U.S. equities finished lower last week, with the S&P 500 down 0.4%. The spread of the Delta variant continued to dominate the headlines and raise concerns about recovery. Peak week of Q2 earnings season saw beat rates remain at record levels. Peak growth concerns haunted as well. Best sectors were materials (+2.8%) and energy (+1.6%), worst sectors were consumer discretionary (-2.6%) and communication services (-1.0%).