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 2.1% this past week.
    • Nasdaq was down 2.6% for the week. 
  • There is a pullback, the question is: will we have a bear market?
  • Small caps are underperforming the broader market. 
  • Concerns around the U.S economy losing some steam. 
• Economic Data:
  • July retail sales came in better than expected. 
  • Unemployment rate remains abnormally low. 
  • GDP is mostly driven by consumption.
  • China had some alarming news that might impact the global economy. 
    • U.S. earnings could be impacted.

When it comes to next week:

• We have flash services PMI data.
• Chairman Powell will give his introductory speech at Jackson Hole.  

Stay tuned for next week. 

– Andres