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S&P 500 – SPX
US indexes waver ahead of economic data; CPI in focus
Real estate S5REAS and financials SPF were the top losers among S&P 500 sectors, down 1.1% and 0.6% respectively.The benchmark S&P 500 SPX and Nasdaq Composite IXIC recouped most of their losses from last Monday by the end of the week. The S&P 500 had suffered its biggest one-day percentage drop in nearly two years on recession fears and the unwinding of currency carry trade positions involving the yen.
Investors are awaiting Wednesday’s U.S. consumer price index reading and retailer earnings to assess demand by shoppers.
SPX: S&P 500 Logs 2.3% for Best Day Since 2022 as Jobs Data Offsets Recession Worries
S&P 500 gains big, Nasdaq, Dow join.Jobless claims surprise to the downside.
Markets slosh around in thin summer trading.
The S&P 500 posted a huge win on Thursday as emboldened investors rushed in to scoop up battered shares from technology to banking and beyond. The broad-based index logged a 2.3% increase for its best day since November 2022. The powerful rally was made complete when the Dow Jones and the Nasdaq joined, clocking out with advances of 1.8% and 2.9%, respectively.
Jobless claims for the week ending August 3 totaled 233,000, undershooting consensus views of 240,000. In other words, fewer people than expected filed for unemployment benefits. The data was enough to send stocks flying — jobless claims are used as a proxy for layoffs and this one report eased concerns over an economic recession and offered some hope that the dismal July jobs figure might be a one-off event, and not a trend.S&P500 – SPX
Indexes end with strong gains, rebounding from global market rout
Uber jumps after Q2 revenue beatCaterpillar rises after Q2 profit beat
All major S&P 500 sectors also rose sharply.
U.S. central bank policymakers pushed back against the idea that weaker-than-expected July jobs data means the economy is headed for a recession, but they also warned that the Fed will need to cut interest rates to avoid such an outcome.
Nvidia NVDA gave the biggest boost to the S&P 500 and Nasdaq.
Nasdaq 100 – NDX
Nasdaq jump 2% after dramatic sell-off
Traders are pricing in a 75% chance the Fed will cut rates by 50 basis points at its next policy meeting in September, and a 25% chance of a 25 basis point reduction. A 50 basis point cut was fully priced in on Monday, with a 75 basis point cut also seen possible.
USD500 WEEKLY CHART – 10% CORRECTION LEVEL
With Nasdaq already in correction territory (more than 10% off the record high), an equivalent level in US500 comes in at 5105.
Calling for a bottom in this type of market is like throwing a dart so watch 5200 as one of those pivotal levels as well as 5192, briefly broken so far.’
Chart shows 4923 as next key support, making 5000-52000 a pivotal zone.
USD500 WEEKLY CHART – 10% CORRECTION LEVEL
With NAsdaq already in correction territory (more than 10% off the record high), an equivalent level in US500 comes in at 5105.
Calling for a bottom in this type of market is like throwing a dart so watch 5200 as one of those pivotal levels as well as 5192, briefly broken so far.’
Cahrt shows 4923 as next key support, making 5000-52000 a potential area that could cause a pause.
Nasdaq – NDX
Nasdaq rise on chip sector rally, Fed signals of upcoming rate cut
Nasdaq finished higher on Wednesday as chip stocks rallied and the Federal Reserve left U.S. interest rates unchanged but indicated it could begin easing monetary policy in September if inflation cools.The Fed kept its benchmark overnight interest rate in the 5.25%-5.50% range as it ended its two-day policymaking meeting on Wednesday, but opened the door to easing in September, seven weeks shy of the November U.S. elections.
During his press conference, Fed Chair Jerome Powell said policymakers discussed the case for cutting rates, but a “strong majority” agreed that now was not the appropriate time.
Nasdaq – NDX Chart
Nasdaq futures jump as megacaps recover; inflation data in focus
Nasdaq futures jumped 1% on Friday as megacap tech and chip stocks bounced back after a drubbing earlier this week, while investors hoped for a further let-up in inflation in a crucial data release later in the day.
Dow leads Wall St revival on inflation data, tech stocks rebound
Key points:·        PCE inflation rises moderately in June
·        Russell 2000 hits one-week high
·        Deckers, Baker Hughes climb after results
·        Dexcom slips after cutting revenue forecast
·        Indexes up: Dow 1.73%, S&P 1.24%, Nasdaq 1.07%
Nasdaq 100 – NDX
Tech-led selloff drives record volume in NDX options
The selloff in U.S. stocks is driving record trading options on the Nasdaq 100 Index NDX as the tech-heavy gauge is battered by turbulence in giant tech stocks.
The index – in which about 70% of the companies represented are tech – has slipped 7% from its July 10 record high in a tumble that has rattled the megacap names which have powered markets higher this year. By comparison, the S&P 500 is off 4% from its record, also set earlier this month.
Nasdaq 100 – NDX
Nasdaq hits one-month low as Tesla, Alphabet knock megacaps down
KEY POINTS:S&P 500, Dow hit multi-week lows
Visa falls after missing revenue growth forecasts
AT&T rises after beating subscriber-addition estimates
Enphase Energy up after results
Indexes down: Dow 0.85%, S&P 1.61%, Nasdaq 2.55%
The Nasdaq plummeted to a one-month low on Wednesday after Tesla and Alphabet disappointed with lackluster earnings, prompting investors to question if the Big Tech and AI-fueled 2024 equity rally was sustainable in the long run.
Tesla – TSLA
Tesla jumps 5% as Wall Street heavyweights rally
Shares of Tesla Inc TSLA rising ~5% on Mon, spearheading a rally in Wall Street’s tech-related heavyweights** CEO Elon Musk on Mon said the electric car maker will have humanoid robots in “low production” for internal use next year, months after he announced a rollout by the end of 2024
** Musk in April said Tesla’s robot would be able to perform tasks in factory by the end of this year and could be ready for sale as soon as the end of 2025
** TSLA’s rally on Mon outperformed a 1.7% gain in the tech heavy Nasdaq
