Market Pulse

Market Pulse

August 4, 2025

Market views heading into the week highlight what we're watching and important news ahead.

A look back

  • Major global equity markets experienced sharp declines last week. The S&P 500 fell by 2.3%, outperforming both mid and small caps in the U.S., while international developed markets fell by 3.1%.
  • U.S. Treasury yields also declined sharply following a weaker-than-expected jobs report on Friday. The yield curve steepened as the 2-year yield fell to 3.68% and the 10-year dropped to 4.21%.
  • During the busiest week of Q2 earnings season, the Federal Reserve held its policy rate steady for a fifth consecutive meeting. After contracting during the first quarter, GDP growth turned positive in Q2, supported by a decline in imports.

A look ahead

  • Earnings season continues this week, with more than 120 S&P 500 companies scheduled to report second-quarter results. By the end of the week, over 90% of companies will have reported.
  • With few major U.S. economic data releases on the calendar, investor attention is expected to be on earnings reports and developments out of the White House. Now past the August 1 tariff deadline, the administration may shift its attention more directly to addressing foreign conflicts.
  • Economic releases: U.S. Trade Balance, S&P & ISM Services PMIs, Wholesale Inventories.

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