Unify Financial Advisors Weekly Market Update
The S&P 500 declined by 0.10% last week, snapping its streak of record highs as technology weakness weighed on the market. Treasury yields fell as investors sought safety.
Housing indicators were mixed. New single-family home sales fell 0.6% in July and were 8.2% below last year’s pace. The median sales price declined to $403,800, down 0.8% from last month.
On the inflation front, personal consumption expenditure (PCE) rose 0.5% in July, while prices increased 0.2%. Core PCE was up 0.3% for the month and 2.9% over the past year. Second-quarter GDP was revised to 3.3% growth, reflecting stronger consumer spending and lower imports.
Weekly Outlook
This shortened week, investors will focus on the August jobs report, due Friday, following last month’s downward revisions that signaled softer labor market conditions. Additional data releases include manufacturing and services PMIs, JOLTS job openings, and international trade figures.
For a more detailed analysis of last week’s markets and economic trends, check out the latest issue of Market Week.
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Regards,
David Bennett