Week of July 5, 2022
Last Thursday, the U.S. equity markets finished one of one of the worst first half years in decades while the major averages posted their fourth losing week in the last five. Although the markets posted strong gains last Friday, it was another losing week on Wall Street. The Dow dipped 1.3%, while the S&P 500 dropped 2.2% and the NASDAQ fell 4.1%.
Investors this week will be closely watching the release of the June jobs report due on Friday, which may provide some insight into the trajectory of the U.S. economy. So far this year, the job market has shown little signs of faltering, offering one encouraging sign for the economy. Other data, however, have pointed to an economic slowdown in recent weeks.
Market strategists will also be monitoring developments surrounding the Biden administration’s plans for removing Chinese tariffs and what impact, if any, it could have on the economy and inflation. Last week, Chinese Vice Premier Lui He spoke with U.S. Treasury Secretary Janet Yellen via videoconference about topics including removing tariffs on Chinese goods, which was the first time the two policy makers have spoken since October 2021.
In premarket trading this morning in New York, energy stocks climbed. Occidental Petroleum rose 1.5%, Exxon Mobile gained 1.3% and Marathon oil added 1.1$