The S&P 500 index rose 2.5% last week, led by strong gains in the consumer discretionary, materials and industrial sectors as many companies reported Q2 results above analysts’ expectations despite inflation and supply chain concerns. The index is now up 4.7% for the month to date but down 17% for the year to date.
By sector, consumer discretionary had the largest percentage increase last week, up 6.8%, followed by gains of 4.1% each in materials and industrials. Technology was also strong, up 3.6%, followed by energy, up 3.5%.
Three sectors fell on the week: Communication services declined 1.2%, utilities shed 0.5% and health care edged down 0.3%.
This week’s list of earnings reporters features heavyweights Microsoft (MSFT), Google parent Alphabet (GOOGL), Visa (V), McDonalds (MCD), United Parcel Service (UPS), Facebook parent Meta Platforms (META), Boeing (BA), Apple (AAPL), Amazon.com (AMZN), Pfizer (PFE) and Exxon Mobil (XOM).
Economic reports will be heavy on housing data earlier in the week, but a Federal Open Market Committee meeting concluding Wednesday will be center stage, followed by June inflation and consumer spending data later in the week.
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