The Dow Jones Industrial Average gained 0.75%. The S&P 500 declined 0.83%. The Nasdaq declined 2.08%.1 Markets See-SawLast week began with some positive momentum, but after Tuesday’s close, two influential tech companies reported disappointing Q2 numbers, which soured sentiment. On Wednesday, the S&P dropped 2 percent, and the Nasdaq fell more than 3 percent. Stocks attempted to rebound on Thursday on news that gross domestic product grew much faster than expected in Q2, but sellers swooped in near the close.3 Stocks rallied broadly on Friday after a positive inflation report. The personal consumption expenditures index, widely considered the Fed’s preferred inflation measure, showed only a slight uptick in June—in line with expectations.4 Watch the RotationJuly 26 saw the end of the third consecutive week in which the Dow led the other two averages and its fourth straight week of gains. At the same time, the S&P and Nasdaq have been under pressure, with both posting losses for the second consecutive week. So far in July, the Dow is up nearly 4 percent, the S&P is down slightly, and the Nasdaq is off by over 2 percent. That’s a marked change from earlier in the year when the Nasdaq led.5 |
Economic Data to WatchTuesday: FOMC Meeting Begins. Consumer Confidence. Case-Shiller Home Price Index. Wednesday: Treasury Refunding Announcement. ADP Employment Report. Pending Home Sales. FOMC Announcement. Fed Chair Press Conference. Thursday:ISM Manufacturing Index. Jobless Claims. Productivity and Costs. Construction Spending. Friday:Employment Situation. Motor Vehicle Sales. Factory Orders. Source: Investors Business Daily - Econoday economic calendar; July 26, 2024 The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision. Upcoming Earnings ReportsMonday: McDonald’s Corporation (MCD) Tuesday:Microsoft Corporation (MSFT), The Proctor & Gamble Company (PG), Merck & Co., Inc. (MRK), Advanced Micro Devices, Inc. (AMD), Pfizer Inc. (PFE), S&P Global Inc. (SPGI), Starbucks Corporation (SBUX) Wednesday: Meta Platforms, Inc. (META), Mastercard Incorporation (MA), T-Mobile US, Inc. (TMUS), QUALCOMM Incorporated (QCOM), The Boeing Company (BA), Automatic Data Processing, Inc. (ADP) Thursday:Apple Inc. (AAPL), Amazon.com, Inc. (AMZN), Intel Corporation (INTC), ConocoPhillips (COP), Booking Holdings Inc. (BKNG), Vertex Pharmaceuticals Incorporated (VRTX), Regeneron Pharmaceuticals, Inc. (REGN) Friday: Berkshire Hathaway Inc. (BRK.A, BRK.B), Exxon Mobil Corporation (XOM), Chevron Corporation (CVX) Source: Zacks, July 26, 2024 |
Footnotes and Sources
2. The Wall Street Journal, July 26, 2024 3. The Wall Street Journal, July 25, 2024 4. CNBC.com, July 26, 2024 5. The Wall Street Journal, July 26, 2024 Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice. Source:YCharts.com, July 27, 2024. Weekly performance is measured from Monday, July 22, toFriday, July 26. |
What Happened Last Week
|
July 29, 2024