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The market began last week on an apprehensive note, due in part to hesitation ahead of the Wednesday’s release of June CPI (which showed a 1.3% month-over-month increase that lifted the yr/yr growth rate to 9.1%, a level not seen since late 1981). In addition, concerns about global growth continued weighing on sentiment. The week ended with a rebound that lifted the S&P 500 off its lowest level in nearly four weeks. Still, the benchmark index surrendered -0.9% for the week while the Nasdaq (-1.6%) underperformed and the Dow (-0.2%) finished with a slimmer loss for the week. Corporate earnings step to the center stage this week. Last week’s bank earnings saw mixed results, and the CPI report overshoot and subsequent Federal Reserve back and forth over the size of the next interest rate hike swamped any individual company news. With less economic data in the U.S. that will directly affect Fed policymaking, and
...The market began last week on an apprehensive note, due in part to hesitation ahead of the Wednesday’s release of June CPI (which showed a 1.3% month-over-month increase that lifted the yr/yr growth rate to 9.1%, a level not seen since late 1981). In addition, concerns about global growth continued weighing on sentiment. The week ended with a rebound that lifted the S&P 500 off its lowest level in nearly four weeks. Still, the benchmark index surrendered -0.9% for the week while the Nasdaq (-1.6%) underperformed and the Dow (-0.2%) finished with a slimmer loss for the week. Corporate earnings step to the center stage this week. Last week’s bank earnings saw mixed results, and the CPI report overshoot and subsequent Federal Reserve back and forth over the size of the next interest rate hike swamped any individual company news. With less economic data in the U.S. that will directly affect Fed policymaking, and
