What happened last week…
The three major indices notched sizable gains and each had its best weekly performance since June: DJIA (1.35%), S&P 500 (2.43%), NASDAQ (3.87%). During the week NASDAQ achieved a new intraday all-time high and closed at a new record (21,450.02).
Apple(AAPL) committed an additional $100 billion over the next four years, on top of the previously announced $500 billion, in what the company says is to bring “even more of Apple’s supply chain and advanced manufacturing to the U.S.” Apple also said it will “incentivize global companies to manufacture even more critical components in the United States.” President Donald Trump said that while he plans to place tariffs on imports of semiconductors, companies like Apple will be exempt since they are committed to building in the United States.
President Donald Trump nominated Council of Economic AdvisorsChairmanStephen Miranto fill the recently vacated seat on the Federal Reserve Board of Governors. Last week, Adriana Kugler resigned from her position, which was set to end on January 31, 2026. Trump noted that the search for a permanent replacement will continue for the 14-year Fed Board seat.
Thenon-manufacturing PMIfor July was 50.1.
According to FactSet, as of August 8, for Q2 2025, 90% of S&P 500 companies reported earnings with 81% having a positive EPS surprise and 81% having a positive revenue surprise. The blendedearnings growthfor the S&P 500 is 11.8%, which would be the third straight quarter of double-digit growth. The blendedrevenuegrowthfor the index is 6.3%, which would be the highest growth rate since Q3 2022 (11.0%).
Happening this week…
On Tuesday, theinflation rateyear-over-year for July is expected to be 2.8%. Meanwhile, thecore inflation rateyear-over-year for July is expected to be 3.0%.
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- The Rockline Team
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