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Last Week’s Market Activity

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, we’re not out of the woods yet, as there are some rather important companies reporting their earnings this week, so stay tuned!

Macroeconomic Indicators

Last week, we saw some incredible volatility in the markets, with retailers like Dick’s Sporting Goods and Foot Locker both seeing their stock prices slashed by 24% and 32%, respectively. These tremendous drops in stock prices came on the back of worse-than-expected earnings and guidance cuts. As with almost every retailer in the market, both companies have mentioned that “shrinkage”, also known as theft, was a key driving force in their misses and guidance cuts. If this is true and we really are seeing an increase in organized retail crime, the economy might not be in as good of shape as it seems!

Upcoming Market Catalysts

This week, we have some rather interesting economic data releases, including job openings on Tuesday, ADP employment and Q2 GDP revision on Wednesday, and nonfarm payrolls, unemployment, and hourly wages on Friday. However, the most important thing to pay attention to will be PCE on Thursday. At the Jackson Hole Summit this past week, Jerome Powell made it abundantly clear that the Fed’s target inflation rate remains 2%, and according to PCE data, we’ve still got some work to do!

Notable Earnings Releases

As Q2 earnings season slows, we still have some rather important companies reporting their earnings this week, such as:

08/29 – PDD Holdings (PDD), Bank of Montreal (BMO), Bank of Nova Scotia (BNS), HP Inc. (HPQ), Nio Inc. (NIO), Hewlett Packard Enterprise Company (HPE), Best Buy Co., Inc. (BBY), J.M. Smucker Company (SJM)
08/30 – Salesforce (CRM), Prudential Public Limited (PUK), CrowdStrike Holdings (CRWD), Brown Forman Corporation (BF.A./BF.B.), Chewy Inc. (CHWY), Five Below, Inc. (FIVE)
08/31 – Broadcom Inc. (AVGO), UBS AG (UBS), Lululemon Athletica (LULU), Dell Technologies (DELL), Dollar General Corporation (DG), Hormel Foods Corporation (HRL)

The companies that will likely move big this week are BBY, FIVE, LULU, and DG. As we mentioned before, retailers have been disappointing in a major way this earnings season, so it will be interesting to hear what these retail giants have to say about the economic landscape.

It’ll also be important to pay attention to CRM as well as AVGO. These industry giants will likely provide some very important commentary on their respective sectors, which could potentially move their stocks or related stocks.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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