Week of July 8: Market Snapshot
Despite a short week and economic data showing signs of a slowing economy, large cap equities delivered impressive performance, primarily fueled by the tech sector.
Both the S&P 500 and Nasdaq closed the week at record highs as did the tech giants AAPL, AMZN, GOOGL, META, and MSFT.
While monthly job growth came in above estimates, the prior two months were revised down. The unemployment rate ticked up to 4.1%, its highest level since November 2021, with reported job openings exceeding expectations.
Given signs of a softening economy, expectations for an upcoming Fed rate cut in September increased.