S&P 500 has declined for the 2nd consecutive week. Magnificent 7 has erased $2 trillion in market value in 3 weeks. Weekly market recap, trading week 30/2024
Summary of the trading week in several posts with the most interactions on X
In this series, I’ve been bringing out financial posts with the largest number of interactions from my feed on the X platform over the most recent week. I am aware that not everybody uses X regularly so I thought it could provide some value to your analysis, and investment process.
That was a pretty volatile week in the markets with the US technology stocks underperforming. As a result, the Magnificent 7 has lost a whopping $2 trillion in market value over the last 3 weeks. Next week, however, promises to be even more exciting.
1) Weekly performance. In the first screenshot attached, you can see last week’s performance of the major US indexes, the VIX volatility index, gold, and Bitcoin.
- S&P 500 ended the week down by 1%. That was also the 2nd consecutive week of declines.
- Nasdaq index was down by 2.3%
- Dow Jones was up +0.7%
- Russell 2000 (small caps) ended the week up by 3.3
- VIX ended up slightly by 0.5%
- Gold declined by 0.6%.
- Bitcoin saw a 1.2% gain.
For the trading week ending August 2, key events are:
- US Consumer Board Consumer Confidence data on Tuesday
- US JOLTs Job Openings data for June on Tuesday
- Federal Reserve interest rate decision and Chair Powell Conference on Wednesday
- US ISM Manufacturing PMI for July on Thursday
- US Non-Farm Payrolls data for July on Friday
- Q2 2024 earnings reports - 31% of the S&P 500 companies are expected to release
The next week is massive in terms of the market events. Investors will be looking for hints from the Fed on whether they are going to cut rates in September and how many cuts the committee expects to conduct in 2024. Moreover, another Jobs report is due on Friday that will show whether the US labor market has deteriorated even further.
In terms of earnings, on Tuesday there are AMD and Microsoft after the market close. On Wednesday, Meta is scheduled to report after the market close. Finally, Amazon and Apple will be releasing their quarterly numbers after the market closes on Thursday. Only one thing is certain next week - volatility will pick up.
2) Another US recession warning: