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US Stocks traded lower last week for the 3rd negative week in a row.  In this holiday-shortened week, investors are looking ahead to speeches from Federal Reserve president Jerome Powell and a fresh rate hike decision from the European Central bank due out later this week. 

CVS Pharmacy has reached a deal to acquire in-home health-care company Signify Health for about $8 billion.  CVS said they will pay $30.50 a share in cash for Signify, an acquisition that would build on their growing health-care services. Signify provides technology and analytics to help with in-home patient care.  The deal comes as competitors from Amazon to Walgreens are moving further into the health-care sector. In July, Amazon announced they were acquiring primary-care provider One Medical for about $3.9 billion.

Orders for manufactured goods fell a sharp 1% in July, according to the Commerce Department.  This is the first decline after nine straight gains.  The factory sector, which led the economy’s recovery from the pandemic, has started to struggle.  Orders for nondurable goods were down 1.9% in the month. That’s the biggest drop since the economy was shut down in April 2020. Pre-pandemic, it is the weakest reading since November 2018.  Most of the drop was due to a decline in orders in the petroleum sector

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