Markets
Stocks rebounded last week as investor optimism for a September rate adjustment and strong Q2 corporate results overcame the rollout of fresh tariffs.
The Standard & Poor’s 500 Index rose 2.43 percent, while the Nasdaq Composite Index gained 3.87 percent. The Dow Jones Industrial Average added 1.35 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 2.77 percent.1,2
The Energizer bunny market, still going
Stocks pushed higher to start the week, with major averages gaining between 1.3 percent and 2 percent—their best day since May. Investors seemed more optimistic for a rate move after the weaker-than-expected July jobs report.3,4
Stocks rose again midweek after the White House confirmed a mega-cap tech company would invest $500 billion more in domestic manufacturing. News of additional tariffs on India was greeted with a muted reaction from investors.5
The updated tariffs previously announced by the White House went into effect on Thursday. Markets initially rose in early trading but then came under pressure as the day continued.6
But the S&P and Dow rose again on Friday, ending the week with solid gains. The tech-heavy Nasdaq ended the week with a record close.7
Its all about Earnings (and always will be)
Services comprise 70 percent of the economy, so Wall Street closely monitors the Institute for Supply Management’s Services Index.
So, news on Tuesday that growth in services came below economists’ expectations was a bit of a concern. However, investors seemed to quickly look past the number and focus more on the 122 S&P 500 companies that reported earnings last week.8,9
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