Weekly Market Recap, Friday 26-Jul

US equities were mixed this week, with the S&P 500 and Nasdaq lower, though the equal-weight S&P 500 and small cap Russell 2000 outperformed the large cap index for the third straight week. This week saw more of the same rotation from recent weeks, with small caps and cyclicals among the relative outperformers, while technology, AI-linked stocks, and momentum again sold off. Data this week that helped elevate growth concerns included July flash manufacturing PMI, which unexpectedly fell into contraction territory, though flash services PMI improved slightly. June existing home sales fell to the slowest pace since December and new home sales since November.