S&P 500 Posts Third Consecutive Weekly Gain Amid Mixed Market Movements The S&P 500 closed lower on Friday, slipping 0.2% to 7,785.76, but maintained its third straight weekly gain, ending the week up 0.4%. The Nasdaq Composite fell 0.3% to 26,729.16, while the Dow Jones Industrial Average dropped 0.2% to 53,732.41. Despite the daily decline, the broader market index marked a record-setting week, with the S&P 500 crossing 7,800 for the first time on Thursday and closing at a new high the prior day. The weekly performance was driven by strong earnings growth, with over 90% of S&P 500 companies reporting second-quarter results. FactSet data showed earnings growth from the year-earlier period was tracking at 50%, and analysts like Jay Hatfield of Infrastructure Capital Advisors suggested the recent gains could continue. Hatfield noted that Friday’s pullback signaled a potential flattening of the market trend for the rest of August and September, citing a "post-earnings flattening out trade." However, investors faced mixed economic signals. Retail sales for July unexpectedly declined, and consumer confidence in August fell, reversing earlier improvements. Bret Kenwell of eToro warned that while a single weak month of spending doesn’t necessarily indicate economic collapse, it complicates the Fed’s rate decisions. He cautioned that economic weakness could lead to a quarter-point rate hike, despite markets largely ignoring such concerns. The Russell 2000 index closed higher for the fourth consecutive session, extending its longest positive streak since June. The small-cap benchmark finished up 0.5% on the day and 1.1% for the week, marking its longest winning streak since June 30.#dow_jones_industrial_average #s_p_500 #nasdaq_composite #russell_2000 #ewz
