Market Drama

Welcome to this week’s Market Drama!

• The Stock Market:
  • The S&P was down 1.7% for the week. 
  • Nasdaq was down even more, 1.4% for the week. 
• Economic Data:
  
  • On the positive side:
    • Housing starts for May came in much better than expected. In fact, groundbreakings on U.S. single-family home-building projects have surged the most in over three decades. 
    • Multi-family construction projects were also a big reason housing starts are still doing well. 
  • On the negative side: 
    • Results for manufacturing were below 50 – contraction of manufacturing activity. Versus services, which has been above 50 (meaning it’s growing). 
  • Fed Chair Powell testified in the House and the Senate.
    • Indicated there is a continued effort to fight inflation and keep interest rates high to bring inflation down. 

What to look out for this week: 

• May Core PCE data – year over year- is expected to be 4.6%.

Stay tuned for next week. Take care.

– Andres