The tech earnings season started with disappointments for investors as shares of the Magnificent Seven companies all declined during the trading week.
The tech-heavy Nasdaq 100 index notched the second-straight week in the red for the first time since April.
Small-cap stocks outperformed once again this week, with the Russell 2000 Index marking its third straight week of gains, supported by high expectations for upcoming interest rate cuts.
On the macroeconomic front, the U.S. economy grew at an annualized pace of 2.8% in the second quarter, accelerating from the first quarter and topping expectations of 2% growth.
Chart Of The Week: US GDP Growth Doubled From Q1 To Q2 2024
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Inflation Gauge Falls: An inflation measure followed by the Federal Reserve fell to 2.5% in June, hitting the lowest levels since February 2021 and cementing market expectations of a rate cut in September.
Yet the Fed is seeking a more “durable downward trend” before deciding to cut rates, according to a Comerica Bank economist.
Alphabet Shares Drop: OpenAI plans to launch SearchGPT, a tool aimed at challenging Google’s search dominance, opening a 10,000-person waiting list to test the new product.
Mortgage Rates Ease: Mortgage rates have declined to the lowest levels since February, with the average 30-year fixed interest rate falling to 6.62%, driven by investor anticipation of future interest rate cuts. Despite this, demand among homebuyers remains weak.
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