Solid week for stocks | Buffett starts buying | Market headwinds ahead?
| EDITOR'S NOTE
Wall Street kicked off August on the right foot, with the Dow Jones Industrial Average, S&P 500 and Nasdaq all notching solid gains in the first week of the month.
The S&P 500 and Nasdaq each climbed more than 2% last week, while the Dow outperformed by rising more than 3%.
Those gains were driven by strong performances from key tech companies such as Apple, Microsoft and Facebook, all of which advanced more than 3% last week. Disney, meanwhile, popped more than 10% after the media giant reported a surprise profit for its most recent quarter.
But the week ahead could prove to be a much tougher one for investors as lawmakers struggle to move forward on a new coronavirus stimulus package. Without a deal, experts fear the current economic recovery could stall.
"The stimulus we got earlier this year helped us get to the summer, but it's not going to get us through the fall," said Dryden Pence, chief investment officer at Pence Wealth Management.
On the data front, retail sales numbers for July are set for release in the week ahead along with the latest figures on consumer sentiment. Marriott International, Simon Property and Royal Caribbean are among the companies set to release earnings next week.
And just in this morning, Warren Buffett finally found a stock he wants to buy in this market...Berkshire Hathaway. The conglomerate bought back a record $5.1 billion of its own stock in the second quarter.
Be sure to check out CNBC PRO for full coverage of the latest moves of big money investors. Check out the latest news out last night on Warren Buffett, David Einhorn and others.
THE WEEK AHEAD
YOUR WEEKEND BRIEFING
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