The NASDAQ jumped 3.9% for the week, hitting a new all-time high and recovering losses from the prior week’s sell-off. The S&P 500 gained 2.4% and ended at 6,389.5—just shy of its record set less than two weeks earlier—while the Dow advanced 1.4%.
On Thursday, the Trump administration’s reciprocal tariffs took effect, targeting imports from numerous U.S. trading partners. Among the steepest measures was a 39% tariff on goods from Switzerland. The administration also announced a 100% tariff on imported semiconductors, with exemptions for companies pledging to manufacture chips domestically.
U.S. crude oil prices slid more than 5% for the week, falling to their lowest level in over two months. By Friday afternoon, oil was trading below $64 per barrel, down from $70 on July 30 and roughly $75 in mid-June.
Gold futures briefly touched a record high on Friday, climbing to $3,500 per ounce before slipping back below that level. At the start of 2025, gold traded near $2,630.
As earnings season wound down, the “Magnificent 7” mega-cap stocks continued to account for an outsized share of overall second-quarter earnings growth. Collectively, they were projected to post average earnings growth of 25.7% as of August 5, according to FactSet. Excluding these large tech names, the remaining 493 S&P 500 companies were expected to see growth of just 6.3%.
U.S. government bond yields edged higher, recovering some of the prior week’s sharp declines during a bout of market volatility. The 10-year U.S. Treasury yield closed around 4.28% on Friday, up from 4.21% the week before.
Large-cap growth stocks extended their strong run, outperforming value stocks for the second straight week. A growth index gained 3.2% versus a 1.4% rise for a value index, widening its year-to-date lead.
Looking ahead, Tuesday’s Consumer Price Index report could provide fresh insight into the inflationary effects of elevated tariffs. June’s CPI showed an annual increase of 2.7%, up from 2.4% in May, suggesting tariff-related costs may be filtering through the economy. However, wholesale prices rose just 2.3% in June.