29/07/2023
💰 𝐖𝐞𝐞𝐤𝐥𝐲 𝗦𝘂𝗺𝗺𝗮𝗿𝘆 💰
Week Ending 7/28/2023
𝐖𝐡𝐚𝐭 𝐡𝐚𝐩𝐩𝐞𝐧𝐞𝐝?
- The overall market rose this week, led by the communication services sector, amid stronger-than-expected Q2 earnings, while US economic growth for Q2 also surpassed expectations. As the Federal Open Market Committee of the Federal Reserve increased its main rate, concerns over future rate policy restrained the week's progress. Even though it was only by a quarter of a percentage point, the increase comes after the Fed's rate hikes were suspended last month, which raised more concerns about the Fed's potential future course of action. The S&P 500 still ended the week in positive territory as many companies posted stronger-than-expected Q2 results and US gross domestic product grew 2.4% in Q2, surpassing economists' consensus estimate for a 1.5% expansion according to Econoday. This represents stronger growth than Q1's 2% expansion.
- The highest weekly increase was in communication services, up 6.8%, followed by material and energy price increases of 1.8% and 1.7%, respectively. Consumer staples, industrials, consumer discretionary, and technology were some of the other sectors that saw gains.Utilities lost 2.1%, real estate lost 1.8%, health care fell by 0.8%, and financials dipped by 0.2% in the four sectors that experienced weekly drops. Alphabet ($GOOG), the parent company of Google, and $META Platforms, the parent company of Facebook, both saw gains in the communication services sector of 11% apiece. Meta Platforms posted Q2 results that exceeded Wall Street's estimates and released stronger-than-expected revenue guidance for the current quarter. Alphabet delivered Q2 per-share earnings and revenue that topped year-earlier results and market estimates as revenue growth accelerated in its search and YouTube businesse
𝐖𝐡𝐚𝐭 𝐡𝐚𝐩𝐩𝐞𝐧𝐬 𝐧𝐞𝐱𝐭?
- Next week's earnings calendar features Merck (MRK), Pfizer (PFE), Advanced Micro Devices (AMD), Caterpillar (CAT), Starbucks (SBUX), Apple (AAPL), Amazon.com (AMZN), ConocoPhillips (COP), and Berkshire Hathaway (BRK.A, BRK.B).
- Economic reports to be release next week are the Labor Department's July employment data are likely to receive the most attention. Other reports expected include the Institute for Supply Management's latest readings on the manufacturing and services sectors
𝐖𝐞𝐞𝐤𝐥𝐲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲:
- (+3.30%)
$SPX500 - (+1.06%)
$NSDQ100 - (+1.99%)
- I'd like to extend a warm welcome and thank you to everybody who has recently copied me. I would like to express my sincere gratitude for your unwavering support. You must maintain patience and calm. Happy weekend to all.
- Disclaimer: This is just my opinion; it is not financial advice. See if any of the stocks and other assets I specified above are in my portfolio.
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