Economic data disappointed, but the market proved resilient.
Volatility will likely increase as investors adjust to peak growth, the Delta variant and high equity valuations.
As markets adjust to the Fed's tapering schedule, we should see improvements to economic data.
Despite some concerns, underlying equity fundamentals remain strong.
The next few months could remain challenging for investors.
Reopening trends, vaccine rollouts, relative valuations and sector weightings suggest a bump for non-U.S. markets.
Improvements in global vaccination rates should create opportunities in both emerging markets equities and U.S. small caps.
While increasing inflation pressures are causing volatility, we expect the risks will be contained.
Despite last week's jobs data, all 11 S&P 500 sectors rose on Friday.
Fiscal and monetary stimulus, vaccine distribution and solid market inflows have all been pushing equities higher.
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