After several consecutive weeks of gains, the markets posted modest losses to end last week. Rising tensions between the United States and China as well as disappointing earnings reports in the tech sector fueled the selloff.
Coronavirus headlines continue to top the news cycle. While there have been some promising developments on the treatment and immunization front, the surge in new cases is troubling, especially if states close back down again.
Looking forward, this week we will continue to see earnings reports for second quarter. While the numbers are certainly down, they are not quite as bad as had been expected. The Federal Reserve will also meet.