Price Return Last Week
S&P 500 (0.8%) S&P Mid Cap +2.0% Russell 2000 +3.5%
MSCI EAFE (1.0%) MSCI EM (1.6%)
10 Yr US Treasury Rate – fell from 4.24% to 4.20%
Source: Refinitiv Eikon
Recent News
Core PCE – June: 0.2% (Reuters Poll est. 0.1%) May: 0.1%
Key contributors to the increase were housing and services, which increased 0.2% over the previous month. However, it was the smallest increase for housing since March 2023. Home furnishings, clothing, goods, and motor vehicles all saw declines in prices compared to May. It was the third consecutive month that saw declines in furnishings and the second consecutive month where clothing prices fell.
Source: Thomson Reuters
Q2 GDP – Q2: 2.8% (Reuters Poll est. 2.0%) Q1: 1.4%
Household spending increased in the second quarter to an annual rate of 2.3%, up from 1.5% in the first quarter. This more than offset a large drop in housing investment. Spending on services continues to grow at a faster rate than goods, increasing at a 3.5% annual rate versus goods growth at just 0.9%.
Source: The Wall Street Journal, Bureau of Economic Analysis
S&P 500 and NASDAQ Fall – Following underwhelming earnings reports from two large technology companies on Wednesday, there was a sharp sell-off in stocks. The S&P 500 declined 2.3% and the Nasdaq Composite was down 3.6%. The worst declines for each since 2022.
Source: MarketWatch
Paris Olympics – Paris plays host to the Olympic games for the first time in 100 years. When last hosting Olympians in 1924, there were only 44 countries participating, a sharp contrast to the 206 countries and territories participating this year. Recent additions in 1924 included Poland, Ireland, and the Philippines. In total, there were 126 gold medals awarded with the U.S. winning 45.
Source: International Olympic Committee
Upcoming Events
7/30 – Consumer Confidence, Job Openings, Notable Earnings Reports: Illinois Tool Works, Archer-Daniels Midland, Ecolab, Merck, Pfizer, Procter & Gamble, Phillips 66, Advanced Micro Devices, First Solar, Microsoft, Stryker, Match Group, Starbucks
7/31 – ADP Jobs Report, Fed Meeting, Notable Earnings Reports: Dupont de Nemours, Paypal, Altria, ADP, Boeing, Mastercard, Marriott, T-Mobile, Kraft Heinz, Bunge, Aflac, AIG, Albemarle, Allstate, Cognizant, eBay, MetLife, Qualcomm, Meta, Vici Properties
8/1 – ISM Manufacturing PMI, Notable Earnings Reports: Monster Beverage, Southern Co, Air Products & Chemicals, ICE, Biogen, ConocoPhillips, Exelon, Aptiv, Moderna, Apple, Amazon, Intel, Booking Holdings, Prudential, Ventas, Vertex Pharmaceuticals, Clorox
8/2 – Jobs Report, Notable Earnings Reports: Linde, Chevron, Exxon Mobil
Source: Refinitiv Eikon
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