The Week that Was.
Robert R. Fragnito
Chief Operating Officer | Financial Advisor | Portfolio Manager at MCF Capital Management, LLC
U.S. stocks traded mixed on Friday morning as a strong week comes to an end.
?? ?? MARKET OVERVIEW
Welcome to an early edition of Daily Market Commentary! We look forward to publishing again on Monday at our regular time, after the closing bell.
Stocks struggled for direction on Friday morning after a long string of positive news on the U.S. economy put stocks on the path to recovery, likely marking their best week of the year.
This week, investors received cooling inflation data, better-than-expected retail sales, and data confirming a resilient labor market. Meanwhile, two Fed officials signaled a likely cut in September.
In economic data on Friday, the University of Michigan's August preliminary consumer sentiment survey rose to 67.8, which was higher than forecasted and above its last print. Meanwhile, new home construction fell 6.8% in July at 1.24 million units annualized, marking its lowest since May 2020.
Trading across asset classes was also mixed on Friday morning. U.S. Treasury yields retreated slightly following the consumer sentiment report, and oil futures were lower on China demand fears. Gold futures advanced to a record high as the U.S. dollar weakened on rate-cut hopes.
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Looking Ahead
It was a good week for stocks! Recession fears receded significantly as economic data showed that the U.S. economy is still strong. Moreover, the global economic data also showed that growth is resilient.
We expect monetary policy to be in focus again as investors will pay close attention to Federal Reserve Chairman Jerome Powell at the Jackson Hole retreat on Friday next week. Furthermore, Fed officials will likely deliver a 25 basis point rate cut at September's policy meeting.
While markets remain volatile, we maintain an increasingly positive long-term view of financial markets.
OUR FIRM
MCF Capital Management, LLC is an independent, family-run, financial advisory firm that manages investment portfolios for individuals and businesses through Quantitative Market Data Analysis.
THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INVESTMENT ADVICE.?
???SOURCES:?LSEG Workspace, Dow Jones NewsPlus, MarketWatch, Wall Street Journal, Barron’s, FinancialJuice, Investing .com, CNBC, Reuters, Wells Fargo Investment Institute, TradingView, Zacks