The market continued a recent rotation trade last week, with the Russell 2000 gaining more than 2% while the “Magnificent 7” weighed down the Nasdaq and the S&P 500.
The VIX Index remains well off its summer lows as the rotation leads to increased volatility.
In the bond market, Treasury yields moved slightly higher, causing bonds to trade lower.
During the second quarter, U.S. GDP grew 2.8%, an increase from the first quarter’s reading of 1.4%. The second quarter growth reflected increases in consumer spending, private inventory investment, nonresidential fixed investment, and government spending.
Compared to the first quarter, the acceleration in second quarter GDP primarily reflected increases in private inventory investment and consumer spending, partially offset by lower residential fixed investment.
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