Jul 08, 2021
Equity markets shrugged off the minutes from the last FOMC meeting in favor of the earnings outlook. The minutes revealed the FOMC has begun talking about tapering and cutting off stimulus but has yet to decide on how or when to begin. The S&P 500 advanced more than 0.25% to set a new all-time high and will likely set more new highs in the weeks to come.
It's still very early in the earnings season but so far the results have been very good. The few S&P 500 companies that have reported have largely beaten their consensus estimates for revenue and earnings growth pointing to a much better than expected reporting season. Moving forward, assuming this trend continues, the S&P 500 could continue moving higher into the end of the year.