Financial News and Portfolio Management Discussion through July 21st

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

U.S. stocks were relatively flat for the week as solid earnings reports were not enough to drive the market higher.  The S&P 500 gained 0.2% and the Dow edged up 0.1% for the week.  Internationally, Japan rose 0.4% and Europe ticked up 0.2% for the week.  The yield on the 10-year Treasury rose over the week to finish at 2.90%, its highest level in a month.

Retail sales rose 0.5% in June over May and May was revised higher from 0.8% to 1.3%.

Manufacturing output rose 0.8% in June after a decline in May.

In testimony before congress Fed Chief Powell gave a rosy assessment of the economy and said the Fed planned to continue to raise rates gradually.  However, if trade tensions escalated he said it could be a drag on the economy.

Initial jobless claims fell to 207,000 last week, the lowest level since 1969.

Corporations are warning that the stronger dollar will likely have an impact on future earnings.

The EU fined Google $5 billion in an antitrust penalty, saying it abused its dominance with its Android operating system.

S&P 500 firms are on pace to post their second fastest rate of earnings growth since 2010 in the second quarter.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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