CHOPPY... It was a volatile week on Wall Street as traders took profits out of the "Magnificent 7" and other tech darlings, then rallied on encouraging new inflation data, but not enough to bring gains to all indexes.
PCE Prices, the Fed's favorite inflation read, rose a benign 0.1% in June, to a 2.5% annual rate, ever closer to the central bank's 2% target. This bolstered traders' convictions we'll see a Fed rate cut in September.
We also saw the usual mixed bag of economic data. Durable goods orders dropped and University of Michigan Consumer Sentiment stayed depressed, but initial Q2 GDP came in with 2.8% economic growth.
The week ended with the Dow UP 0.7%, to 40,589; the S&P 500 down 0.8%, to 5,459; and the Nasdaq down 2.1%, to 17,358.
Bonds headed up a bit overall, but the 30-Year UMBS 5.5% slipped 0.06, to $99.12. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate remained nearly half a percent below its peak earlier this year. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.
DID YOU KNOW… Q2 saw nearly 10% more homebuyer assistance programs than a year ago, bringing the total to 2,415, the highest on record. This from Down Payment Resource, which connects buyers to programs they qualify for.