Dear friends of Arcus Capital Partners,
We hope this letter finds you well and that you are having a nice summer. The first half of the year was favorable for the markets, but new risks related to the COVID-19 delta variant have stalled the global reopening. Even so, strong consumer demand, continued vaccine distribution, and additional fiscal and monetary support should help keep the current expansion on track. The positive momentum from the first quarter remained intact and pushed global stocks higher, helping several indexes make fresh all-time highs. Interest rates started pricing in weakening economic data and retraced part of their first-quarter rise. Lastly, commodities were mixed but pushed higher. Our outlook for the rest of 2021 is constructive, and we still believe the tailwinds needed for additional upside are in place.