Weekly Market Commentary

As winter approaches, we wanted to summarize October and discuss some points of interest.

Vaccination rates continue to climb as we get closer to the cold weather. Additionally, Covid cases are declining as the delta variant fades. However, the pandemic is resulting in lasting economic effects. Supply chains are strained as strong demand overwhelms reduced production capacity and stressed shipping networks. Inflation remains stubbornly high, resulting in price increases across food, clothing, appliances, and other everyday items. In commodity markets, the price of WTI oil rose +10.9% during October as demand increased and oil production lagged. The Commerce Department’s preliminary GDP estimate indicates the economy expanded at a +2% annualized pace during the third quarter. It was a slowdown from the +6.3% and +6.7% recorded during the first and second quarters, respectively, earlier this year.

Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.  CAR-1121-00452 

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