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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InThis positive momentum comes as markets anticipate the sustainability of the current rally amid cautious optimism regarding mega-cap performance. The S&P 500 index posted a 1.3% weekly gain, placing it within striking distance of historical levels. According to reports, the index is currently trading just 0.5% below its record closing high reached on June 2nd, 2026.
These movements coincide with mixed performance in global markets, where Eurozone data showed a slight 0.2% growth in retail sales for July, per market data. In the United States, the ISM Services PMI recorded a reading of 54 on July 6, 2026, reflecting continued expansion in the service sector and bolstering confidence in the resilience of the U.S. economy against high interest rates.
Investors should monitor upcoming economic data to assess the index's ability to break through psychological resistance levels, especially with real-time price data currently unavailable. Looking at the economic calendar, markets are awaiting monetary policy insights and speeches from Fed officials, such as Governor Bowman's speech scheduled for July 7, 2026, for clues on the future interest rate path.