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Weekly stock market analysis – Earnings Update, Consumer Spending, FOMC Rate Hike, US Q2 GDP Announcement and more.
🔴 𝗦𝘁𝗮𝗿𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗜𝗕𝗞𝗥 ➡️ Click Here
⬇️Timestamps:
0:00 → Economic Updates
1:52 → Earnings Announcements
4:59 → FOMC Rate Hike Announcement
7:25 → US Q2 GDP Announcement
9:41 → Upcoming Important Dates
The stock market rally moved higher, fueled by sharp gains last Wednesday after the latest big Fed rate hike, as Fed chief Jerome Powell signaled rate hikes might begin to slow. The major indexes shrugged off weak results or guidance from Microsoft (MSFT), Shopify (SHOP), Walmart (WMT), and Meta Platforms (META). Google parent Alphabet (GOOGL), Amazon.com (AMZN) and Apple (AAPL) also were part of a massive week for earnings and news.
The U.S. economy backtracked 0.9% in Q2, following a 1.6% decline in first-quarter GDP., signaling the straight quarter of slightly declining economic activity. Consumer spending rose modestly in Q1 and Q2. The Employment Cost Index, a measure of wage growth closely watched by the Fed, showed wages grew 1.4% in Q2, up from the first-quarter’s 1.2% pace. Growth in total compensation, including benefits, eased to 1.3% from 1.4%.
Most economists don’t expect the NBER to declare an official recession, despite the consecutive quarters of negative growth. Since 1948, the economy has never seen consecutive quarterly growth declines without being in a recession.
In the next OPEC+ meeting on the 3rd of August, the OPEC+ may increase their oil production by 3 million barrels a day, ramping up to its maximum production capacity of 12 million barrels a day. That will also subsequently the stress off oil and gas prises until the end of 2022.
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Disclaimer: The content on this channel is for educational purposes only and merely cites my own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary.
