Morningstar Indexes: Weekly Market Report

Rising energy prices took a back seat to lower-than-expected employment figures and weak earnings reports that suggest the economy is cooling. With increasing expectations that the Federal Reserve Bank will leave interest rates unchanged at Tuesday's meeting, the Morningstar US Market Index posted a modest 0.17% gain for the week ending August 4.

Large growth stocks continue to lose ground relative to value stocks as well as the overall market. The Morningstar Large Growth Index once again earned the dubious distinction of the worst-performing style index for the week, dropping 0.33%. One of the index components, Medtronic Inc., MDT, a medical device manufacturer, issued a profit warning ahead of reporting second-quarter results. This sent the stock down by a whooping 14% for week. Also dragged down by the news were two of its competitors, St. Jude Medical Inc. STJ and Boston Scientific Corp. BSX , which lost 10% and 9% respectively.

The Morningstar Mid Core Index was the best performer among Morningstar's nine style indexes. The index surged ahead 1.13% for the week. Humana Inc. HUM, a healthcare provider, which reported second-quarter earnings well above expectations, rose 13%. Public Storage Inc. PSA, the world's largest operator of public storage facilities, also posted strong second-quarter results lifting the stock by 7%.