This week was yet another week of red in the financial markets, following a mixed bag of earnings reports. All of the major indices were down this week, with the Dow being roughly flat and the S&P, Nasdaq, and Russell all being down between 0.7% and 2% week-over-week, despite some better-than-expected inflation data. Unfortunately, though we’re not out of the woods yet, as there are some rather important companies reporting their earnings this week, so stay tuned!
Contrary to what you might infer from all the red in the market over the past week, we actually had some great news in terms of economic data releases. Year-over-year CPI beat expectations slightly, coming in at 3.2%, versus the expected 3.3%. All other CPI metrics came in right at expectations. There was a slight miss in terms of jobless claims, with the actual metric coming in at 248,000, versus an expected 231,000. However, this didn’t seem to present a concern to markets as a whole.
This week, we have had a rather quiet week in terms of economic data releases. However, there are still a few releases you may want to pay attention to, such as retail sales on Tuesday, housing starts, building permits, and the July FOMC meeting minutes on Wednesday. As we all know, the FOMC meeting minutes are a great way to get an idea of how the Fed is thinking. What we see in the meeting minutes will likely give us a good idea of what we should expect for the next interest rate decision.
This week, the Q2 earnings season begins to slow down. However, it’s not over yet; we’ve still got some very important companies reporting their earnings this week, like:
08/07 – KKR & Co. (KKR), Palantir Technologies (PLTR), Tyson Foods Inc. (TSN), and Skyworks Solutions (SWKS)
08/08 – Eli Lilly and Company (LLY), United Parcel Service (UPS), Zoetis Inc. (ZTS), Datadog (DDOG), GlobalFoundries (GFS), Rivian Automotive (RIVN)
08/09 – The Walt Disney Company (DIS), Honda Motor Company (HMC), The Trade Desk (TTD), Roblox Corporation (RBLX), Wynn Resorts Limited (WYNN), U-Haul Holding Company (UHAL/UHAL.B)
08/10 – Alibaba Group Holding (BABA), Brookfield Corporation (BN)
Quite possibly, the most followed earnings release of this week will be PLTR, a retail investor favorite. The stock has performed quite well since its last earnings report, so it will be interesting to see if the stock will be able to continue its run!
We’ll also get to hear from companies like RIVN and HMC. These automakers will be able to provide insightful commentary on how the new auto space is performing, as well as the EV market in particular.
Lastly, we’ll also hear from UPS, which is a great barometer for the overall economy. After all, goods have to be shipped to their end user, so what better way is there to gauge the economy than one of the largest logistics companies in the world?
Monitoring the market conditions this week.
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