Last week, we saw a relatively mixed market as the S&P and Dow were up 0.12% and 0.48%, respectively, and the Nasdaq and Russell were down 0.71% and 0.74%, respectively. This was on the back of some better-than-expected economic data and a mixed bag of earnings reports. However, we’re not out of the woods yet, as we’ve got a very busy week ahead of us in terms of both economic data releases and earnings releases.
Last week, we saw some key economic data points come in quite a bit better than expected. To start things off, consumer confidence beat expectations by roughly 2%. We also saw the 2nd revision of Q2 GDP come in quite a bit higher at 3.0%, versus an expected 2.8%. Lastly, we saw personal income come in a touch higher than expected and year-over-year Core PCE a touch lower than expected. Overall, these beats are great news for the American consumer and the US economy as a whole.
Despite the fact that this week is relatively short, it’s chock full of important economic data, starting with the job openings (JOLTS) report on Wednesday. We’ll then see the ADP employment numbers on Thursday, followed by the US employment report and unemployment rate on Friday. These economic data points will be incredibly helpful in telling how the consumer is faring.
This week, we have some of the more important earnings laggards report their earnings, such as:
09/03 – Zscaler (ZS)
09/04 – Copart (CPRT), Hewlett Packard Enterprise Company (HPE), Dick’s Sporting Goods (DKS), Dollar Tree (DLTR), Hormel Foods (HRL), Casey’s General Stores (CASY)
09/05 – Broadcom (AVGO)
This week, all eyes will be on AVGO, since the market has been paying particularly close attention to the semiconductor space in recent months. It’ll be incredibly important to pay attention to what they have to say, as some of the larger players in the space, like NVDA, have reported lackluster numbers.
Monitoring the market conditions this week.
Want to stay in the know? Want tips delivered right to your inbox? Simply provide your email address below and you’ll get a high-value newsletter, designed to help you trade stronger.
