Here's a summary of the US stock market activity for the week ended October 18, 2024:
Market Action For Last Week
- S&P 500 ETF (SPY)
- Closing Price on 10/11/24: $579.58
- Closing Price on 10/18/24: $584.59
- Point Gain: +$5.01
- Percent Gain: +0.86%
- Nasdaq-100 ETF (QQQ)
- Closing Price on 10/11/24: $493.36
- Closing Price on 10/18/24: $494.47
- Point Gain: +$1.11
- Percent Gain: +0.23%
- Russell 2000 ETF (IWM)
- Closing Price on 10/11/24: $221.26
- Closing Price on 10/18/24: $225.65
- Point Gain: +$4.39
- Percent Gain: +1.98%
Upcoming Major Economic Reports and Potential Market Moving Events
- Monday, October 21, 2024
- No major economic reports scheduled.
- Tuesday, October 22, 2024
- Durable Goods Orders MoM (High Impact)
- Wednesday, October 23, 2024
- CB Consumer Confidence (Medium Impact)
- JOLTs Job Openings (High Impact)
- Thursday, October 24, 2024
- GDP Growth Rate QoQ Adv (High Impact)
- Friday, October 25, 2024
- Pending Home Sales MoM (Medium Impact)
- Pending Home Sales YoY (Medium Impact)
Upcoming Major Stock Earnings Reports
- Monday, October 21, 2024
- No major earnings reports scheduled.
- Tuesday, October 22, 2024
- General Electric (GE) - Premarket
- Danaher Corporation (DHR) - Premarket
- Philip Morris International (PM) - Premarket
- Wednesday, October 23, 2024
- The Coca-Cola Company (KO) - Premarket
- Thermo Fisher Scientific (TMO) - Premarket
- Tesla, Inc. (TSLA) - Postmarket
- T-Mobile US, Inc. (TMUS) - Postmarket
- International Business Machines Corporation (IBM) - Postmarket
- ServiceNow, Inc. (NOW) - Postmarket
- Thursday, October 24, 2024
- Amazon.com, Inc. (AMZN) - Postmarket
- Friday, October 25, 2024
- No major earnings reports scheduled.
Market Outlook
For the next 30 days, I am bullish on the market. The anticipated interest rate cuts by the Federal Reserve, coupled with strong earnings growth expectations and economic resilience, support a positive market sentiment. Additionally, the upcoming economic reports and earnings announcements could provide further catalysts for market movement. However, it's essential to stay informed and adjust strategies as needed based on new data and market conditions.