A look back
- U.S. stocks ended the week modestly lower but closed out August in positive territory. The S&P 500 slipped 0.1% last week but gained 2.0% for the month. Mid- and small-cap stocks outperformed in August, rising 3.4% and 7.1%, respectively.
- U.S. Treasury yields ended the week lower, even as inflation continues to be elevated. The curve steepened as the 2-year yield fell to 3.61% and the 10-year dipped to 4.22%.
- Revised second quarter gross domestic product (GDP) data showed the U.S. economy grew slightly faster than initially reported. Annualized growth was revised up to 3.3% from 3.0%.
A look ahead
- Early in the week, investors will look to the Federal Reserve’s (Fed) Beige Book for anecdotal insights into economic and financial conditions across Fed districts. Manufacturing data releases will also be in focus amid ongoing tariff turmoil.
- Later in the week, attention turns to labor market data. Wednesday’s JOLTS report will detail July hiring and firing trends, while Friday’s August payrolls report is expected to show a slight uptick in the unemployment rate.
- Economic releases: ISM Manufacturing & Services, JOLTS Job Openings, Nonfarm Payrolls
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