A look back
- Equities had another strong week as the S&P 500 gained 1.5% and notched its fourteenth all-time high of the year on Friday. International developed markets outpaced the U.S., led by Japan.
- The yield curve flattened as shorter-term rates ticked higher and longer-dated yields declined. The 10-year U.S. Treasury yield moved back below 4.4% and the 30-year yield fell below 5%.
- Earnings season was in focus last week, with solid results so far. Roughly one-third of S&P 500 companies have reported second-quarter results, with 80% having beat earnings-per-share (EPS) estimates—above historical averages.
A look ahead
- This week is shaping up to be one of the busiest of the year, highlighted by the July jobs report set to be released on Friday. Earlier in the week, the Federal Reserve is expected to hold interest rates steady at its policy meeting, while investors will keep a close eye on any developments on the trade front with the August 1 deadline looming.
- Earnings season will also remain in focus with 163 companies in the S&P 500 set to report second quarter results.
- Economic releases: JOLTS, GDP, ADP, Core PCE, Nonfarm Payrolls, Unemployment Rate.
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