Last week, Wall Street's multi-week winning streak came to an end as the recent stock market rally appeared to run out of steam on renewed recession fears - the S&P 500 and the Nasdaq each lost 1.4%, their worst weekly performance since March, and the Dow Jones was down 1.7%.
Economic reports from last week came back mostly positive: •Homebuilder Sentiment - higher than expectation •New Residential Construction - higher than expectation •Existing Home Sales - higher than expectation •National Economic Activity - lower than expectation •Jobless Claims - higher than expectation This week, investors will look for guidance from economic reports like Manufacturing, Housing, Consumer Sentiment & Confidence, Personal Income and Jobless Claims.