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Strength of the Market
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The Strength of the Market is: Strong

Stocks rocketed higher last week with help from Iran declaring that the Straight of Hormuz is completely open. Also, the announcement of a 10-day ceasefire between Israel and Lebanon helped out the financial markets. The S&P 500 closed last week above 7,100 for the first time. The Nasdaq has been up for 13 consecutive days, its longest winning streak since 1992. Oil prices plummeted as fears of supply disruption lessened. President Trump stated that the US Navy's blockade of Iranian ports will remain in full force until a peace agreement has been reached. In addition, President Trump continues to state that the Iran war should be ending soon. Hopes of a peace deal have propelled stocks to record highs - last week, the Dow Jones added 3.2%, the S&P 500 rose 4.5% and the Nasdaq advanced 6.8%.

 

Economic reports from last week came back mixed:

•Existing Home Sales - lower than expectation

•Homebuilder Sentiment - lower than expectation

•Inflation (Producer) - lower than expectation

•Manufacturing (New York) - higher than expectation

•Manufacturing (Philadelphia) - higher than expectation

•Jobless Claims - lower than expectation

 

This week, investors will look for guidance from economic reports like Retail Sales, Housing, Consumer Sentiment and Jobless Claims.

 
 
 

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