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Fulton Bank
Fulton Bank

Economic Market Update - July 16, 2021

How did markets fare in the second quarter? Join us as we review the previous quarter in the stock and bond markets, which saw a shift in leadership both across and within asset classes, and take stock of where investors stand after the first six months of the year.

Key Takeaways:

  • The S&P 500 continued to hit new highs over the course of Q2, leading to the second-best start to a calendar year for the index this century.
  • Returns were strong across nearly every asset class.
  • Stock returns were solid across styles and market sectors, with only Utilities finishing the quarter in the red.
  • Fixed income markets stabilized during the quarter, clawing back some of the losses experienced in Q1, which was one of the worst quarters for bond investors in history.
  • Style, sector, and fixed income leadership began to shift in Q2, an indication that our base case of an early transition to a mid-cycle environment remains likely.

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Read our in-depth analysis of stocks and bonds in Q2 and assessment of where investors stand in the first six months of 2021.
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The Author

Matthew Brennan

Matthew is a portfolio manager and leads the investment strategy group for Fulton Private Bank and Fulton Financial Advisors. He was a National Merit Scholar at the University of Chicago, where he graduated with a B. A. in Political Science. He is a Chartered Financial Analyst (CFA®) charterholder and is a member of the CFA® Institute and the CFA® Society of Philadelphia.

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