Last Week’s Highlights:

U.S large-cap stocks finished lower on the week, their first weekly decline since the end of June.  The DJIA fell 149 points on the week (0.6%), while the S&P 500 declined 0.2% to 2833.28.  The NASDAQ eked out a gain of 0.3%.  Weighing on equities were worries of financial and currency turmoil in Turkey as well as continued tariff talks between the U.S. and China.  Turkey’s lira tumbled 14% on Friday, as a standoff over an imprisoned U.S. pastor led to President Trump doubling tariffs on that nation’s steel and aluminum exports.  From there, the strain in Turkey spread to other markets.

We also saw some active Tweeting last week, but this time it wasn’t just from the Oval Office.  Elon Musk of Tesla Inc. (TSLA) informed his Twitter followers on Tuesday that he’d like to take his electronic car maker private for $420 a share.  Tesla’s board is weighing the deal, and Musk claimed that the necessary funding has been secured, largely from the Saudi Arabian sovereign wealth fund.

Looking Ahead:

Earnings season continues to wind down this week, as we’ll see results from fewer than 3% of companies in the S&P 500 reporting their second-quarter numbers.  Earnings that Tufton’s research team will be especially focused on this week include Home Depot’s (HD) results on Tuesday, Cisco (CSCO) and Macy (M) numbers on Wednesday, and Nordstrom (JWN) and Walmart (WMT) on Thursday.   Important economic reports this week include retail sales (Wednesday), housing starts (Thursday), and the leading economic index to wrap up the week.  And of course we can’t forget the very important “Left Handers Day” celebrated on Monday and “Men’s Grooming Day” on Friday!