Weekly Performance of Major Indexes
- S&P 500 ETF (SPY): Closed at $554.64 on July 5, 2024, up from $551.77 on June 30, 2024. This represents a gain of 2.87 points or approximately 0.52%.
- Nasdaq-100 ETF (QQQ): Closed at $496.16 on July 5, 2024, up from $491.89 on June 30, 2024. This represents a gain of 4.27 points or approximately 0.87%.
- Russell 2000 ETF (IWM): Closed at $200.87 on July 5, 2024, down from $201.21 on June 30, 2024. This represents a loss of 0.34 points or approximately -0.17%.
Upcoming Economic Reports
- Monday, July 8: Consumer credit for May at 3:00 pm.
- Tuesday, July 9: NFIB optimism index for June at 6:00 am.
- Wednesday, July 10: Existing home sales for May at 10:00 am; U.S. leading economic indicators for May at 10:00 am.
- Thursday, July 11: Initial jobless claims for June 27 at 8:30 am; GDP (2nd revision) for Q1 at 8:30 am; Durable-goods orders for May at 8:30 am; Durable-goods minus transportation for May at 8:30 am; Pending home sales for May at 10:00 am.
- Friday, July 12: Personal income (nominal) for May at 8:30 am; Personal spending (nominal) for May at 8:30 am; PCE index for May at 8:30 am; Core PCE index for May at 8:30 am; Chicago Business Barometer (PMI) for June at 9:45 am; Consumer sentiment (final) for June at 10:00 am.
Major Corporate Earnings Announcements:
- Monday, July 8, 2024
- Bank of America Corp (BAC): A leading banking institution in the United States.
- Taiwan Semiconductor Manufacturing (TSM): A global leader in semiconductor manufacturing.
- Tuesday, July 9, 2024
- Netflix (NFLX): A major player in the streaming media industry.
- Wednesday, July 10, 2024
- SLB (SLB): A leading provider of oilfield services.
- Thursday, July 11, 2024
- Thermo Fisher Scientific (TMO): Provides scientific instruments and services impacting healthcare and biotechnology sectors.
- Friday, July 12, 2024
- International Business Machines (IBM): A major technology company providing insights into the broader technology industry.
Market Outlook for the Next 30 Days
Given the recent modest gains in major indexes and the upcoming economic reports, my outlook for the next 30 days remains neutral. While the market has shown some positive movement, the upcoming economic data and corporate earnings could introduce volatility. The mix of positive and negative signals suggests a balanced approach, with potential shifts influenced by economic indicators and corporate performance outcomes.