1. Investors ramp up bets against stock market as summer rally fizzles
The S&P 500 index fell 1.9 percent last week, its biggest weekly decline since October, after the Federal Reserve signaled it would raise interest rates at least twice more this year. The benchmark gauge dropped 2.8 percent in June, the worst monthly performance since November 2016.
2. U.S. equity investors have been net sellers of stocks for five straight weeks, according to data compiled by Bloomberg. That’s the longest streak of outflows since the financial crisis.
3. The number of Americans filing applications for unemployment insurance rose to a seasonally adjusted 456,000 in the week ended July 9, the Labor Department said yesterday. Economists projected a drop to 440,000.
4. A measure of consumer confidence plunged to the lowest level since February 2017, according to the Conference Board. Its preliminary reading on sentiment in August was 54.0, down from 55.2 in July.
5. The dollar slipped 0.4 percent versus a basket of currencies as the greenback declined for a third day, extending losses from earlier this month. The euro climbed 0.4 percent to $1.1360.
6. Oil prices retreated from two-month highs as Saudi Arabia agreed to cut output and Russia said it may reduce exports if the Organization of Petroleum Exporting Countries fails to agree on production cuts. West Texas Intermediate crude oil futures were down 0.3 percent at $58.14 per barrel at 12:10 p.m. London time. Brent crude futures lost 0.3 percent to $64.94 a barrel.
7. Gold prices advanced for a second consecutive session, climbing to their highest since April 2018, on speculation the Fed could hike interest rates faster than expected. Spot gold added 0.3 percent to settle at $1,326.50 an ounce. Silver gained 0.7 percent to $16.08 an ounce.
8. Copper prices extended gains for a fourth straight session, rising to their highest since May 2018, on expectations of higher demand from China. The metal settled 0.2 percent lower at $6,071.40 a tonne.
9. The yield on 10-year Treasury notes increased to 2.865 percent, the highest since March 2015, from 2.841 percent late Thursday.
10. U.S. economic growth slowed less than previously estimated in the first quarter, suggesting the economy is poised for a pickup later this year. Gross domestic product expanded at a 2.2 percent annualized rate instead of the previously reported 2.3 percent pace.
11. Apple Inc. shares fell for a fifth straight session, losing 5.6 percent, as Chief Executive Officer Tim Cook warned about slowing iPhone sales amid intensifying competition in China.
12. Amazon.com Inc. shares tumbled 6.6 percent after the online retailer missed quarterly profit estimates, blaming weak sales of video streaming devices and slower growth in cloud computing services.
13. The Nasdaq composite index fell 1.1 percent, while the Dow Jones Industrial Average shed 0.2 percent. All three indexes had closed higher for four straight sessions.