Here's a detailed summary of the US stock market activity for the week ended November 1, 2024:
Market Action For Last Week
S&P 500 ETF (SPY)
- 10/25/24 Closing Price: $579.04
- 11/01/24 Closing Price: $571.04
- Point Change: -8.00
- Percent Change: -1.38%
Nasdaq-100 ETF (QQQ)
- 10/25/24 Closing Price: $495.32
- 11/01/24 Closing Price: $487.43
- Point Change: -7.89
- Percent Change: -1.59%
Russell 2000 ETF (IWM)
- 10/25/24 Closing Price: $218.89
- 11/01/24 Closing Price: $218.98
- Point Change: +0.09
- Percent Change: +0.04%
Upcoming Major Economic Reports and Potential Market Moving Events
Monday, November 4, 2024
- No major economic reports scheduled.
Tuesday, November 5, 2024
- Presidential Election (High Impact)
- ISM Services PMI (High Impact, Previous: 54.9, Estimate: 53.3)
Wednesday, November 6, 2024
- No major economic reports scheduled.
Thursday, November 7, 2024
- Initial Jobless Claims (Medium Impact, Previous: 216.0, Estimate: 222.0)
- Fed Interest Rate Decision (High Impact, Previous: 5.0%, Estimate: 4.75%)
- Fed Press Conference (High Impact)
Friday, November 8, 2024
- Michigan Consumer Sentiment Prel (High Impact, Previous: 70.5, Estimate: 70.0)
Upcoming Major Stock Earnings Reports
Monday, November 4, 2024
- BRK.A (Post Market)
- VRTX (Post Market)
- PLTR (Post Market)
- ZTS (Pre Market)
- CEG (Pre Market)
Tuesday, November 5, 2024
- No major earnings reports scheduled.
Wednesday, November 6, 2024
- QCOM (Post Market)
- ARM (Post Market)
- GILD (Post Market)
Thursday, November 7, 2024
- ANET (Post Market)
- DUK (Post Market)
Friday, November 8, 2024
- No major earnings reports scheduled.
Market Outlook
For the next 30 days, I remain 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.