The Weekly View (7/3/17)
What’s On Our Minds:
Tufton Capital Management would like to wish all of our clients and associates a Happy Independence Day!
Last Week’s Highlights:
The first half of 2017 is officially in the books. Tech stocks were Wall Street’s darlings in the first half of the year but have struggled recently. Bank stocks came back into vogue in June.
Stocks were mixed last week. The S&P was down slightly, the Dow was flat, but the NASDAQ was down 2% due to volatility in the tech sector. Financial stocks had a good week after it was reported that all 34 U.S. banks passed the Federal Reserve’s annual stress test.
It’s a short week of trading but investors will have plenty of fresh economic data to review. The market will close at 1 PM on Monday and will be closed on Tuesday as Americans celebrate the Fourth of July. The PMI and ISM manufacturing indices and construction spending from June will be reported on Monday. On Wednesday, the Fed will release minutes from its last meeting. On Friday we will cap off the week with the highly anticipated June jobs report.