A look back
- U.S. equity markets pushed higher, led by gains in the technology sector. The S&P 500 finished up 1.26%. International equities fell by 1.37% and emerging markets fell 1.74% on the week.
- U.S. Treasury yields rose across the curve, with the 2-year yield increasing to 4.20% and the 10-year rising to 4.56%. Crude oil prices also increased, ending the week at $71.41.
- The June Federal Open Markets Committee (FOMC) meeting minutes revealed a divided Federal Reserve (Fed). While policy makers remain confident on the labor market, persistent inflation risks left the committee split on the future path of interest rates.
A look ahead
- Investors will have their eyes on the June Consumer Price Index (CPI) report for signs of energy-driven price stability. The market expects the first negative month-over-month inflation number in more than two years, as oil prices have trended lower over the last few months.
- Q2 earning season is also set to kick off this week, with investors looking for management guidance as the situation in the Middle East remains fluid and global markets navigate ongoing uncertainty.
- Economic releases: CPI, Producer Price Index (PPI), Retail Sales, University of Michigan Consumer Sentiment Survey, Housing Starts.
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