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Last Week’s Market Activity

Last week, the market was largely green, with the Nasdaq up 0.12%, the Russell up 0.42%, the S&P up 0.8%, and the Dow surprisingly up 1.83% on a week-over-week basis. Unfortunately, things were rather uneventful last week, but that won’t last for long. This week, we have a big week in terms of economic data releases, and Q2 earnings season will start in the coming weeks!

Macroeconomic Indicators

Last week was relatively uneventful in terms of economic data releases. However, it’s important to note that we continued to see a decline in metrics related to the real estate market, with home builder confidence, housing starts, and building permits all missing expectations. This shows that the real estate market is continuing to decline and will probably continue to do so until we reach a turning point in terms of interest rates.

Upcoming Market Catalysts

This week, we’ll see some relatively important economic data points being released, starting with consumer confidence on Tuesday. We’ll then see new home sales numbers on Wednesday, followed by the 2nd revision of Q1 GDP and pending home sales on Thursday.  Finally, we’ll get to see PCE data and personal income and spending data for the month of May on Friday. It’ll be important to pay attention on Friday, as PCE is the preferred inflation metric used by the Fed. So depending on the results of the print, markets could move in a major way!

Notable Earnings Releases

As we near the last full week of Q2 2024, we have a few remaining companies that need to report their Q1 earnings, such as:

06/25 – FedEx (FDX), Carnival Corporation (CCL/CUK)

06/26 – Micron Technology (MU), Paychex (PAYX), General Mills (GIS), Jefferies Financial Group (JEF)

06/27 – Nike (NKE), McCormick & Company (MKC/MKC.V.), Walgreens Boots Alliance (WBA)

This week, all eyes will be on NKE, as its stock has come under quite a bit of fire recently. Analysts and retail investors alike will be interested in what this retailer has to say about the global market for clothes and where consumers are spending their hard-earned money.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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