Last week, the S&P 500 declined for a third straight week following downbeat jobs data and disappointing financial results in the technology sector.
The consumer discretionary and technology sectors fell more than 4% each, with energy, financials, industrials and materials also posting losses for the week.
Utilities led the gainers with a 4.3% increase. Real estate, communication services, consumer staples and healthcare also saw gains.
The US economy added 114,000 jobs last month, the Labor Department said, missing a forecast compiled by Bloomberg for an increase of 175,000 jobs. June payrolls saw a downward revision to a 179,000 increase and May payrolls were revised down to a 216,000 increase, for a net downward revision of 29,000 jobs.
The unemployment rate rose to 4.3% in July from 4.1% in June, the department said. Analysts were expecting the rate to remain unchanged month-to-month.
Data released earlier last week showed continued contraction in the US manufacturing sector for July amid weak demand, while weekly applications for unemployment insurance hit the highest level in nearly a year.
On Wednesday, the Federal Reserve’s monetary policy committee kept interest rates unchanged at 5.25% to 5.50%, its eighth straight pause. Fed Chair Jerome Powell said a September rate cut “could be on the table,” though policymakers will remain data-dependent.
This week’s major earnings include Walt Disney, Eli Lilly, Uber, CVS Health, and Hilton Worldwide, among others. This week’s economic calendar will feature the Institute for Supply Management’s report on the US services sector performance for July.
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