Unify Financial Advisors Weekly Market Update
Wall Street rallied last week, with the S&P 500 climbing 3.44% and reaching a record closing high on Friday. Crude oil prices fell over 13% for the week, their biggest drop since March 2023, and gold declined for a second straight week as investors moved away from safe havens. The probability of the Federal Reserve cutting rates by 0.25% in September has increased, partly due to lower economic growth expectations and inflation.
Economic data underscored signs of cooling momentum. First-quarter GDP contracted 0.5%, reversing a 2.4% gain in the prior quarter, largely due to weaker consumer spending and a surge in imports tied to tariff concerns.PCE, the Fed’s preferred inflation gauge, rose an expected 0.1% m/m, and 2.3% y/y.
Looking Ahead
Investors will examine the JOLTS report later this week for more insight into job openings and labor market trends. This Friday, July 4th, we celebrate our freedom and the 249th anniversary of the Declaration of Independence. Enjoy our 4th of July celebrations!
For a more detailed analysis of last week’s markets and economic trends, check out the latest issue of Market Week.
Follow us on Facebook for these weekly updates and articles at Unify Financial Advisors Facebook Page.
Thank you for reading! You are welcome to contact me directly with questions or comments.
Regards,
David Bennett