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Last Week’s Market Activity

This past week, the red streak in the market was broken, with major US indices up between 0.5% and 2.75%. Surprisingly, this was on the back of some worse-than-expected economic news. Although the economic data releases that came out this past week did not have tremendous misses, there were quite a few metrics that missed. This is signaling to the markets that the Fed may have to stop raising rates soon.

Macroeconomic Indicators

Last week, we saw a remarkable number of misses in terms of economic data releases. The first notable miss was on Tuesday, with both the job openings report and the consumer confidence report coming in considerably below expectations. Job openings came in at 8.8 million vs. an expected 9.5 million, and consumer confidence came in at 106.1 vs. an expected 116.0. We also saw the ADP employment report and the first revision for Q2 GDP miss as well, with ADP employment coming in at 177,000 vs. an expected 200,000 and the Q2 GDP revision coming in at 2.1% vs. an expected 2.4%.

Upcoming Market Catalysts

This week will be fairly quiet in terms of economic data releases. There aren’t many data releases of note. However, we will get to hear from the Philadelphia, Chicago, New York, Atlanta, and Dallas Fed Presidents. What they have to say will give us an idea of how the Fed is thinking when it comes to interest rates and the economy. So, paying attention to their speeches will be very important!`

Notable Earnings Releases

It seems that Q2 earnings are coming to a close, as there are very few companies reporting their earnings.

09/04 – Trip.com Group (TCOM)
09/05 – Zscaler Inc. (ZS), GitLab Inc. (GTLB), Asana Inc. (ASAN)
09/06 – Copart, Inc. (CPRT), UiPath (PATH), Core & Main Inc. (CNM)
09/07 – The Toro Company (TTC), DocuSign Inc. (DOCU), Restoration Hardware (RH)
09/08 – The Kroger Company (KR)

The most important companies of the week will undoubtedly be KR and RH. KR is one of the largest supermarket chains in the US, so they will give us an idea of how the average consumer is faring amidst these trying economic times.

We’ll also get to hear from RH, who will give us an idea of how high-net-worth individuals are spending their money. They’ll also likely provide some information on the real estate market since new home purchases also tend to come with new furniture!

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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