Mixed comments from committee members at the Federal Reserve's annual Economic Policy Symposium at Jackson Hole ultimately led to modest declines across a broad range of asset classes.
The week began with merger and acquisition (M&A) related news involving Pfizer (PFE) and its purchase of Medivation (MDVN) for $14 billion and Intersil (ISIL) in talks to be acquired by Japan's Renesas for $3 billion. Quarterly results from retailers were in focus, with Best Buy (BBY) surpassing estimates, Dollar General (DG) and Dollar Tree (DLTR) showing weaker sales than expected, and Ulta Salon (ULTA) announcing strong, but not perfect, numbers.
Various economic data came out of the U.S. with weaker PMI, surging New Home Sales, Durable Goods showing life, Jobless Claims at historically low levels, and soft GDP. Biotech and Healthcare stocks had a rough week after Hillary Clinton, once again, tweeted negative comments about the current state of drug pricing.
Investors will have their eyes on August's jobs report next week.