It was a bearish week for most US equity indexes, with net weekly changes ranging from -2.9% (Nasdaq comp'), -1.5% (SPX), -0,9% (Dow), -0.7% (R2K), -0.4% (NYSE comp'), to +2.5% (Trans).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
Five US equity indexes were lower for the week, with one net higher.
The Nasdaq was rather powerfully lower, whilst the Transports was very significantly higher.
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Looking ahead
Earnings:
M - $AMC $DPZ $RYAAY $SMBK $CCK $BOKF $STLD $WRB $ZION $CALX $WASH $WTFC $AGNC $MCRI
T - $HAL $VICR $ALLY $DHI $SCHW $GM $MMM $VMI $MSCI $ALK $EWBC $NLY $AIR $EQT $RRC $NPB $WAL $PEGA $HWC
W - $GEV $T $PM $TNL $WAB $TEL $PHM $IRDM $MCO $FBP $TSLA $GOOGL $IBM $NOW $TXN $KMI $TCBI $SLG $CCI $CSX
T - $NOK $CLF $AAL $HBAN $FCX $STM $BX $CX $LMT $TSCO $INTC $MXL $DECK $NEM $COLB $BYD $SLM $SAM $RNG $JAKK
F - $VZ $CHTR $AXP $NEE $CNI $BAH $LW $SLB $HCA $CPF
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Econ-data/events
M - Leading indicators
T -
W - EIA Pet' report
T - Weekly jobs
F - PMI manu' & serv', new home sales
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Final note
A net bearish week for the collective of US equities, but nothing that merits any hysteria. Its mostly just multi-week chop... a little below recent historic highs.
Whilst I struggle to see a new historic high (this side of Labor day), even if we do, I'd still look for some degree of washout ahead of the midterms. The only issue is whether its a basic correction of around 10%, or something bigger... 15%, or even 20/25%. The latter looks a real stretch unless a major 'adverse event' occurs. The middle east and the Ukraine comes to mind.
Anyway, earnings are set to broadly come in fine. The econ-data is mostly non-recessionary, if skewed by monstrous Govt' deficit spending.
Ohh, and I shall be net bullish equities unless the Fed cut rates. It is ironically the case that higher rates would be inherently bullish for equities, especially the financials. I continue to expect a hike in Sept' and Dec'.
... as episode 2026 of Planet Krazy continues.
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Have
a good weekend
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