Unify Financial Advisors Weekly Market Update
The S&P 500 posted a modest weekly gain of 0.27% due to Friday’s rally following Jerome Powell’s symposium speech. Leading up to his speech, stocks were negative for the week. Treasury yields fell and stocks rallied as the Federal Reserve Chair hinted at a potential interest rate cut in September and commented that current restrictive rates “may warrant an adjustment in our policy stance.”
Housing data showed mixed results: residential building permits fell, but housing starts and completions improved compared to June. Sales of existing homes rose 2.0% in July, with the median price slightly higher than last year.
Weekly Outlook
This week brings two major market-moving events: the second estimate of Q2 GDP and the July report on personal income and expenditure (PCE), the Fed’s preferred inflation gauge. Read the full Market Week report for details on last week’s market and economic trends.
For a more detailed analysis of last week’s markets and economic trends, check out the latest issue of Market Week.
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Regards,
David Bennett