The S&P 500 concludes its most promising week since July with a small gain. Meanwhile, the yield on 10-year Treasuries demonstrated a degree of stabil
Addressing concerns about inflation, the Federal Reserve's chief expressed caution, underscoring that the endeavour to realign inflation with its designated target "still has a considerable distance to traverse." Simultaneously,emphasized a cautious approach by the FOMC regarding future decisions on adjusting the policy rate – a stance that implies a likelihood of maintaining the rate during upcoming meetings.
In the realm of data dependence, the spotlight last week fell on the University of Michigan Consumer Sentiment survey released on Friday. The survey's reading witnessed a decline to 69.5 from the previous month's 71.6. Although the index maintains a substantial margin above its low point of 50 in June 2022, it remains noticeably distant from the pre-pandemic range of 90-100.
Additionally, the retailer faced the need to offer discounts on outdoor products due to waning demand in that sector. Similarly, Macy's shares recorded a 21% decrease last week following their 2Q results. The company indicated that increasing delinquencies tied to their store-issued credit cards exert downward pressure on profits.
Lastly, the week also brought forth the 2Q earnings results from the final mega-cap Tech company – NVDA – and the outcomes were impressive. Over the past year, NVDA shares have surged significantly, marking a notable 152% increase. While raising concerns among skeptics, this surge is likely unjustified and simply under the scrutiny of the usual "boom to bust" crowd.
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