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Another Week of Red in the Market

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Last Week’s Market Activity

This week, the market’s losing streak continued as the major US indices were down between 2% and 3%, week-over-week. Unfortunately, we’re not out of the woods yet. The savior of the markets during Q2 is reporting earnings this week, and everyone is eagerly waiting to hear what they have to say. This week, we’re destined for yet another volatile week in the market!

Macroeconomic Indicators

This past week was rather quiet in terms of economic data releases. There weren’t any blowout readings, and corporate earnings were surprisingly strong. This is shocking, considering the pricing action we saw in the markets this week. Unfortunately, there won’t be many economic data releases of note for the next couple of weeks. However, there will still be some important events this week.

Upcoming Market Catalysts

This week, we have the Jackson Hole summit. During this conference, we’ll get to hear from the most important economic figures from across the world, the most interesting for us being the US Fed officials, of course. We’ll get to hear what Jerome Powell and the other members of the Fed have to say about inflation, interest rates, and the greater economy, which will help give us a better idea of what to expect going forward in terms of monetary policy.

Notable Earnings Releases

Q2 earnings season isn’t over yet! We’ve still got some behemoths reporting their earnings, such as:

08/21 – Zoom Video Communications (ZM)
08/22 – Lowe’s Companies (LOW), Medtronic (MDT), Baidu, Inc. (BIDU), Dicks Sporting Goods (DKS), BJ’s Wholesale Club (BJ), Toll Brothers (TOL)
08/23 – NVIDIA Corporation (NVDA), Analog Devices (ADI), Snowflake (SNOW), Autodesk (ADSK), Grab Holdings (GRAB)
08/24 – Intuit (INTU), Royal Bank of Canada (RY), Toronto Dominion Bank (TD), NetEase (NTES), Workday (WDAY), Marvell Technology (MRVL), Dollar Tree (DLTR), Ulta Beauty (ULTA)

The most important company reporting its earnings this week is undoubtedly NVDA. Everyone is curious as to whether or not their blowout beat on guidance last quarter will actually come to fruition. This means that everyone is sitting on the edges of their seats, waiting to hear from the chip giant.

We’ll also get to hear from some very important retailers, like LOW, DKS, BJ, DLTR, and ULTA. We’ve seen a mixed bag of earnings from retailers, so it will be interesting to see what these retailers have to say about the shopping patterns of their customer base!

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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