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Last week saw all five major indices gain with new highs. However, mid to small-cap segments posted losses, showing an uneven performance.

Last week saw the release of Q3 GDP which came in hotter than expected at 4.9%, compared to estimates of 4.7% and the prior quarter’s Q2 result of 2.1%.

Economic news was mixed last week. Existing homes sales came back slightly below estimates, while new home sales slightly exceeded them. The housing market continues to be impacted by a reduced inventory of homes as well as higher interest rates.
As of Thursday, Freddie Mac reported that the 30-Year Fixed Rate Mortgage Average in the United States hit a 22-year high at 7.23 percent. The last time that the 30-year fixed rate was this high was in June of 2001.

The dog days of summer saw the equity markets melt under the heat as all five indices closed lower. This marked the third week of declines for the S&P 500. While the S&P 500 has managed to reach a new high-water mark for the year in August, only 3 of the 14 trading days this month have ended positive.

During the week ending July 14, the Major Markets continued the climb higher, as all five indices ended in positive territory. Moreover, both the Nasdaq and the S&P 500 managed to see fresh 52-week highs.

Headline from NPR: “JPMorgan Chase buys troubled First Republic Bank after U.S. government takeover”.

Market Commentary by Larson COO Mitchell Wood The Major Markets ended mostly lower last week with the Dow Jones being the lone holdout in positive territory. The Dow Jones benefited from its narrow exposure to Blue Chip Stocks that outperformed the broader Large Cap style box. Across the style boxes, only Large Cap Growth managed … Continued