock market opened, there was a notable recovery in the stock indexes after enduring a challenging five-day losing streak last week. The Dow Jones showed resilience by gaining an impressive 200 points. The S&P saw a modest increase of 0.4%, while the Nasdaq remained relatively stable. All three indexes struggled last week, with the Nasdaq experiencing its poorest performance since February.

John Stoltzfus from Oppenheimer emphasized in a note to investors that amidst uncertainties such as supply chain disruptions, COVID-19 variant threats, and unexpected inflation rates impacting the current economic recovery, focusing on progress rather than perfection might be the best approach for investors at this time.

Recent data from the CDC indicates a decline in new COVID cases, with the seven-day average dropping to around 136,000 last week as compared to 157,000 the week before in August. There are reports suggesting that the Pfizer vaccine could receive authorization for minors by the end of October, as insiders at the CDC revealed to Reuters.

Keith Parker, a UBS strategist, expressed optimism stating, “Vaccinations combined with immunity should lead to a decrease in cases. However, full reopening and associated spending have been delayed.”

Since the release of the August jobs report earlier this month, stock indexes have been fluctuating. While job numbers are improving due to increased vaccinations, they have yet to meet analysts’ expectations. Concerns of rising inflation grow as the pandemic continues to impact the economy.

Jefferies strategists noted, “The negative effects of the delta variant on cyclical trades are evident. It is now increasingly clear that the delta variant has postponed any Federal Reserve plans for tapering, leading to renewed momentum in Big Tech stocks with growth stocks outperforming value stocks this quarter.”

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