Your Capital Markets Snapshot: US Equity Markets Posted Solid Gains for the Week

Courtesy of Allen Davis, CFP®

US equity markets posted solid gains for the week, with broad-based strength across most sectors. Investors balanced resilient economic data against ongoing concerns about elevated valuations in the technology sector. The S&P 500 rose 1.8% over the week, recovering from the prior week's AI-driven selloff as buyers returned to large-cap technology names early in the period. Though a late-week pullback in chipmakers tempered the index's advance. Treasury yields largely moved higher across the curve during the week, reflecting market participants' concerns that persistent inflation pressures could prompt the Federal Reserve to consider raising interest rates. The June Nonfarm Payrolls report, released July 2, showed only 57,000 jobs added, well below the consensus estimate of 112,500. The Conference Board Consumer Confidence Index for June came in at 91.2, below the consensus estimate of 94.4, reflecting continued consumer caution amid elevated prices and economic uncertainty. Last week offered a mixed but ultimately positive picture for investors, with broad market gains tempered by volatility in technology stocks and a labor market that may be showing signs of cooling.