U.S. equities finished higher last week (S&P +2.0%). Stocks sold off sharply on Monday due to Coronavirus Delta variant infections spreading. Peak growth, peak profit, and peak policy stimulus themes were also cited, especially in light of full valuations and bullish sentiment readings. The ever-present buy-the-dip mentality quickly took over supported by the bullish narrative of easy financial conditions, central bank liquidity, massive fiscal stimulus, positive earnings surprises, and pent up demand. Strongest groups were communications services (+3.2%), consumer discretionary (+2.9%), and technology (+2.8%); weakest groups were utilities (-0.9%), energy (-0.4%), and REITs (-0.1%).