Market Action For Last Week
Here's the summary of the closing prices for the major ETFs from the previous Friday, July 26, 2024, to this past Friday, August 2, 2024:
- S&P 500 ETF (SPY):
- Last Friday's Closing Price: $544.44
- This Friday's Closing Price: $532.90
- Point Gain/Loss: -11.54
- Percent Gain/Loss: -2.12%
- Nasdaq-100 ETF (QQQ):
- Last Friday's Closing Price: $462.97
- This Friday's Closing Price: $448.75
- Point Gain/Loss: -14.22
- Percent Gain/Loss: -3.07%
- Russell 2000 ETF (IWM):
- Last Friday's Closing Price: $224.22
- This Friday's Closing Price: $208.92
- Point Gain/Loss: -15.30
- Percent Gain/Loss: -6.82%
Upcoming Major Economic Reports and Potential Market Moving Events
Here are the key economic reports and market-moving events scheduled for the upcoming week:
- Monday, August 5, 2024:
- Non-Manufacturing PMI at 2:00 PM ET (High Impact)
Upcoming Major Stock Earnings Reports
Here are the major companies expected to report earnings in the coming week:
- Monday, August 5, 2024:
- KT Corp (030200.KS) - Time not specified
- Tuesday, August 6, 2024:
- SK Telecom (017670.KS) - Before market open
- Ecopetrol (ECOPETROL.BC) - After market close
- Wednesday, August 7, 2024:
- Sony Group Corp (6758.T) - Before market open
- Honda Motor Co., Ltd. (7267.T) - After market close
- Thursday, August 8, 2024:
- Bancolombia (BCOLOMBIA.BC) - After market close
- YPF Sociedad Anonima (YPFD.BA, YPFD2.BA, YPFD3.BA) - Before market open
- Friday, August 9, 2024:
- Korea Electric Power Corporation (015760.KS) - Before market open
Market Outlook for the Next 30 Days
Despite the downturn in the major ETFs last week, the upcoming economic reports and earnings could provide catalysts for a market rebound. The Non-Manufacturing PMI, a key indicator of economic health, could influence market sentiment positively if it shows strength. Additionally, the earnings reports from major companies could either confirm the market's resilience or highlight areas of concern. Given these factors, I am cautiously optimistic and lean towards a neutral stance on the market for the next 30 days, pending further economic data and corporate earnings results.