Market Recap (7/28/24)
Market Recap of the Week of Jul 22, 2024 - Jul 26, 2024
Source: Apple Stocks Application
Overall Market Trends:
Last week, different sectors faced different results as the major tech selloff continued. Both the tech-heavy indices, the NASDAQ Composite and the S&P 500, fell greatly with the NASDAQ falling 594 points (-3.31%) and the S&P 500 falling 90 points (-1.62%). On the other end of the stick, the New York Stock Exchange Composite (NYSE) rose 128 points (+0.69%), and the Dow Jones Industrial Average posted weekly gains of 232 points (+0.57%).
The market stayed relatively steady during Monday and Tuesday’s trading sessions as investors awaited the influx of big-tech earnings reports.
On Wednesday, Alphabet Inc. (NASDAQ: GOOG) fell roughly 5% due to YouTube revenue coming in below estimates. Tesla also posted weaker-than-expected earnings and an auto-revenue decline of 7% causing the stock to plummet 12.3%. These harsh results caused a trickle-down effect as other big-tech companies similarly fell greatly: Meta Platforms (NASDAQ: META) slumped 5.6%, Microsoft (NASDAQ: MSFT) declined 3.6%, and Nvidia (NASDAQ: NVDA) fell 6.8%. These harsh results caused a major decline the S&P 500 and NASDAQ Composite both significantly declined, falling 2.31% and 3.64% respectively.
These major tech stocks continued to falter during Thursday’s trading session, although less significantly. Some were down as much as 6% early into Thursday’s session. However, they rebounded as the day progressed, despite still finishing the day negative.
Stocks soared on Friday as a stronger-than-expected GDP report was coupled with an in-line Personal Consumption Expenditures report. These reports caused increased hope that a rate cut will be happening at the September policy meeting as well as increased rate cuts throughout the year.
Past Earnings Report:
Looking Towards the Future
Upcoming Important Economic Events:
Tuesday: S&P Case-Shiller home price index (20 cities)
Wednesday: Chicago Business Barometer (PMI); Employment cost index; FOMC interest-rate decision
Thursday: S&P U.S. manufacturing PMI; ISM Manufacturing
Friday: U.S. Employment Report
Future Earnings Reports: