Market Week: August 2, 2021

The Markets (as of market close July 30, 2021)

Equities retreated last week despite strong corporate earnings data. European and Asian stocks slid
following China’s regulatory crackdown aimed at large tech companies. Although corporate earnings
generally have been solid, last Friday’s lower-than-expected earnings results from some heavily weighted
megacaps may have caused some uncertainty about the pace of economic growth. By the close of last
week, tech shares fell, pulling the Nasdaq down 1.1%, with the large caps of the Dow and the S&P 500
each declining 0.4%. The small caps of the Russell 2000 climbed 0.8%, while the Global Dow rose 0.4%.
Crude oil prices climbed 2.4% to $73.81 per barrel. Gold prices rose nearly 1.0%, while the dollar dipped
0.8%. The yield on 10-year Treasuries decreased 5 basis points. Materials (2.8%) and energy (1.6%) led
the market sectors.

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