Market Action For Last Week
SPY (S&P 500 ETF)
- August 2, 2024: $532.90
- August 9, 2024: $532.99
- Point Gain/Loss: +$0.09
- Percent Gain/Loss: +0.02%
QQQ (Nasdaq-100 ETF)
- August 2, 2024: $448.75
- August 9, 2024: $450.41
- Point Gain/Loss: +$1.66
- Percent Gain/Loss: +0.37%
IWM (Russell 2000 ETF)
- August 2, 2024: $208.92
- August 9, 2024: $206.46
- Point Gain/Loss: -$2.46
- Percent Gain/Loss: -1.18%
Upcoming Major Economic Reports and Potential Market Moving Events
Monday, August 12, 2024
- No major economic reports scheduled.
Tuesday, August 13, 2024
- Core Producer Prices MoM: 8:30 AM ET
- Producer Price Inflation MoM: 8:30 AM ET
Wednesday, August 14, 2024
- Core Inflation Rate MoM: 8:30 AM ET
- Core Inflation Rate: 8:30 AM ET
- Consumer Price Index (CPI): 8:30 AM ET
- CPI Seasonally Adjusted: 8:30 AM ET
- Inflation Rate MoM: 8:30 AM ET
- Inflation Rate: 8:30 AM ET
Thursday, August 15, 2024
- Export Prices MoM: 8:30 AM ET
- Import Prices MoM: 8:30 AM ET
Friday, August 16, 2024
- No major economic reports scheduled.
Upcoming Major Stock Earnings Reports
Monday, August 12, 2024
- Affiliated Managers Group (AMG): Premarket
- ON Semiconductor (ON): Premarket
Tuesday, August 13, 2024
- SBA Communications (SBAC): Postmarket
- Flowserve Corporation (FLS): Postmarket
Wednesday, August 14, 2024
- McDonald's (MCD): Premarket
- Amazon (AMZN): Postmarket
Thursday, August 15, 2024
- NeoGenomics (NEO): Premarket
- PotlatchDeltic (PCH): Postmarket
Friday, August 16, 2024
- Rambus (RMBS): Premarket
- Sanmina (SANM): Postmarket
Market Outlook for the Next 30 Days
I am bullish on the market for the next 30 days. The positive earnings growth, particularly in sectors like financials, energy, and health care, combined with the downward trend in inflation, supports a favorable market environment. Additionally, the technical indicators for the S&P 500 Index suggest a bullish setup, with potential support at the 50-day Simple Moving Average (SMA). The upcoming Federal Open Market Committee (FOMC) meeting and the potential for interest rate cuts further bolster this positive outlook.