Weekly Performance of Major Indexes
- S&P 500 ETF (SPY): Closed at $544.22 on June 28, down from $544.51 on June 21, representing a loss of 0.05%.
- Nasdaq-100 ETF (QQQ): Closed at $479.11 on June 28, down from $480.18 on June 21, representing a loss of 0.22%.
- Russell 2000 ETF (IWM): Closed at $202.89 on June 28, up from $200.35 on June 21, representing a gain of 1.27%.
Upcoming Economic Reports
- Business Confidence: Scheduled for release on July 1, 2024, at 2:00 PM.
- Interest Rate Decision: Scheduled for release on July 2, 2024, at 1:30 PM.
- Job Offers: Scheduled for release on July 2, 2024, at 2:00 PM.
- Factory Orders: Scheduled for release on July 3, 2024, with an estimated change of 0.3%.
- Non-Manufacturing PMI: Scheduled for release on July 3, 2024, with an estimated PMI of 52.5.
Major Corporate Earnings Announcements
Here are some specific Fortune 500 companies that are scheduled to announce their earnings in the upcoming week:
- Constellation Brands (STZ): Set to announce fiscal first-quarter results on Wednesday, with expected earnings of $3.46 per share and revenue of $2.7 billion.
- MSC Industrial (MSM): Expected to report earnings of $1.34 per share on Tuesday.
- Radius Recycling (RDUS): Estimated to report earnings of -$0.66 on Tuesday.
- Simulations Plus (SLP): Forecasted to report earnings of $0.15 per share on Tuesday.
These companies are also part of the S&P 500 index, which is expected to report an earnings growth rate of 8.8% for Q2 2024. The earnings season will begin in earnest during the second full week of July with reports from major banks like JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C).
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 could introduce volatility. However, the overall positive market outlook based on robust earnings and a potential easing cycle by the Fed suggests a balanced view.