Decades ago, who would’ve thought that the first American company to reach two trillion in market cap would be named after a fruit.
This week the S&P 500 closed at 3,397.16, a gain of 0.72%, the NASDAQ finished at 11,311.80, a gain of 2.65%, and the Dow ended at 27,930.33, for no notable gain or loss.
Summary
Seems to be the same story for the past few months; Apple and the general market just keep going up. As Apple became the first U.S. company to reach two trillion in market cap, the S&P reached record highs, surpassing the previous highs from February. Also of news this week, several large retail stores reported earnings and beat lowered expectations.
Worth Mentioning
- Weekly jobless claims totaled 1.1 million, a week after being below 1 million for the first time in months
- Housing-related economic data was released this week. Existing home sales, average selling price, and housing starts all increased more than expected
- Home Depot beat earnings estimates and saw comparable-store sales increase by 23.4%
- Walmart also beat estimates and reported e-commerce sales in the U.S. grew by 97%
- Target reported a day after Home Depot and Walmart, but also beat earnings expectations
- The Federal Reserve released minutes from their July meeting, citing possible future economic risks from the pandemic
- Large protests broke out in Belarus over their recent election
- The Democratic National Convention was held this past week with several notable speakers
Looking Ahead to Next Week
- The Federal Reserve has its annual Jackson Hole symposium
- Companies of note reporting earnings include: Best Buy, Medtronic, TD Bank, Burlington Stores, Dollar Tree and Dollar General
- Economic data being reported this week focuses on consumers as data is reported for personal income and spending, consumer confidence and consumer sentiment
Weekly Change In Each Sector:
| Price, 08/14 | Price, 08/21 | Change | |
| XLC — Communications Service | $59.83 | $60.75 | 1.54% |
| XLY — Consumer Discretionary | $143.59 | $146.18 | 1.80% |
| XLP — Consumer Staples | $64.16 | $64.30 | 0.22% |
| XLE — Energy | $38.19 | $36.03 | -5.66% |
| XLF — Financials | $25.18 | $24.31 | -3.46% |
| XLV — Health Care | $106.80 | $106.82 | 0.02% |
| XLI — Industrials | $77.53 | $76.45 | -1.39% |
| XLK — Information Technology | $113.88 | $117.94 | 3.57% |
| XLB — Materials | $62.63 | $61.89 | -1.18% |
| XLRE — Real Estate | $35.86 | $35.90 | 0.11% |
| XLU — Utilities | $60.38 | $59.42 | -1.59% |
Treasury Yield Rates
The 10-Year ended the week at 0.64%, compared to last week’s end of 0.71%
The 2-Year ended the week at 0.16%, compared to last week’s end of 0.14%
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