July 6, 2021
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia recapped the Fourth of July holiday and shared his thoughts about the economy for the remaining half of this year.
“Nasdaq 100 futures are fractionally lower this morning. U.S. markets were closed for the July 4 Independence Day holiday on Monday, and West Texas Intermediate crude rose to a six-year high as an important meeting of OPEC to discuss crude output (among other things) has been called off. The UAE (United Arab Emirates) rejected a proposal to extend oil production increase for a second time since Thursday. Higher oil prices and inflation are not going away any time soon.
“I would expect smaller gains for the rest of the year, after a strong performance in the first half, as the S&P 500 is up nearly 16% year to date. I would expect the second half increase to be lower. Higher costs and inflation mean lower profits and we will start seeing that in Q1 2022 or sooner. The overall equity market has been shrinking and equity markets by the end of this year will likely become a concern. I have some reservations about the decline, and I do believe it is possible that the economy could return to its pre-pandemic strength. But I do not believe it is sustainable since the reason for this growth is gone. We no longer have a pro-growth, pro-lower tax, lower regulation, American worker first, pro-fair trade, pro-lower unemployment, and pro higher wages administration and that realization has not yet sunk in. The pro-Big Government, pro-taxation, pro-government social control, and pro-Globalist ideology is not conducive to the sustainability of our economy and the underlying economic fundamentals that Trump built. Time is running out on that foundation.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
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