The first half of the year ended with a whimper as the major markets all showed red to mark the last week of the quarter.
The NASDAQ lost another 2% last week after getting a reprieve the prior week. Nevertheless, as of the halfway mark for 2017, the composite still has an impressive 14% gain for the year.
There were few gains in the underlying sectors as financials had an impressive turnaround and ultimately became the best performer for the month in large part due to last week’s gains.
Financials were largely stimulated due to comments from European Central Bank President Mario Draghi after he provided an upbeat assessment of eurozone inflation and growth trends. Draghi later had to temper his comments as they were viewed by many as hawkish.
Commodities had one of the best weeks in some time as the S&P GSCI gained an impressive 5.27% for the week. Still, the broad commodities index has a way to go to reclaim the over 10% loss as of the end of June.
This next week is a holiday shortened trading week due to the early close on Monday and Independence Day on Tuesday. While many celebrated our independence on the fourth, it was actually on July 2nd1776 that the continental congress voted for Independence. On that day, John Adams wrote to his wife Abigail that July 2 “will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by Solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and lluminations from one End of this Continent to the other from this Time forward forever more.”
While not everything lined up as Adams thought it would, celebrations have certainly been a staple on the anniversary of when the written document was signed on July 4th, over 240 years ago.