From Online Shopping to Island Hopping - Your Money July 30th 2021

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Good evening I’m John Bataller with PI Financial.

The gavel is down and the Fed has spoken. U.S. Federal Reserve Chairman Jerome Powell gave a statement on Wednesday re-affirming his confidence that the economic recovery is still on track, despite the rise of the Delta variant among unvaccinated populations.

The avalanche of earnings this week supported his opinion. Boeing and Exxon posted their largest profits in over a year while UPS and Amazon showed signs of slower sales volume in their own reports. Looks like we’re moving from Online Shopping to Island Hopping.

Meanwhile, supply chain issues caused companies like Tesla, Apple and Ford cautioned investors to expect slower growth over the next quarter as the semiconductor, AKA chip shortage impacts their manufacturing business; but even they reported better-than-expected profits this week.

Investors seemed to like what they saw and heard with the DOW and the S&P touching all-time highs yesterday.

For PI Financial, I’m John Bataller. Have a great evening.

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Steve Bokor

Steve Bokor

Portfolio Manager