Unify Financial Advisors Weekly Market Update
Wall Street pulled back last week, ending a multi-week winning streak as elevated Treasury yields, higher crude oil prices, mixed corporate earnings, and weakness in several technology and mega-cap stocks weighed on markets. The Nasdaq fell 2.05%, the S&P 500 declined 1.43%, and the Dow lost 0.85%. Walmart reported its smallest quarterly sales increase since 2020 as some Americans continue to spend cautiously.
Economic data was mixed. Residential building permits rose in July, while housing starts and completions declined. Import and export prices both fell during the month, while industrial and manufacturing production increased 0.2%. Initial unemployment claims also declined to 206,000 for the week ended August 15.
Weekly Outlook
Looking ahead, investors will focus on the latest GDP report and the personal consumption expenditures price index, an important measure of inflation. Friday, Keven Warsh will deliver his first Jackson Hole speech as Fed Chair. NVIDIA, the leader in AI chips, releases earnings this Wednesday after market close.
Please read the full Market Week report for additional details on last week’s market and economic activity.
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