Weekly Performance of Major Indexes
For the week ending May 31, 2024, the major U.S. stock market indexes experienced mixed movements:
- S&P 500 ETF (SPY): Closed at $527.37, down from $529.44 the previous Friday, marking a decrease of 2.07 points or approximately -0.39%.
- Nasdaq-100 ETF (QQQ): Ended the week at $450.71, down from $457.95, a drop of 7.24 points or about -1.58%.
- Russell 2000 ETF (IWM): Slightly increased, closing at $205.77 compared to $205.44, an uptick of 0.33 points or roughly 0.16%.
Upcoming Economic Reports
The upcoming week features several key economic reports that could influence market dynamics:
- Business Confidence: Scheduled for release on Monday, June 3, 2024, at 2:00 PM, with an estimated index of 49.8, indicating slight pessimism.
- Factory Orders: Due out on Tuesday, June 4, 2024, at 2:00 PM, expected to show a change of 0.6%, a decrease from the previous 1.6%.
- Job Offers: Also on Tuesday, June 4, 2024, at 2:00 PM, with an anticipated figure of 8.35 million, slightly down from 8.488 million.
- Economic Optimism Index: Set for release on Tuesday, June 4, 2024, at 2:00 PM, with a forecast of 45.2, up from 41.8.
- Non-Manufacturing PMI: On Wednesday, June 5, 2024, at 2:00 PM, expected to be 50.5, indicating slight expansion compared to the previous 49.4.
Major Corporate Earnings Announcements
Several major companies are slated to report their quarterly earnings in the coming week:
- Epam Systems Inc (EPAM): Expected to report on Monday, June 3, 2024, for Q2 2024.
- GitLab Inc (GTLB): Scheduled for Monday, June 3, 2024, for Q1 2025.
- Healthequity Inc (HQY): Also on Monday, June 3, 2024, for Q1 2025.
These earnings reports, along with the economic data releases, could significantly impact market sentiment and trading activity in the upcoming week.
Market Outlook
Given the current market conditions and the upcoming economic reports, I am neutral on the market for the next 30 days. The mixed performance among major indexes and the high-impact economic reports scheduled for the upcoming week suggest a cautious approach. The market could experience volatility depending on the outcomes of these reports, which makes a definitive bullish or bearish stance less certain at this time.