Market Action For Last Week
- S&P 500 ETF (SPY):
- Last Friday's Closing Price (July 19, 2024): $548.99
- This Friday's Closing Price (July 26, 2024): $544.44
- Change: -$4.55 (-0.83%)
- Nasdaq-100 ETF (QQQ):
- Last Friday's Closing Price (July 19, 2024): $475.24
- This Friday's Closing Price (July 26, 2024): $462.97
- Change: -$12.27 (-2.58%)
- Russell 2000 ETF (IWM):
- Last Friday's Closing Price (July 19, 2024): $216.84
- This Friday's Closing Price (July 26, 2024): $224.22
- Change: +$7.38 (+3.40%)
Upcoming Major Economic Reports and Potential Market Moving Events
- Monday, July 29, 2024:
- No major events reported.
- Tuesday, July 30, 2024:
- 14:00 ET: Calendar Update
- 14:00 ET: Job Offers (High Impact)
- 12:30 ET: Employment Cost Index Benefits (Medium Impact)
- 12:30 ET: Employment Cost Index Wages (Medium Impact)
- Wednesday, July 31, 2024:
- 18:00 ET: Interest Rate Decision (High Impact)
- Thursday, August 1, 2024:
- 12:30 ET: Initial Jobless Claims (Medium Impact)
- 12:30 ET: Nonfarm Productivity QoQ (Medium Impact)
- 14:00 ET: Business Confidence (High Impact)
- Friday, August 2, 2024:
- 12:30 ET: Unemployment Rate (High Impact)
- 12:30 ET: Non Farm Payrolls (High Impact)
Upcoming Major Stock Earnings Reports
Monday, July 30, 2024
- Microsoft (MSFT) - After Market Close
- Merck (MRK) - Before Market Open
- Procter & Gamble (PG) - Before Market Open
- Advanced Micro Devices (AMD) - After Market Close
Tuesday, July 31, 2024 5. Meta Platforms (META) - After Market Close 6. Mastercard (MA) - Before Market Open
Wednesday, August 1, 2024 7. Apple (AAPL) - After Market Close 8. Amazon (AMZN) - After Market Close
Thursday, August 2, 2024 9. Exxon Mobil (XOM) - Before Market Open 10. Chevron (CVX) - Before Market Open
I am bullish on the market for the next 30 days. This optimism is primarily driven by three key factors:
- Technical Bounce: The market is showing signs of a technical rebound, with major indices like the S&P 500 finding support at crucial levels. This suggests a potential recovery from recent pullbacks.
- Earnings Reports: The upcoming earnings reports from major companies, particularly in the technology sector, are expected to provide significant insights into corporate health and economic conditions. Positive results from these reports could fuel market confidence.
- Federal Open Market Committee (FOMC) Meeting: The anticipated FOMC meeting is expected to provide further clarity on interest rate policies. Stable or favorable policies from this meeting could support market growth and investor sentiment.
These factors collectively contribute to a positive outlook for the market over the next month.