U.S. equities fell last week despite strong bank earnings and June retail sales. For the week, the S&P 500 was down 0.97%, the Nasdaq down 1.87%, and the Dow Jones down 0.52%. Meanwhile, long-term interest rates have tumbled in recent weeks with the 10-year Treasury yield falling to 1.21% as of Monday morning July 19, down from 1.5% a month ago and the first quarter high of 1.75%.

U.S. equities managed to eke out small gains last week despite some mid-week turbulence as expectations for near-term economic growth have moderated a bit, in part due to continued labor shortages and supply chain bottlenecks, alongside concerns on new Covid-19 variants.

The market has recorded a strong run in 2021, with the S&P 500, Dow Jones, and Nasdaq up 14.41%, 12.73%, and 12.54% year to date (as of 6/30/21) respectfully. The S&P 500 registered its fifth straight month of gains. The Nasdaq posted its seventh positive month in the last eight, and while the Dow was red for June, it had previously notched a four-month high.

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The S&P 500 closed the week at another record, posting its best weekly performance since February, as investors believe that higher inflation will be temporary as the economy continues to move out of the pandemic. Federal Reserve Chairman Jay Powell, eased concerns about rate tightening anytime soon, but the shallow breadth of this week's stock market rally has some observers worrying that the run higher is looking a bit tired.