Market Action For Last Week
SPY (S&P 500 ETF)
- Previous Friday (2024-08-23) Closing Price: $562.13
- Last Friday (2024-08-30) Closing Price: $563.68
- Point Gain/Loss: +$1.55
- Percent Gain/Loss: +0.28%
QQQ (Nasdaq-100 ETF)
- Previous Friday (2024-08-23) Closing Price: $480.00
- Last Friday (2024-08-30) Closing Price: $476.27
- Point Gain/Loss: -$3.73
- Percent Gain/Loss: -0.78%
IWM (Russell 2000 ETF)
- Previous Friday (2024-08-23) Closing Price: $220.38
- Last Friday (2024-08-30) Closing Price: $220.08
- Point Gain/Loss: -$0.30
- Percent Gain/Loss: -0.14%
Upcoming Major Economic Reports and Potential Market Moving Events
DateEventTime (ET)
2024-09-03Business Confidence14:00
2024-09-04Factory Orders14:00
2024-09-04Job Offers14:00
2024-09-05Initial Jobless Claims12:30
2024-09-05Non-Manufacturing PMI14:00
Upcoming Major Stock Earnings Reports
DateCompanyExpected Report Time
2024-09-03ASNDPost Market
2024-09-03GTLBPost Market
2024-09-04CNMPre Market2
024-09-04CPRTPost Market
2024-09-04GWREPost Market
2024-09-04GMEPost Market
2024-09-05AVGOPost Market
2024-09-05ZSPost Market
2024-09-05DOCUPost Market
2024-09-06KRPost Market
Market Outlook for the Next 30 Days
Outlook: Bullish
Rationale:
- Easing Inflation and Strong Economic Data: Recent inflation data has been softer than expected, and economic indicators such as retail sales and jobless claims have been better than forecast, suggesting a cooling but positive economic growth environment.
- Potential for Fed Rate Cuts: There is a growing expectation that the Federal Reserve will begin cutting interest rates as soon as the September 18 FOMC meeting, which could further boost market sentiment.
- Positive Earnings and Market Momentum: Despite some caution, market momentum remains positive, with key sectors and companies showing strong earnings and revenue growth. For example, TJX Companies reported earnings that surpassed expectations, contributing to a positive market outlook.
Overall, the combination of easing inflation, potential Fed rate cuts, and strong earnings reports supports a bullish outlook for the market over the next 30 days.