Elon Musk gave SpaceX employees Friday off after a week of successful and historical missions for the company. Unfortunately, most of us don’t work for SpaceX.
This week the S&P 500 closed at 3,351.28, a gain of 2.45%, the NASDAQ finished at 11,010.98, a gain of 2.47%, and the Dow ended at 27,433.48, a gain of 3.80%.
Summary
It was a positive week overall as the S&P and Dow closed positive all five days. The unemployment rate was released and saw a decrease since last month, helping the case for a “V-shaped recovery.” Republicans and Democrats remain divided on the next round of a stimulus bill. And lastly, there wasn’t any catastrophic news regarding trade tensions with China.
Worth Mentioning
- The unemployment rate fell to 10.2% in July, the third straight month it dropped
- Weekly jobless claims totaled 1.186 million, their lowest levels during the pandemic
- The Nasdaq hit an all-time high this week, supported by the ridiculous gains from tech
- A plethora of companies reported earnings this past week, such as Disney, Nikola, Moderna, Square, Uber, and T-Mobile, among others
- The fight between President Trump and TikTok continued as Trump issued executive orders to ban the app
Looking Ahead to Next Week
- Conversation will continue in the nation’s capital regarding a stimulus package and how large it will be
- CPI (Consumer Price Index) data, commonly known as inflation, will be released Wednesday morning
- Notable companies reporting earnings include: Marriot, Royal Caribbean, Cisco Systems, and Lyft
- Retail sales and consumer sentiment data will be released Friday
Change in Each Sector:
| Price, 7/31 | Price, 8/07 | Change | |
| XLC — Communications Service | $58.13 | $59.93 | 3.10% |
| XLY — Consumer Discretionary | $137.00 | $140.38 | 2.47% |
| XLP — Consumer Staples | $62.70 | $63.51 | 1.29% |
| XLE — Energy | $36.03 | $37.18 | 3.19% |
| XLF — Financials | $24.03 | $24.84 | 3.37% |
| XLV — Health Care | $105.53 | $106.41 | 0.83% |
| XLI — Industrials | $71.73 | $75.13 | 4.74% |
| XLK — Information Technology | $110.43 | $113.74 | 3.00% |
| XLB — Materials | $60.36 | $61.71 | 2.24% |
| XLRE — Real Estate | $36.26 | $36.50 | 0.66% |
| XLU — Utilities | $60.83 | $61.49 | 1.08% |
Treasury Yield Rates
The 10-Year ended the week at 0.57%, compared to last week’s end of 0.55%
The 2-Year ended the week at 0.13%, compared to last week’s end of 0.11%
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