Last Week’s Highlights:

After almost seven months since its January 26^th top, the S&P 500 once again hit a new all-time high.  The S&P is now up over 7% for 2018, while the Dow Jones Industrial Average and NASDAQ are up 4.33% and 15.1% YTD, respectively. Stocks posted their largest gains on Friday, following Federal Reserve Chair Powell’s speech in Jackson Hole, where he noted that while the committee’s measure of inflation has moved near its 2% target, an inflation overshoot or an overheating economy does not seem likely. This will likely keep the Federal Reserve on pace to raise short-term interest rates at a measured pace, hopefully helping extend the bull market.

Looking Ahead:

It’s the (unofficial) last week of summer and traditionally a slow one for Wall Street.  After the U.S. Open tennis tournament kicks off on Monday, we’ll see earnings from Tiffany & Company (TIF) and Best Buy (BBY) on Tuesday.  Wednesday will bring the GDP revision data, pending home sales, and earnings reports from Salesforce (CRM) and Dick’s Sporting Goods (DKS).  On Thursday, we’ll get economic readings on personal income, consumer spending and core inflation.  Warren Buffett will celebrate his 88^th birthday that day, and we’ll get financial results from Dollar Tree (DLTR), Campbell Soup (CPB) and Abercrombie & Fitch (ANF).  Friday will round out the week with the consumer sentiment index.

All of us at Tufton Capital wish you an enjoyable and safe Labor Day weekend!