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The S&P 500 retreated on Friday from its record high set the previous day. The index posted a 0.3% weekly loss, snapping its two-week win streak.

Last week, the U.S. labor market took center stage, delivering conflicting signals, all while the S&P 500 reached multiple record highs during the shortened trading week. While the official U.S. employment report for June showed stronger-than-expected job additions and a surprising drop in the unemployment rate, underlying details suggested a more nuanced story.

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The S&P 500 closed out the shortened-trading week at a new record high, its third in the past four trading days. The index posted a 1.7% weekly gain, its second consecutive week in the green.

Last week's economic data presented a mixed picture, emerging against the backdrop of a record market rally. Inflation surprisingly heated up in May, reports on consumer attitudes showed conflicting signals, and the economy's first quarter contraction was deeper than expected.

Tariffs are directly fueling inflation, impacting both imported and domestic goods, and CFOs are increasingly concerned about the economic burden. Big Tech's momentum is driven by robust earnings growth, not just AI hype, so I don't see an AI bubble yet—valuations are rich but potentially justified. REITs are deeply out of favor despite improving fundamentals and attractive valuations; I see this as a long-term buying opportunity for quality names.

The S&P 500 climbed throughout the week, finishing Friday at a new record high. The index posted a 3.4% weekly gain, snapping its two-week losing streak.

Despite U.S. strikes on Iran, markets remain calm as investors eye S&P 500 ETFs like VOO, SPY and IVV for stability.

Last week's economic data painted a picture of broad cooling across several sectors, with consumers pulling back significantly on spending. Retail sales saw their largest decline in over two years in May, as consumers scaled back purchases following earlier front-loading.

The Fed held rates steady and now projects only two cuts this year, with slower GDP growth and higher inflation expected in 2025-2026. Tariffs remain a net economic negative, with most of their inflationary and growth-dampening effects still ahead of us. AI and Big Tech capital expenditures are driving resilient U.S. GDP growth, offsetting broader economic fragility and tariff headwinds.