The S&P 500 index only returned 0.11% last week despite evidence that the economy and corporate earnings remain strong. The Friday jobs report showed gains in nonfarm payrolls of 528k, more than double the estimated 250k jobs and revisions for last month were also strong. Unemployment ticked down to 3.5% and the labor force participation rate dipped to 62.1%. For the first time, total payrolls surpassed the pre-COVID rate from February 2020. There is no evidence the U.S. economy is heading for a recession from the July jobs reports. Energy was the worst performing sector last week as the price of Oil dropped from $98.62 down to $88.51 as global recessionary worries and tepid demand weighed on prices. Earnings season was in full tilt last week after 168 companies in the S&P 500 index announced quarterly results. Several mobility/delivery names announced terrific quarterly results. Uber Technologies Inc. announced that they hit a significant milestone becoming FCF positive for the first time. They credited the return of their mobility/rideshare business after pandemic lockdowns for their 107% revenue growth year over year. Their revenue and gross bookings were both all time highs for the company as their shares rallied 36.50% last week. Competitors Lyft Inc. and Doordash Inc. had similar stories as well. Lyft had record EBIDA returns and guided that next quarter they would have over $1b in revenue and stated their goal of $700m in positive free cash flow for 2024. Doordash also had strong revenue and EBIDA results that beat analyst expectations, as well as guidance for FY22 EBITDA between $200m-$500m. As a result of their terrific announcements, Lyft returned 46.32% and Doordash 15.11% last week. PayPal Holdings Inc. rallied 10.16% last week, after announcing strong quarterly results as well as a $15b stock buyback program and a $2b investment from private equity firm Elliott Management. Looking ahead to next week, earnings season is winding down as only 27 names in the S&P 500 are expected to report. Overall corporate earnings remain strong, and equities remain attractive.