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Here is a quick recap of Markets for the Week of May 3rd, 2024 and what we are watching this week
The stock market exhibit mixed action last week amid a slate of earnings news and market-moving economic data.
S&P 500 +0.5%
Russell 2000 +1.7%
Nasdaq Composite +1.4%
Dow Jones Industrial Average +1.1%
Mega Caps lead thanks to Apple and Amazon, Powell calmed rate hike fears and the April employment report gave investors what they wanted.
Here are the key points from last week:
Mega Cap Earnings 📈 - Apple (AAPL) +8.3% and Amazon (AMZN) +3.7%, were standout earnings winners.
Powell and The Fed - leave rates unchanged as expected at 5.25-5.50%. Powell stated it was "unlikely that the next policy rate move will be a hike" even though there has been a lack of further progress toward reaching the inflation target in recent months.
April Employment - report was weak enough to reduce concerns about a potential rate hike, but not weak enough to invite worries about the state of the labor market.
- Nonfarm payrolls increased a smaller-than-expected 175,000 (consensus 250,000)
- Average hourly earnings were up a smaller-than-expected 0.2% (consensus 0.3%)
- The unemployment rate was up a higher-than-expected 3.9% (consensus 3.8%).
The Week Ahead
Monday, May 6th - Friday, May 10th, 2024
Attention this week will be focused on:
Consumer Credit - is expected to expand $15.5 billion in March versus an increase of $14.1 billion in February.
- The dollar value of consumer installment credit outstanding. Changes in consumer credit indicate the state of consumer finances and portend future spending patterns. The report includes credit cards, vehicle loans, and student loans; mortgages are not included.Fed Speeches - a total of 9 Fed speeches this week as FOMC members speak on the economy.
Most Anticipated Earnings this week
$SPY: S&P 500 closed Friday looking to reclaim that 510 resistance we wrote to look out for last week but can it hold is what we’ll see this week.
Friday’s Employment report brought some joy to investors as it supported the rate cut camp.
SPY over 512 trades to 515,518,520. Under 508 pulls back to 505,500,495.
Click below for a video format of the Markets recap and Watchlist preview which premium members get every week.
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I do a weekly Markets analysis every Monday at 8:30pm EST via zoom for the Ceni Capital Community This week, I will speak about the market sentiment shift brewing, stocks reporting earnings this week and charts I am watching for potential Swing Trades.
Trades Recap 📊
If you are interested in making your money work for you by getting our swing trade alerts ahead of time, reply back or comment “Swing Trade” below for more information.
🍎 $AAPL: Apple gave us that move we wrote to watch out after a surprise earnings beat and $110 billion share buyback announcement.
This move may just be getting started as they host their AI event this week.
If you are interested in getting our swing trade alerts ahead of time, reply back or comment Swing Trades below for more information.
🚨Watchlist 👨🏫
$PLTR: Palantir is set to report earnings on Monday, it broke out of its falling wedge last week and may be setting up for a swing trade opportunity.
Wall Street expects $0.08 per share on revenue of $614.88 million, representing 17% year-over-year revenue growth.
PLTR needs to get over 25 for a move to 28,30,35. Under 20 pulls back to 18 and 15.
🏰$DIS: Disney our swing from $82 is set to report earnings on Tuesday.
Wall St expects EPS of $1.09, indicating a change of +17.2% from the year-ago quarter with revenue of $22.11 billion.
DIS over 115 makes its way to 122,128,135,140. Under 110 pulls back to 100 and 95.
🚘$UBER: Uber our swing from $30 (May 2023) is set to report earnings on Wednesday.
Wall Street expects EPS of $0.21 on revenue of $10.07 billion, representing 14% year-over-year revenue growth.
UBER needs to reclaim 72 for a move to 78,82,85,90. Under 66 pulls back to 60 and 55.
$LYFT: Lyft will report earnings on Tuesday after the close.
Wall Street is expecting EPS of $.07 with revenue of $1.15 billion
LYFT over 18 trades to 20,22,25,30. Under 15 pulls back to 13
*None of these stocks above are recommendations to buy, sell or trade. We do not give financial advice, you should always do your own due diligence and practice proper risk management.*
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