Markets
Expectation-beating Q2 results from several companies, trade updates, and investor optimism for more trade agreements pushed market averages to solid gains.
The Standard & Poor’s 500 Index advanced 1.46 percent, while the Nasdaq Composite Index added 1.02 percent. The Dow Jones Industrial Average rose 1.26 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, gained 2.16 percent.1,2
Earnings, Trade Lift Markets
Stocks showed mixed results the first couple of days last week. Optimism around the Q2 corporate reporting season gave way to mostly positive market reaction as the actual corporate reports started to roll in. The S&P 500 edged ahead to two record closes despite pressure on chipmakers.3
Trade negotiations took center stage midweek after the White House announced an agreement with Japan. Stocks extended the rally after news that the U.S. and European Union were approaching an agreement. The Nasdaq closed above 21,000 for the first time on Wednesday, while the S&P hit its 12th record close this year.4
Stocks continued their climb after one megacap tech firm posted better-than-expected quarterly results. The S&P 500 logged record closing highs every session, while the Nasdaq closed at record highs on 4 of the 5 days.5,6
A Tale of Two Houses, Times Two
When fresh housing data emerged this week, one number stood out: new homes are now nearly 8 percent cheaper than existing homes. The median sales price of a new home in June was $401,800, compared with $435,300 for an existing home—an all-time high. Homebuilders have been reducing prices in an attempt to attract potential buyers.7
But there’s another tale of two houses: national versus regional.
Existing home prices rose 2.7 percent last month over May. In the Northeast, where inventory is still constrained, prices rose 4.2 percent in June. However, the market is softening in many other regions of the country. In the South, for example, prices only rose 0.3 percent. Homes stay on the market for longer, and inventory rises, leading some to conclude that it’s a buyer’s market.
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