Financial News and Portfolio Management Discussion through July 16th

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

US stocks fell for the week as inflation came in higher than expected adding pressure on the Federal Reserve to act more aggressively to slow inflation. The S&P 500 declined 0.9% for the week and the Dow fell 0.2% for the week. Foreign markets experienced steeper declines with the FTSE All World Ex US down 2.5% for the week. US crude fell below $100 to $97.59 per barrel down from $104.79 the week prior. The yield on the 10-year Treasury fell to 2.93% down from 3.10% the week prior.

The consumer price index increased 9.1% from a year ago in June, above the 8.8% estimate. June was the fastest pace for inflation since November 1981. Core CPI rose 5.9% compared with the 5.7% estimate. Core inflation has been declining since it hit 6.5% in March. On a monthly basis, CPI rose 1.3% compared to the 1.1% estimate and core was up 0.7% compared to estimates of 0.5%.

Retail sales rose 1% in June, slightly better than the 0.9% estimate, up from the 0.1% decline in May.

China’s GDP expanded by 0.4% for the April to June period, the weakest growth rate in more than two years.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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