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

Last week, it looked like investors lost some faith in the Federal Reserve's commitment to slow down inflation, leading to interest rates jumping. The 30-year Treasury bond rate spiked to its highest level since 2007, at around 5.25%. On Wednesday, Federal Reserve Chairman, Kevin Warsh, stated that he was committed to fighting inflation but does not have a magic wand. For the week, the S&P 500 and Dow Jones were higher, both by about 1.0% and the Nasdaq was higher by 1.6%. For July, the S&P 500 was down slightly and the Nasdaq was down 3.2%. The Dow Jones was slightly higher for July, its fourth consecutive positive month.

  

Economic reports from last week came back mixed:

•Single-Family Home Values - higher than expectation

•Consumer Confidence - lower than expectation

•Consumer Sentiment - higher than expectation

•Manufacturing (Richmond) - higher than expectation

•Gross Domestic Product - lower than expectation

•Personal Income - lower than expectation

•Jobless Claims - lower than expectation

 

This week, investors will look for guidance from economic reports like Construction Spending, Job Openings, Employment, Labor Productivity, Consumer Credit and Jobless Claims.

 
 
 

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