The S&P 500 and the Nasdaq Composite have fallen for sixth straight days, notching their longest losing streak in more than a year. Geopolitical conflicts and high inflation have been the primary reasons for the downtrend. With inflation being more problematic than expected, the S&P 500 has been down three straight weeks, while the Nasdaq has been down four straight weeks.
Economic reports from last week came back mixed:
•Retail Sales - higher than expectation
•Manufacturing (New York) - lower than expectation
•Manufacturing (Philadelphia) - higher than expectation
•New Residential Construction - lower than expectation
•Existing Home Sales - higher than expectation
•Jobless Claims - lower than expectation
This week, investors will look for guidance from economic reports like National Economic Activity, Housing, Manufacturing, Personal Income, Consumer Sentiment and Jobless Claims.