The Strength of the Market is: Strong

Stocks lost last week as investors sold technology stocks. The S&P 500 lost roughly 1% and the Nasdaq dropped about 4%. The Dow Jones had a winning week, though, rising 0.6%. Most recent inflation data showed some improvements. Although, Wall Street is expecting the Federal Reserve to increase interest rates, likely in September by 0.25%. Oil prices ended last week much lower, giving consumers hope that the price drop will soon help out at the gas pump soon.

Economic reports from last week came back mixed:

•Manufacturing (Richmond) - lower than expectation

•New Home Sales - lower than expectation

•Personal Income - higher than expectation

•Gross Domestic Product - higher than expectation

•Consumer Sentiment - lower than expectation

•Jobless Claims - lower than expectation

This week, investors will look for guidance from economic reports like Manufacturing, Housing, Job Openings, Employment, Construction Spending, Consumer Confidence, Vehicle Sales and Jobless Claims.