Equity markets surged higher as COVID concerns waned and quarterly earnings reports surpassed most estimates. The S&P 500 Index returned 4.67% last week, the best weekly return since early November. Earnings season was in full gear as 108 names in the S&P 500 announced quarterly results. The median earnings surprise was 6.95% higher than analyst estimates, a primary driver of equity returns last week.
Inflation, inflation, inflation. The theme that dominated the first half of the year continued into Q3 and we expect it will for the foreseeable future.