Weekly Financial Market Update - July 19, 2019
July 19, 2019
The S&P 500 moved lower last week despite a decent start to the second quarter earnings reporting season. Stocks fell from record levels early in the week after President Trump said there is a “long way to go” in trade negotiations with China, and the U.S. could impose additional tariffs on China if it needed to do so. Energy stocks were the biggest detractors with the sector losing close to 2.5% amid the 6.7% weekly decline in oil prices.
A number of factors contributed to ongoing concerns about the oil market’s oversupply including signs of easing tensions with Iran and a reduced 2019 oil demand forecast from the International Energy Agency. Stocks received some relief last Thursday as comments from a few Federal Reserve officials fueled expectations for a steeper path of interest rate cuts in the coming months.
Learn more in our Weekly Financial Market Update.