PRESS ROOM
Second quarter economic data makes no impression on US equities
Monday 10th August '20
The US economy contracted by over 9% year-on-year in the second quarter of this year. Initial weekly jobless claims for the week ended July 24th were 1.43 million – an uptick from levels earlier in the month. The worst economic contraction in a quarter since the second world war in the US economy had no effect on US equities which continued to push up during July and have maintained their positive momentum into August. US equities have yet again been lifted by strong earnings in the technology sector in the second quarter. Since the start of July, the S&P 500 Index has gained 8.3% while the tech-heavy NASDAQ Composite Index has gained 9.5% (as of 10 August on a total return basis).