文本描述
December 2021 2022 Equity Sector Outlook: Back to Basics Wells Fargo Advisors Global Securities Research Investment and Insurance Products: ? NOT FDIC Insured ? NO Bank Guarantee ? MAY Lose Value2021 performance review The equity markets have thus far turned in a solid total return performance (26% as of 11/15/21) in 2021, following up on above-average returns the two prior years (18.4% in 2020 and 31.5% in 2019). The environment has been conducive for risk assets, aided by liquidity from ?scal and monetary authorities, which have boosted consumer and business liquidity. Leadership changed hands within the market several times during 2021 with the only constant being that defensive areas generally lagged. Value stocks sporadically continued the revival that began in the second half of 2020, culminating with Energy and Financials as the two best performing sectors in the S&P 500 in 2021. Breadth also improved to some extent, but fears of additional waves of the pandemic, slowing growth in China, expectations for moderating liquidity, uncertainty in Washington, and supply chain issues impacted performance for portions of cyclicals (Industrials, Materials,