It was a bearish week for most US equity indexes, with net
weekly changes ranging from -1.7% (Transports), -1.3% (Nasdaq comp'), -0.8% (Dow), -0.3% (SPX), to +0.5% (NYSE comp').
Lets take our regular look at five of the main US indexes
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans
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Summary
Four US equity indexes settled net lower for the week, with one net higher.
The Transports lead the way lower, with the NYSE comp' resilient.
The Nasdaq comp' broke a new historic high.
More broadly, all five US equity indexes are currently trading above their respective monthly 10MA.
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Looking ahead
A very busy week is ahead, with the first look at Q2 GDP, and another truck load of earnings. We can expect further Corona related headlines, especially in terms of the vaccine candidates. Its also likely we'll see some further 'developments' in US/China relations.
Earnings:
M - HAS, NXPI,
T - PFE, MCD, MMM, RTX, CNC, MO, JBLU, HOG, AMD, V, EBAY, SBUX, FEYE, AKAM, AMGN, CAR
W - SHOP, BA, GE, SPOT, ANTM, GM, APRN, PYPL, QCOM, TDOC, NOW, URI
T - UPS, MA, AZN, PG, KHC, BUD, CLF, LLY, NEM, CMCSA, AMZN, FB, AAPL, F, GOOGL, GILD, MGM, EA, XLNX
F - XOM, ABBV, PINS, CAT, MRK, CVX, UAA
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Econ-data:
M - Durable Goods Orders
T - Case-Shiller HPI, Consumer con', Richmond Fed manu'
W - Intl' trade, pending home sales, EIA Pet'
FOMC announcement (2pm), with Powell (2.30pm). No change in rates or the ongoing QE program can be expected. Its likely that Powell will again state the Fed's support for further fiscal stimulus, and that the fed will do 'whatever is necessary' to bolster the US economy (or rather... the equity market).
T - Weekly jobs, Q2 GDP (print'1),
F - Pers' income/outlays, Chicago PMI, consumer sent'
*As Friday will be end month, expect considerably higher volume.
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Have a good weekend
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*the next post on this page will likely appear 5pm EDT on Monday.
