Weekly Market Snapshot: July 31, 2020
Market related news for the week ending July 31, 2020
- Spot gold traded as high as $1,943 an ounce in overnight trade into Monday. This eclipsed the previous record set in 2011.
- Tuesday Starbucks earnings revealed a net loss of $678 million last quarter, but still beat Wall Street expectations.
- Kodak rallied more than 200% Tuesday after the Trump administration announced it would extend a $765 million loan to the company to launch a business making pharmaceutical ingredients.
- Wednesday Shopify and AMD stock soared as both companies topped earnings and revenue expectations.
- Thursday Amazon, Facebook, Apple and Google released earnings after the bell, a day after being grilled in Congress about whether their companies are too powerful. Amazon posted a 40% increase year-on-year in revenue, far higher than expected. Facebook stock rallied after it announced it had more than 3 billion monthly active users across it apps. Google’s parent company, Alphabet, posted its first year-on-year revenue decline, but still managed to beat expectations.
- Apple shares crossed $400 for the first time Friday on better than expected earnings. The company announced it plans to do a 4-for-one stock split for shareholders as of August 24.
- Friday shares of Vital Farms, the biggest producer of pasture-raised eggs, soared 63% in their trading debut.
- Monday: Durable Goods Orders for June rose 7.3%, as orders for cars and trucks surged 86%. Aircraft orders fell 462% with Boeing only booking one order and receiving nearly 200 cancellations.
- Tuesday: Case-Shiller National Home Price Index for May was 4.5%, or 6.3% year-on-year.
- Tuesday: Consumer Confidence Index for July fell to 92.6 from June’s 98.3.
- Wednesday: Pending Home Sales for June rose 16.6%.
- Thursday: GDP for Q2 fell 9.5%, slightly less than expected.
- Thursday: Initial Jobless Claims for week 7/25 were 1.43 million
- Friday: Consumer Spending for June rose 5.6% after May’s 8.5% jump.
- Friday: Core Inflation for June was 0.2% or 0.9% year-on-year.
- Friday: Chicago PMI for July hit 51.9, much higher than expected. June’s reading was 36.6.
- Friday: Consumer Sentiment Index for July was 72.5, after June’s 73.2.
Looking ahead: Economic news for the week ending August 7, 2020
- Monday: Markit Manufacturing PMI for July at 9.45am.
- Monday: ISM Manufacturing Index for July at 10.00am.
- Tuesday: Factory Orders for June at 10.00am.
- Wednesday: ADP Employment Report for July at 8.15am.
- Wednesday: Markit Services PMI for July at 9.45am.
- Wednesday: ISM Non-manufacturing Index for July at 10.00am.
- Thursday: Initial Jobless Claims for week 8/1.
- Friday: Non-Farm Payrolls for July at 8.30am.
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