Magnificent 7 Drag Down Indices
All three major equity indices ended lower for the week with the S&P 500 ending negative for a second straight week. Weakness within the Technology sector undercut investor sentiment amidst mixed results from the week's five Magnificent 7 companies to report quarterly earnings. Although on Monday the Nasdaq Composite reached its first record high since July, the index finished the week lower to break a string of seven straight weekly gains. Uncertainty over the upcoming U.S. elections also continued to overhang markets.
The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.