Last week we saw some of the most influential companies in the stock market report earnings, however, they were not the stars of the show. We saw the Fed hike rates again, as well as a disastrous GDP release, confirming what we all feared. With two consecutive quarters of negative GDP growth, we have entered a technical recession!
As we mentioned before, the Fed hiked rates another 75 basis points, putting their target interest rate at 2.25%-2.5%. Additionally, the US GDP decreased by 0.9% in Q2, following a 1.6% decrease in Q1. Surprisingly, the market did not react as negatively as one would expect, with all major indices finishing the week green.
Fortunately for us, the coming week will not be nearly as eventful as this week. We have Rental and Homeowner Vacancy Rates being announced on Wednesday. Key job data, including the Unemployment Rate, Average Hourly Earnings, and Nonfarm Payrolls will be released on Friday. It will be particularly important to pay attention to Friday’s releases, as they will give us a better idea on how the US economy is performing.
08/05 – Tyson Foods (TSN), Palantir Technologies (PLTR),
08/06 – GlobalFoundries (GFS), Roblox Corporation (RBLX), The Trade Desk (TTD), Coinbase Global (COIN)
08/07 – Walt Disney Company (DIS), Nio Inc. (NIO)
08/08 – Rivian Automotive (RIVN), Toast, Inc. (TOST)
After last week, we have the majority of the most influential earnings calls out of the way, and things are starting to slow down.
Companies like DIS, TSN, RBLX, and TOST will give valuable insight into how consumers are spending their money, and if they see any inflationary headwinds. Additionally, DIS will be able to provide some commentary on both the travel/experience and streaming businesses, which should carry some weight.
Some companies that are newer to public markets, such as COIN, NIO, and RIVN will also provide commentary on their businesses. It will be interesting to hear what they have to say given the current macroeconomic landscape and a rough start to their tenure as public companies.
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