Market Action For Last Week
S&P 500 ETF (SPY)
- Last Friday's Closing Price (08/30/2024): $563.68
- This Friday's Closing Price (09/06/2024): $540.36
- Point Gain/Loss: -$23.32
- Percent Gain/Loss: -4.14%
Nasdaq-100 ETF (QQQ)
- Last Friday's Closing Price (08/30/2024): $476.27
- This Friday's Closing Price (09/06/2024): $448.69
- Point Gain/Loss: -$27.58
- Percent Gain/Loss: -5.79%
Russell 2000 ETF (IWM)
- Last Friday's Closing Price (08/30/2024): $220.08
- This Friday's Closing Price (09/06/2024): $207.90
- Point Gain/Loss: -$12.18
- Percent Gain/Loss: -5.53%
Upcoming Major Economic Reports and Potential Market Moving Events
Monday, September 9, 2024
- No major economic reports scheduled.
Tuesday, September 10, 2024
- No major economic reports scheduled.
Wednesday, September 11, 2024
- Core Inflation Rate MoM: High Impact, 08:30 AM ET
- Core Inflation Rate: High Impact, 08:30 AM ET
- Consumer Price Index (CPI): Medium Impact, 08:30 AM ET
- CPI Seasonally Adjusted: Medium Impact, 08:30 AM ET
- Inflation Rate MoM: High Impact, 08:30 AM ET
- Inflation Rate: High Impact, 08:30 AM ET
Thursday, September 12, 2024
- Core Producer Prices MoM: Medium Impact, 08:30 AM ET
- Initial Jobless Claims: Medium Impact, 08:30 AM ET
- Producer Price Inflation MoM: High Impact, 08:30 AM ET
Friday, September 13, 2024
- No major economic reports scheduled.
Upcoming Major Stock Earnings Reports
Monday, September 9, 2024
- Oracle Corporation (ORCL): Postmarket
- Rubrik, Inc. (RBRK): Postmarket
- Mission Produce, Inc. (AVO): Postmarket
Tuesday, September 10, 2024
- Academy Sports and Outdoors, Inc. (ASO): Premarket
- InnovAge Holding Corp. (INNV): Postmarket
- Petco Health and Wellness Company, Inc. (WOOF): Postmarket
Wednesday, September 11, 2024
- Manchester United plc (MANU): Premarket
- D-Market Electronic Services & Trading (HEPS): Premarket
Thursday, September 12, 2024
- Adobe Inc. (ADBE): Postmarket
- Signet Jewelers Limited (SIG): Premarket
Friday, September 13, 2024
- No major earnings reports scheduled.
Market Outlook for the Next 30 Days
Bearish: The market outlook for the next 30 days is bearish due to several factors:
- Growth Concerns and Valuation Reset: The market is experiencing a valuation reset due to concerns about a potential rough economic landing, driven by soft labor market data and increased growth concerns.
- Technical Deterioration: Technical indicators are bearish, with the S&P 500 index down ~4.2% on the week and encountering resistance around all-time highs.
- Elevated Volatility: Volatility is expected to remain elevated, with the VIX at a level of 22, indicating heightened sensitivity to economic data and potential market-moving events.