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Salesforce Drags Down the Tech Sector

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Last Week’s Market Activity

Last week, we saw a tremendous amount of volatility in the markets, with companies like CRM reporting worse than anticipated earnings and falling more than 20% over the course of the following trading day. This led to a mixed bag in terms of index performance, with the Russell up 0.64% on a week-over-week basis, while the S&P, Nasdaq, and Dow were down 0.086%, 0.39%, and 1.02%, respectively.

Macroeconomic Indicators

There were a few important economic data releases last week, with the majority of them meeting expectations. PCE came in at expectations across the board, with year-over-year coming in at 2.7%. Meanwhile, we had consumer confidence come in quite a bit higher than anticipated, with May’s reading at 102, compared to an expected 96. We also saw the first revision of Q1 GDP come in at 1.3%, versus an expected 1.2%. Lastly, there were a couple misses, specifically in consumer spending, coming in at 0.2%, compared to an expected 0.4%, as well as pending home sales, coming in at -7.7%, versus an expected 0.4%. This underlines the weakness in the housing market that we’ve seen for quite some time now.

Upcoming Market Catalysts

This week, we’ve got a few important economic data releases, starting with the Job Openings (JOLTS) report on Tuesday. Depending on the numbers we see coming out of this, the market could move in a huge way. We’ll also get ADP employment data on Wednesday, followed by consumer credit, the employment report, the unemployment rate, and hourly wages on Friday. Overall, the data that we see this week will help us tell how the average American is faring amidst current economic conditions.

Notable Earnings Releases

This week, things are rather slow in terms of earnings releases; however, we still have a few notable companies reporting their earnings, such as:

06/03 – GitLab (GTLB)

06/04 – CrowdStrike Holdings (CRWD), Ferguson (FERG), Hewlett Packard Enterprise (HPE), Core & Main (CNM), Bath & Body Works (BBWI)

06/05 – lululemon athletica (LULU), Dollar Tree (DLTR), Brown Forman (BF.A/BF.B), Campbell Soup Company (CPB), Five Below (FIVE)

06/06 – Autodesk (ADSK), Samsara (IOT), The J.M. Smucker Company (SJM), NIO (NIO), DocuSign (DOCU)

This week, all eyes will be on LULU. This is because they are a great indicator of how the consumer is performing. So far this year, the stock has been punished, however, there have been quite a few big beats in the retail sector this quarter, so it will be interesting to hear what LULU has to say about the competitive landscape and how customers are spending their money.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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