A look back
- Though the trading week was shortened, volatility lingered across markets. The S&P 500 finished up 1.78% thanks to gains in communication services and financials. International developed markets shot up 2.76% while emerging markets finished the week 1.02% higher.
- U.S. Treasury yields and U.S. crude oil prices stayed roughly flat for the week. The 2-year yield finished at 4.17% as the 10-year ended at 4.48%.
- Thursday’s jobs report came in softer than expected at 57k payrolls added in June, roughly half the consensus of 113k, pumping the brakes on rate hike talks. The unemployment rate ticked down to 4.2%.
A look ahead
- All eyes will be on Wednesday’s release of the minutes from the Federal Reserve’s June meeting, Kevin Warsh’s inaugural as Fed chair. This release will provide investors and economists with more insight into not only the thoughts of the committee on current market conditions, but the structure under Chair Warsh compared to those of the past.
- The ISM Services Purchasing Managers Index and Wholesale Inventories are key economic indicators to be released this week that will shed light on any disruptions from the Iran War.
- Economic releases: ISM Services, Wholesale Inventories, June Fed Meeting Minutes, Initial Jobless Claims, Existing Home Sales.
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.