US equities closed the third week of trading in July at fresh all-time highs in the NASDAQ and S&P 500, following better than expected earnings from INTC, GOOGL, TWTR and SBUX and another push in the equities markets thanks to the GDP reading Friday before the open, showing growth levels of 2.1% versus 3.1% for the first quarter. MoreMore than 40% of S&P 500 companies reported earnings so far and 76% posted higher than the expected profits forecasts, according to FactSet. Despite a slump in business investment the US consumer expenditure drove up GDP slightly above consensus for the second quarter. As July is closing, the markets are looking now at the upcoming Fed decision this coming Wednesday, were investors are expecting a 25 basis-point rate cut.
The tone and forward guidance from the Fed are likely to set the path for the markets after the Fed as well as earnings from AAPL and the rest of the S&P 500 components this coming week.
European markets traded higher until Thursday, then the unclear ECB guidance and press conference sent equities lower on a pullback, yet, closing moderately higher for the week.
On the commodities front Silver investors enjoyed the best 2-week rally in more than a year, prices climbing more than 9% over the last 12 trading days, to close at $16.42 per ounce yesterday.
Gold prices fluctuated this week in a narrow range closing marginally lower at $1,418 per ounce.
Oil prices traded a lackluster week, closing lower by 15 cents on the week, at $56.09 per barrel.
Most FX markets traded lower versus the Dollar, the Euro and Serling are trading at 2019 lows and the dollar gained 0.5% on average versus the JPY, CHF and CAD.
FX markets are bracing also for the upcoming Fed decision, Wednesday afternoon.