A look back
- Stocks enjoyed a strong week with the S&P 500 gaining 2.4% and international stocks up 2.9%. The rally was led by the technology sector, which is now the top performing sector year to date.
- Interest rates rose across most of the yield curve with the 10-year U.S. Treasury yield closing Friday at 4.28% after dipping below 4.20% earlier in the week. The more policy-sensitive 3-month yield dropped to 4.24%.
- Tariffs went into effect on numerous U.S. trading partners. A 100% tariff on semiconductors was also announced, though there is an exemption for companies committed to U.S. manufacturing.
A look ahead
- An important week for economic data is on tap, highlighted by the Consumer Price Index (CPI), which will provide key inflation data. The odds of a 0.25% rate cut in September have increased to 87% following the most recent jobs report.
- With earnings season winding down, investors will focus on geopolitical and trade developments as the deadline to extend the tariff pause on Chinese goods looms on August 12.
- Economic releases: CPI, PPI, Retail Sales, Business Inventories, U. of Michigan Consumer Sentiment, Industrial production.
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