Stocks started in rally mode last week, with the S&P 500 and Dow setting record highs. However, the S&P 500 and tech stocks retreated on concerns about future tariffs and export restrictions to China. Money rotated out of the Magnificent 7 into small-cap and defensive stocks.
CrowdStrike, a large cybersecurity company, applied a software update Friday morning while most of us slept. The update caused outages for Microsoft Windows users, wreaking havoc on large airlines, financial institutions, and healthcare services.
There’s plenty of market-moving economic data out this week. June reports on sales of both new and existing homes are available. May saw sales of new homes rise while existing home sales declined. The initial report for the second-quarter gross domestic product follows a 1.4% advance in the first quarter. The report on personal income and expenditures is also available this week. The personal consumption expenditures price index, a measure of inflation preferred by the Federal Reserve, was flat in May.
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Here’s to a great week ahead!
Thank you,
David Bennett