Marketbites: Oil Prices Continue Recent Rise
MARKET PERFORMANCE:
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Portfolio Manager Commentary:
Stocks rose slightly on Friday but logged a losing week amid renewed worries that the Fed may raise rates more than previously expected. Major averages also capped off a losing week. The S&P and Nasdaq dropped 1.3% and 1.9%, respectively, for their first negative week in three. The Dow finished about 0.8% lower.
Energy stocks rose Friday as oil prices continued their recent rise. The S&P sector increased 1% and posted a 1.4% weekly gain. Major winners included Marathon Petroleum and Phillips 66, both up about 3%. Valero Energy jumped 4%. Some technology stocks that have struggled in recent sessions found their footing. After two straight losing days, Apple inched up 0.4%. Microsoft and Salesforce rose about 1%. Other names, including Nvidia and Tesla, fell more than 1%. Block shed 5.3% as the payments company grappled with a systems outage.
Elsewhere, investors pored over the latest batch of corporate earnings reports. E-signature stock DocuSign lost 3.7% even after the company topped fiscal second-quarter estimates and posted rosy third-quarter guidance. RH dropped 15.6% on soft third-quarter guidance. Both companies reported late Thursday.
Chart of the Day:
The fall in home prices may be over. After declining on a year-over-year basis for five consecutive (the longest run of declines in 11 years) U.S. home prices rose in July. The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected after mortgage rates soared last year.
Scarcity is a big reason. High interest rates have prompted homeowners to stay put rather than buy new homes and take on more expensive mortgages, resulting in an unusually low inventory of homes for sale.
Source: WSJ
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