Wall Street wrapped up last week as its worst week since April for the overall stock market - the S&P 500 dropped 2% and the Nasdaq slipped more than 3%. On the other hand, the Dow Jones was around 0.6% higher and the smaller companies of the Russell 2000 index climbed almost 2%. With the expectation of the Federal Reserve beginning to cut interest rates in September, the stock market is experiencing a rotation, where investors are taking money out of big technology stocks, which have performed so well this year, and moving that money into other areas of the stock market, such as small companies and industrial companies that stand to benefit from lower interest rates.
Economic reports from last week came back mixed:
•Manufacturing (New York) - lower than expectation
•Manufacturing (Philadelphia) - higher than expectation
•Homebuilder Sentiment - lower than expectation
•New Residential Construction - higher than expectation
•Retail Sales - higher than expectation
•Jobless Claims - higher than expectation
This week, investors will look for guidance from economic reports like Manufacturing, Housing, Personal Income, Consumer Sentiment and Jobless Claims.
Комментарии