Market Drama

Welcome to this week’s Market Drama!

• The Stock Market:
  • The S&P 500 was down and so was Nasdaq.
    •  S&P 500 was down 0.3% for the week.
    • Nasdaq was down 1.9% for the week. 
    • Drops were led by the magnificent 7 (mega large-cap stocks).
  • Earnings:
    • Second quarter S&P 500 earnings are likely to hit around negative 5% year-over-year, for the third straight quarter of negative earnings growth. 
• Economic Data:
  • Macro is doing much better than people expected.
    • GPD and consumers have held up.
  • July CPI came in line with expectations.
    • Headline CPI came in at 3.2, expectations were 3.3.
  •  Core inflation came in at 4.7.
  • PPI rose 0.3% in July – above expectations.

Stay tuned for next week. 

– Andres