Price Return Last Week
S&P 500 +0.2% S&P Mid Cap (0.2%) Russell 2000 (0.1%)
MSCI EAFE +0.6% MSCI EM (0.1%)
10 Yr US Treasury Rate – rose from 3.81% to 3.91%
Source: Refinitiv Eikon
Recent News
Core PCE – July: 0.2% (Reuters Poll est. 0.2%) June: 0.2%
Core PCE remained stagnant in July, advancing 0.2% month-over-month, the same rate as the previous month. On a year-over-year basis, the advance stayed the same at 2.6%. Prices for goods and services have experienced divergent trends with goods prices down 0.1% over the last year while prices for services increased 3.7%.
Source: Refinitiv Eikon, Bureau of Economic Analysis, U.S. Department of Commerce
Eurozone Inflation – Overall inflation fell to 2.2% in the eurozone region this month. This represents the lowest annual increase in three years and a drop from the previous month’s report at 2.6%. However, core inflation in the region is still higher than the U.S. coming in at 2.8% year-over-year. The difference between overall inflation and core inflation can largely be explained by energy costs, which are excluded from the core value and increased only 1.2% year-over-year in Europe.
Source: Thomson Reuters, Eurostat
GDP – Q2: 3.0% (Reuters Poll est. 2.8%) Q1: 1.3%
The second estimate for GDP growth in the second quarter was revised higher than expectations. The upward revision reflects higher than estimated consumer spending in the quarter.
Source: Refinitiv Eikon, Bureau of Economic Analysis
Hibernation Ends – The Chicago Bears begin their season on Sunday against the Tennessee Titans. Despite missing the playoffs in 2023, hope abounds in Chicago as they begin the season with a new quarterback. For just the third time in franchise history, the Bears owned the overall # 1 selection in the NFL Draft and used the pick to select quarterback Caleb Williams from USC. Oddsmakers give the Bears a 55% chance of making the playoffs this season.
Source: Pro Football Reference, Sports Illustrated
Upcoming Events
9/3 – ISM Manufacturing PMI, Notable Earnings Report: Zscaler
9/4 – JOLTS Job Openings, Notable Earnings Report: Copart
9/5 – ADP Employment, ISM Non-Manufacturing PMI, Notable Earnings Report: Broadcom
9/6 – Jobs Report
Source: Refinitiv Eikon
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