Volatility reemerged last week but in the end the headline S&P 500 closed higher. By Friday’s close, all six indices of the Major Markets closed higher.

Technology was once again a major story. Semiconductor stocks struggled early in the week as investors questioned AI spending , but strong earnings from Microsoft and Amazon reignited confidence in artificial intelligence, helping lift major indexes despite disappointing guidance from Apple.

Sector performance reflected that strength, with consumer discretionary and communication services leading the market. However, the gains of the topline S&P 500 where not consistent across all 11 sectors as 6 of the sectors closed lower with Utilities leading the decline.

In economic news, last week held the July FOMC Meeting. The Federal Reserve left interest rates unchanged, but comments from Fed Chair Kevin Warsh along with the votes from three Fed members calling for a rate hike reminded investors that inflation remains a concern.

Meanwhile, GDP growth slowed to 1.5%, but consumer spending remained healthy, and  the labor market stayed resilient, with less than 200,000 initial jobless claims. Finally, treasury yields and oil prices both moved higher during the week, adding to market volatility.