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Last week, the Major Markets saw gains follow the largest sell-off for the S&P 500 in over a year.

The markets had a rough week with four out of five indices closing lower, particularly the Nasdaq, which was hit by concerns of a potential AI bubble burst.

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%.

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”.