Equity markets rallied higher as positive economic news and strong corporate earnings fueled a relief rally for stocks. The S&P 500 finished up 4.28% last week and up 9.22% for the month of July. Despite real GDP growth being -0.9% in 2Q22, the second consecutive negative quarter which is a common measure for recessions, there was other strong economic data. Last week personal spending, personal incomes and durable goods orders all beat expectations and helped to quell recession fears. Corporate earnings were also strong as 173 names in the S&P 500 announced their quarterly results last week. Microsoft Corp. rallied 7.83% last week after announcing quarterly results in-line with expectations but raised their forecasts as management was positive on digital trends. Amazon.com Inc. announced 2Q revenues above expectations as they had less retail inventory issues than big box stores given their third-party seller model. Further they had 33% growth in their AWS segment topping analyst estimates. AMZN shares rose 10.24% last week. Exxon Mobil Corp. earned more than $4 per share last quarter, the highest quarterly earnings per share since at least 1989. They pledged to hold their capital expenditures flat quelling any worries of overinvesting in production growth, as a result their shares rallied 11.31% last week. Chevron Corp. also announced fantastic quarterly results. They too earned massive profits while keeping capital expenditures in check and hiked their share buyback facility by 50%. As a result, their shares rallied 13.59% last week. Looking ahead to next week earnings season continues as 165 names in the S&P 500 index are expected to report quarterly results. Notable names expected to report include Berkshire Hathaway Inc., Eli Lilly & Co., Advanced Micro Devices Inc., ConocoPhillips, Caterpillar Inc., Starbucks Corp. and Marriott International Inc.