John Hancock: Weekly Market Recap Week Ended August 3rd
Fed stays the course
The U.S. Federal Reserve wrapped up its two-day policy meeting on Wednesday, issuing a statement that suggested a September rate hike was likely given the strong labor market and continued economic expansion.
Stocks inch higher
Major market indexes closed the week slightly higher, and the S&P 500 posted its fifth consectuive weekly gain. Investors tried to digest the latest round of tariff proposals from the United States and China, as well as a July jobs report that missed expectations.
The buck doesn’t stop
The U.S. dollar continued to strengthen versus major currencies this week. The Turkish lira, meanwhile, sold off dramatically, reaching an all-time low as the country’s fiscal woes continued.
Big Apple
After a strong quarterly earnings report, Apple became the first U.S. company to see its market cap break the $1 trillion mark. The company reported solid demand for its iPhone product line while app sales reached an all-time high.
Hiring cools in July
The U.S. economy added 157,000 jobs in July, somewhat below expectations of 190,000. The unemployment rate ticked lower to just 3.9% while wages grew at a steady rate of 2.7%.
Source: jhinvestments.com, John Hancock Investments