Market Action For Last Week
SPY (S&P 500 ETF)
- August 16, 2024 Closing Price: $554.31
- August 23, 2024 Closing Price: $562.13
- Point Gain/Loss: +$7.82
- Percent Gain/Loss: +1.41%
QQQ (Nasdaq-100 ETF)
- August 16, 2024 Closing Price: $475.03
- August 23, 2024 Closing Price: $480.00
- Point Gain/Loss: +$4.97
- Percent Gain/Loss: +1.05%
IWM (Russell 2000 ETF)
- August 16, 2024 Closing Price: $212.60
- August 23, 2024 Closing Price: $220.38
- Point Gain/Loss: +$7.78
- Percent Gain/Loss: +3.66%
Upcoming Major Economic Reports and Potential Market Moving Events
DateEventTime (ET)
August 26: Durable Goods Orders8:30 AM
August 29: GDP Growth Rate8:30 AM
August 29: Pending Home Sales MoM10:00 AM
August 29: Pending Home Sales10:00 AM
Upcoming Major Stock Earnings Reports
DateCompanyExpected Time
August 26: HEIPost Market
August 27: PDDPost Market, HPEPost Market
August 28: NVDAPost Market, CRWDPost Market, VEEVPost Market, NTAP Post Market
August 29: DELLPost Market, LULUPost Market, DGPost Market
Market Outlook for the Next 30 Days
I am neutral on the market for the next 30 days. The recent economic data suggests a cooling but not sharply declining economy, and the market is trading at a premium to fair value. Additionally, the anticipation of potential Fed rate cuts could influence market sentiment. However, the rich valuations and upcoming economic reports and earnings could introduce volatility.