Financial News for the Week Ending July 26th
Mixed earnings reports led to US Stocks being flat for the week. The S&P 500 was up 0.02% and the Dow sank 0.8% for the week. Internationally, Japan gained 1.6% and Europe was up 0.7% over the week. The 10 year Treasury bond yield dipped slightly as prices rose ending the week at 2.47%.
Sales of previously owned homes rose 2.6% in June to hit their highest level since October and gained for the third consecutive month.
The US inflation rate rose to 2.1% for the trailing year after an uptick of 0.3% in June, in line with expectations. Most of the increase was driven by gas prices.
New home sales sank sharply over the first half of the year falling 4.9%. June sales dropped 8.1% from May and May’s number was dropped down substantially.
Durable goods orders rose a seasonally adjusted 0.7% in June to continue a steady pace of economic growth seen in the US. The number topped estimates.
Apple, Netflix, Boeing, Gilead, Facebook, and Ford all reported 2Q earnings that were well received, while Coke, Credit Suisse, Microsoft, GM and Amazon posted earnings reports that disappointed.
Reposted from the Raffa Wealth Management Blog.
All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC