The S&P 500 index fell 1% last week — despite an upbeat start to the Q2 reporting season — as worries about inflation and potential changes in monetary policy weighed on the sentiment of consumers and investors. Last week, which marked the unofficial kickoff of U.S. companies’ second quarter reporting season, featured better than expected reports from companies including Goldman Sachs and J.P. Morgan Chase. However, worries continue about inflation and how the Federal Reserve’s Policy Setting Committee Members respond.
Data released on Friday showed inflation concerns contributed to a decline in consumer sentiment in early July. Concerns about COVID-19 cases again being on the rise also kept the lid on the stock market’s upward attempt last week.
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