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Weekly Financial Update - August 3, 2019

Christopher LaPorta

August 5, 2019

U.S. stocks fell last week as investors ignored an in-line July jobs report and focused on a further escalation of the U.S.- China trade war as well as the potential for fewer interest rate cuts by the Federal Reserve. The S&P 500 ended the week down 3.1% and the 10-year U.S. Treasury yield fell to 1.84%, its lowest yield since 2016.

President Trump surprised financial markets on Thursday by stating he will impose an additional 10% tariff on $300 billion of Chinese imports on September 1. China warned of retaliation if these additional tariffs take effect. This most recent development in the trade war pushed several major Asian and European nations’ equity benchmarks to steeper weekly declines than their U.S. counterparts.

Learn more about interest rates, monthly non-farm payrolls, and the IHS Markit US Manufacturing PMI in our Weekly Financial Market Update