A look back
- Rising Treasury yields and pullbacks in the technology sector led to losses in U.S. equities. The S&P 500 finished down 1.4%, its first weekly loss in nearly a month. The S&P Mid Cap 400 and S&P Small Cap 600 finished down 2.4% and 2.1%, respectively. International developed markets fell 0.5% while emerging markets gained 1.2%.
- The U.S. Treasury announced they will temporarily increase the buyback size of long-dated securities from September through November. Yields initially fell but rose shortly thereafter with the 10-year and 30-year finishing the week at 4.73% and 5.27%, respectively. U.S. crude oil rose roughly 2% to $87.
- S&P Global’s U.S. Manufacturing Index continued to expand while their Services index matched its highest level since March 2022.
A look ahead
- Nvidia reports earnings after the close on Wednesday, with markets bracing for a blockbuster release that could shape sentiment across markets.
- Attention will shift to the annual Jackson Hole Economic Symposium, where investors will closely monitor commentary from policymakers. Particular focus will be placed on Kevin Warsh’s speech at 10:00 a.m. EST on Friday for clues regarding the future path of Federal Reserve policy.
- Economic releases: New Home Sales, Personal Consumption Expenditures, Q2 Gross Domestic Product, Personal Spending, Consumer Sentiment.
Our full report is reserved for clients only. Let’s work together.
A caring advisor can help you uncover opportunities and take on challenges—and provide greater confidence, clarity, simplicity, and direction.