The second week of July 2018 saw the S&P 500 finally claw its way back above the 2,800 level, closing the week at the highest level that it has been since the end of January 2018.
Meanwhile, the S&P 500 continues to fall within our "redzone" forecast range, which runs between 28 June 2018 and 17 July 2018, and has actually been almost entirely within the upper half of that range.
Still, a lot can happen with just two trading days to go for the redzone forecast, but we'll be happy to go back to our standard model forecast after Tuesday! As for why the S&P 500 has largely tracked as expected, we can point to a whole lot of nothing particularly newsworthy enough to shift the forward-looking attention of investors during Week 2 of July 2018.
- Monday, 9 July 2018
- Tuesday, 10 July 2018
- Wednesday, 11 July 2018
- Thursday, 12 July 2018
- Friday, 13 July 2018
- In the morning: Oil edges lower, set for big weekly decline
- In the evening: Oil rises but declines for the week as supply concerns ease
- Early results of race to beat the clock on new tariffs:
- China's June soy imports jump ahead of tariffs on U.S. shipments
- China's trade surplus with U.S. hits record as exporters rush to beat tariffs
- Fed's Kaplan speaks with Reuters on trade, rate hikes
- S&P 500 at five-month high, but banks weigh after results
Looking for more market news? Barry Ritholtz has summarized the week's positives and negatives for the U.S. economy and markets news in Week 2 of July 2018 over at the Big Picture.
On a closing note, the S&P 500 hit its all-time peak value (at this writing) of 2,872.87 back on 26 January 2018. Going into Week 3 of July 2018, it is just a 2.6% gain away from hitting a new record high with respect to its Friday, 13 July 2018 closing value of 2,801.31.
But whether it will during Week 3 of July 2018 is a whole different matter!
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