Daily Archives: Jul 30, 2021 at 06:57 pm EDT

The ETF Portfolio Strategist: 30 July 2021

  • US Small-cap stocks rebound, but the outlook is still mixed
  • US bonds continue to edge higher as interest rate slip further
  • Equal-weight global asset allocation leads our strategy benchmarks this week—and this year!

Signs of life in small caps: For a second straight week, small-cap shares rallied. The iShares Core S&P Small-Cap ETF (IJR) rose 1.7% for the week (through July 30), posting the strongest gain for our standard global opportunity set.

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Personal Income’s Weak Rebound Clouds US Economic Outlook

Economists are expecting another decline in today’s June report on US personal income. That’s worrisome because this key indicator has been a relative laggard vs. the strong rebounds in employment, consumer spending and industrial production – collectively known in some circles as the Big Four economic indicators that capture the core of US macro activity.

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Macro Briefing: 30 July 2021

* The Delta variant is a headwind for the US economic outlook
* Eurozone economy rebounded in Q2 from recession
* West embraces industrial policies to counter China
* CRB Commodities Index rose to 6-year high in Thursday’s trading
* Amazon reports another revenue gain but rise was below expectations
* US jobless claims fell last week, near pandemic low
* US GDP rose less than forecast in Q2, but still beat Q1’s gain (just barely):