Capital Markets Newsletter – August 10, 2021

Last week marked another record for the U.S. equity market, as both the DJIA and S&P 500 closed at all-time highs due to an outperforming jobs report for July. Job openings beat expectations by approximately 1 million and 943,000 full-time jobs were added to the U.S. economy. Taxable and muni yields also began to rise. The 30-year UST finished the week at 1.95%, an increase of approximately 10 BPs on the week. The 10-year UST increased to 1.30% by Friday, an increase of approximately 15 BPs on the week. Muni yields rose by as much as 5 BPs on Friday following the jobs report.

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