U.S. stocks fared positively last week, with the S&P 500 and Nasdaq indices again reaching new highs, which occurred as hopes for interest rate cuts and stronger-than-expected company earnings results kept sentiment bullish.
U.S. stocks lost ground last week, with small caps faring worse than large, as earnings for the second quarter began to command investors’ attention. By sector, only consumer staples and materials gained slightly, while all other segments fell into the negative for the week, led by declines in communications services and energy.
On a shortened trading week, U.S. stocks fared strongly, for the most part due to strong early sentiment on the heels of a partial truce in the U.S.-China trade war. Additional tariffs on hold for now, U.S. tech manufacturers can continue to supply Chinese telecom giant Huawei for now, while the Chinese have committed to purchasing greater amounts of U.S. agricultural products.