The major averages closed fixed to end the week with the Dow Jones Industrial Average rising 34 points led by positive news on UnitedHealth Group and the healthcare space. The S&P 500 was down 18 points while the Nasdaq fell 87 points. For the week, the Dow rose 1.74%. The S&P 500 and Nasdaq respectively gained 0.94% and 0.81% on the week on hopes of a Federal Reserve rate cut next month.

On the economic front, the July retail sales data remained strong even as th University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month. The 2-year Treasury yield added 2 basis points to 3.75%. The benchmark 10-year note yield rose 3 basis points to 4.32%.

In the equity markets, healthcare shined as UnitedHealth rose 11% as Warren Buffett and David Tepper were buying the beaten down HMO. All the HMO stocks were higher. CVS rose 2.8% to new recent highs. Eli Lilly continues to bounce back.

Tech and financials were lower today. Intel was a bright spot in the chip space as the Trump Administration considers buying a stake in the beaten down, US based chip giant. The chi equipment stocks took a hit today. Cisco Systems fell 4% following lackluster earnings earlier in the week.

The fast-casual Mediterranean chain, CAVA was a dig this week, worst week as a publicly traded stock, falling over 18% on lower guidance.

In the commodity space, oil, gold and bitcoin were lower on the week.

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