A Friday rally moderated the losses, but the large-cap benchmarks and Nasdaq Composite index recorded their biggest weekly drops since February and rounded out the worst monthly declines since the onset of the pandemic, seemingly weighed down by inflation and interest rate fears.
The major benchmarks overcame an early sell-off to end the week flat.
The small-cap Russell 2000 Index managed a small gain, but most of the major equity indexes ended the week modestly lower, as investors weighed some encouraging economic data against worries about supply chain challenges, elevated valuations, and concerns over how stocks would respond to an eventual tightening in monetary policy.
The major indexes retreated over the shortened trading week—markets were closed on Monday in observance of Labor Day
The major indexes ended the week mixed after the S&P MidCap 400 Index joined the S&P 500 and Nasdaq Composite indexes in reaching new intraday highs on the Thursday.
Stocks gained last week as the Food and Drug Administration (FDA) gave full approval for the Pfizer-BioNTech vaccine, which supported sentiment towards an ongoing economic recovery.
Stocks pulled back for the week but not before the S&P 500 Index reached a new record high of 4,480 on Monday afternoon. This is more than double the low seen on March 23, 2020.
The U.S. market gained ground with the market shrugging off the renewed spread of the coronavirus and its possible implications for future economic activity.
The major indices recorded gains for the week, helping the large-cap
benchmarks and the technology-heavy Nasdaq reach new highs.
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ClearWater Market Commentary as of October 8th, 2021
Most of the major benchmarks recorded gains, with the S&P 500 Index recovering a portion of the previous week’s losses.