The third quarter of 2021 continued the tug-of-war between uncertainty and self-assurance in the global marketplace. Several concerns took their toll on stocks late in the quarter, including those over the Delta variant, a more cautious U.S. and international consumer, potential economic fallout from China’s faltering real estate sector, and data confirming that the elevated GDP growth of Q2 was, indeed, the likely peak of this cycle in the U.S. Nevertheless, the broader economic reopening story appears intact. As hospitalizations and case counts generally decline, we are adjusting to our new normal—which is to say: finding ways to live with the virus, perhaps indefinitely.
Quarterly Market Outlook
The Clear Harbor Market Outlook is a quarterly market update.