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Last Week’s Market Activity

Last week, we saw a mixed bag of results in the market, as the Nasdaq and Russell were up 0.34% and 0.51% on a week-over-week basis, whereas the S&P and Dow were down 0.31% and 0.79%, respectively. Additionally, we saw the footwear giant Nike fall nearly 20%, as they reported weak earnings and even weaker guidance. However, this didn’t lead to widespread concern, as this is more than likely due to a rotation in consumer preferences.

Macroeconomic Indicators

Last week, we saw relatively good news for the overall economy: personal income ticked up, personal spending ticked down, and PCE hit expectations, with both traditional and core PCE coming in at 2.6% on a year-over-year basis. However, the housing market is still in a rough spot, as pending home sales and new home sales missed expectations by a decent margin.  This leads many to believe that the overall economy is relatively healthy; however, the real estate market continues to suffer from the plague of high interest rates.

Upcoming Market Catalysts

Given the 4th of July holiday this week, things will be relatively quiet. We’ll start off with the job openings (JOLTS) report on Tuesday, followed by ADP employment on Wednesday, and the employment report, unemployment rate, and hourly wages on Friday. These metrics will give us a great idea of how the average consumer in the US is faring amidst these economically trying times!

Notable Earnings Releases

As we move into the holiday week, we only have a couple of companies reporting their earnings, including:

07/03 – Constellation Brands (STZ)

07/04 – Polestar Automotive (PSNY), Kura Sushi (KRUS)

Things will certainly heat back up next week, as many companies just closed their books on Q2!

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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