Unify Financial Advisors Weekly Market Update
Wall Street ended last week on solid footing, with all major indexes posting notable gains, supported by strong second-quarter earnings and a cooler-than-expected labor report. The S&P 500, Nasdaq, and Dow each advanced, while technology, consumer discretionary, materials, and communication services outperformed. Gold rallied as the dollar weakened and bond yields fell, while crude oil prices declined late in the week amid easing tensions surrounding the Strait of Hormuz.
Economic data pointed to a cooling labor market, with employment declining in July and May’s job gains revised down from 129,000 to 66,000. The unemployment rate edged down to 4.1%. Manufacturing activity continued to expand but slowed, while services activity strengthened to its highest level in nine months. The trade deficit narrowed in June, and weekly unemployment claims remained relatively stable.
Weekly Outlook
Investors will focus on this week’s July inflation reports, including the Consumer Price Index and Producer Price Index, as well as the latest retail sales data.
Please read the full Market Week report for additional details on last week’s market and economic activity.
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Regards,
David Bennett