Investment Review №351. S&P 500 Hits New Highs
S&P 500: July 30–August 7, 2026
Key Events on the US Stock Market
July 30, 2026 — 7 437
- U.S. GDP grew 1.5% annualized in Q2, missing the 1.8% consensus. Inventory drawdowns and softer government spending contained growth, while consumer spending rose 2.1%.
- Apple’s (AAPL) results beat expectations, but a sizable portion of profit and margin expansion came from a one-time tariff refund. A soft outlook and slower services momentum prompted profit-taking.
August 4, 2026 — 7 736
- Caterpillar (CAT) topped estimates and raised full-year sales and margin guidance on increasing demand. A robust order backlog underpins the outlook despite ongoing tariff headwinds
August 5, 2026 — 7 723
- ISM Services PMI rose to 54.1 in July from 54.0 in June. Readings above 50 signal continued expansion, even as employment contracted.
- Walt Disney’s (DIS) revenue increased 7% YoY to $25.25bn, driven by strength in theme parks, cruises, and streaming. Streaming revenue grew 11%, while advertising was weaker.
August 7, 2026 — 7 757
- U.S. nonfarm payrolls fell by 23k in July. The unemployment rate edged down to 4.1% as the labor force shrank, indicating labor-market softness.