Markets ended last week higher as technology and AI stocks continued to attract investors. The S&P 500, Nasdaq, and Dow all finished higher. At the same time, Treasury yields rose, while crude oil prices declined late in the week as hopes for progress toward a U.S.-Iran agreement involving the Strait of Hormuz increased.
Economic reports showed new home sales increased in July, while durable goods orders were little changed. Weekly unemployment claims edged lower, although gasoline prices remained elevated.
Costco, a stock we invest in, also reported strong results last week. Quarterly net sales rose 11.2%, while U.S. comparable sales increased 7.2% after adjusting for gasoline prices and foreign exchange. The results suggest that the strength in August retail sales reflected resilient consumer spending rather than simply higher prices.
Weekly Outlook
This week brings several important economic reports. Investors will watch the final estimate for second-quarter GDP, personal income and spending data, and the PCE price index, a key measure of inflation. The week ends with the September employment report.
Please read the full Market Week report for details on last week’s market and economic activity.
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Regards,
David Bennett, CFA, CFP