A look back
- Global markets faced volatility as investors digested tech earnings, ceasefire talks, and a Federal Reserve (Fed) rate decision. The S&P 500 rallied to finish the week up 1.1% following a tech-led selloff. Emerging markets were able to pare their losses as well, finishing the week up 2.3%. International developed markets steadily rose 2.0%.
- U.S. crude oil prices fell over the weekend on reports that planned strikes on Iran were called off. Oil price volatility, along with the Fed’s decision to hold rates, contributed to the rise in Treasury yields.
- Core Personal Consumption Expenditures (PCE) rose 0.1% in June and 2Q gross domestic product (GDP) decelerated to 1.5% from 2.1% in 1Q.
A look ahead
- Earnings season continues with around 15% of the S&P 500 constituents set to report, led by the energy, utilities, and health care sectors.
- Friday’s jobs report will headline the key economic releases this week. The unemployment rate is expected to remain steady at 4.2% while the employment report is forecasted at 85k. The ISM Manufacturing Survey is expected to show continued expansion Monday.
- Economic releases: ISM Manufacturing & Services Indexes, Job Openings & Labor Turnover Survey (JOLTS), Initial Jobless Claims, Hourly Wages, Consumer Credit.
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