Market Drama
Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA
Welcome to this week’s Market Drama!
Stock Market Updates:
- S&P 500 was up 0.2% for the week, up 18% for the year.
- S&P 500 was up a bit more than 2% for the month, what drove that?
- Not: Technology stocks, which were flat, and Consumer Discretionary, which was down 2.8%.
- Instead, it was: Consumer staples, real estate, and healthcare, which were above 4% for the month.
- S&P 500 was up a bit more than 2% for the month, what drove that?
- Nasdaq was down 0.9% for the week and, like the S&P 500, up 18% for the year.
- What drove the markets?
- Nvidia:
- Reported earnings in the 2nd half of the week.
- Fell 8.6% for the week due to expectations being higher than expected.
- It now counts for 6% of the S&P 500.
- Nvidia:
Economic Updates:
- On the expectations of rates coming down:
- The lower rate environment helped improve performance for lower multiple and high dividend-yielding stocks.
- PCE Index for inflation: Expectation was met at 2.5% YoY growth for July.
- This was the last indicator for inflation before the Fed cuts interest rates later this September.
Stay tuned for next week.
– Andres
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