Unify Financial Advisors Weekly Market Update
Wall Street finished higher last week as solid second-quarter earnings continued, and expectations grew that the Federal Reserve may hold interest rates steady following a cooler CPI report. The S&P 500 reached a record high, with nine of 11 sectors posting gains. Treasury yields eased, while crude oil climbed above $82 per barrel as the U.S. increased pressure on Iran to reopen the Strait of Hormuz.
Economic data helped ease inflation and interest rate concerns. July CPI increased 0.1% and was up 3.4% year over year, while PPI was unchanged from June. Retail sales fell 0.6% in July, and existing home sales declined 1.7%. Meanwhile, weekly unemployment claims rose to 209,000, while the number of people receiving unemployment benefits declined.
Weekly Outlook
This week is light on major economic reports and corporate earnings. Investors will watch July import and export prices for insight into inflation, along with the latest industrial production data. Earnings from major retailers Walmart, Lowe’s, and Target will also provide insight into consumer spending and behavior last quarter.
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