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NVIDIA Continues Its Run

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Last Week’s Market Activity

Last week was a bit of a mixed bag, with most of the market ending the week in red. The Dow was down a whopping 2.33%, the Russell was down 1.44%, the S&P was down 0.32%, and the Nasdaq was up 0.70% on a week-over-week basis. This upward movement in the Nasdaq was mainly due to the fact that NVIDIA reported fantastic earnings, sending the stock up a massive 13.54% in the past week.

Macroeconomic Indicators

Last week was relatively quiet in terms of economic data releases. The real estate-related indicators, existing home sales and new home sales, came in a good bit lower than anticipated, with the former coming in at 4.14 million vs. an expected 4.21 million and the latter coming in at 634,000 vs. an expected 675,000. We also saw the final numbers for consumer sentiment that were just a touch better than anticipated, coming in at 69.1, versus a preliminary reading of 67.6. Regardless of the slight beat, this is a very low reading for consumer sentiment, which should be concerning.

Upcoming Market Catalysts

This week, we’ve got a few important economic data releases, starting with consumer confidence on Tuesday. We then have the Fed Beige Book on Wednesday, followed by the first Q1 GDP revision and pending home sales on Thursday. We then wrap things up on Friday with personal income, personal spending, and PCE. The economic data released this week will give us a tremendous idea of how the consumer is performing amidst these economically confusing times.

Notable Earnings Releases

Although earnings season is beginning to slow for Q1, we still have some relatively important companies reporting this week, such as:

05/28 – The Bank of Nova Scotia (BNS), Heico Corporation (HEI/HEI.A), Futu Holdings (FUTU), CAVA Group (CAVA), Box (BOX)

05/29 – Salesforce (CRM), Bank of Montreal (BMO), Agilent Technologies (A), HP (HPQ), Pure Storage (PSTG), Nutanix (NTNX), Okta (OKTA), Dick’s Sporting Goods (DKS), U-Haul Holding Company (UHAL/UHAL.B), Viking Holdings (VIK), UiPath (PATH)

05/30 – Costco Wholesale (COST), Dell Technologies (DELL), Marvell Technology (MRVL), Dollar General Corporation (DG), MongoDB (MDB), Zscaler (ZS), Hormel Foods (HRL), The Cooper Companies (COO), Ulta Beauty (ULTA), and Best Buy (BBY)

This week, everyone will be paying attention to CRM and COST as these giants report their earnings. CRM is one of the largest players in the AI space, so everyone will be on the edge of their seats, waiting to hear what Marc Benioff has to say about their AI strategy. COST will also be a key earnings report this week, as their stock has raced up this year, giving it quite a bit of attention. It will be interesting to see if this wholesale giant will be able to keep their sales up.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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