- Domestic equity market returns mixed on the week.
- Bond yields inch up
- Strong initial Q2 GDP numbers released
For the second week in a row both the S&P 500 and the Dow Jones Industrial Average turned in positive results while the tech heavy NADAQ declined. The Dow was up over 1.5% for the week; the S&P 500 over .5%, and the NASDAQ declined just over 1%. The easing of trade tensions may have helped money flow into some of the more cyclical sectors like Industrials and Materials.Facebook’s earnings results – slowing subscriber growth and less optimistic guidance – renewed concerns over the dominance of a handful of technology stocks driving market performance. Financial issues have also posted a strong month which has hurt the NASDAQ’s performance on a relative basis (compared to the S&P 500 and Dow) as of late. That said, the Technology and Consumer Discretionary (heavily influenced by Amazon) sectors have dominated performance for both the last 3 months and year-to-date. Read More