Major U.S. indexes rose last week despite Fed caution and Treasury yield spikes, with Nasdaq leading on Big Tech earnings.
The Dow Jones Industrial Average rose 1% for the week, ending a three-week losing streak, while the S&P 500 gained 1% and the Nasdaq climbed 1.6%. The gains followed a volatile period marked by a hawkish Federal Reserve meeting and surging Treasury yields.
Despite the weekly rebound, July performance was mixed. The Dow edged up 0.32%, extending its monthly win streak to four, while the S&P 500 slipped 0.13% and the Nasdaq fell 3.2%. The Fed’s decision to hold rates steady drew dissent from three policymakers, reflecting concerns over persistent inflation and rising energy prices.
Treasury yields surged, with the 10-year yield climbing above 4.67% and the 30-year yield hitting its highest level since 2007. The spike in yields weighed on stocks initially but was offset by strong Big Tech earnings later in the week.