Market Recap for Sunday, July 23rd, 2017
With a quiet economic calendar, it was earnings driving stocks higher last week.
After a slow start on Monday and Tuesday, the DOW, S&P, and NASDAQ all closed at record levels on Wednesday.
On Thursday, the S&P and NASDAQ made new entries in the record books as well. But on Friday, traders were cautious ahead of the weekend, and the major indices finished slightly lower.
With Friday’s small losses, the NASDAQ’s impressive 10-day win streak comes to an end.
But tech stocks looked great last week. The NASDAQ led the major indices with a 1.2% gain. And both the NASDAQ and S&P finished the week higher, ending with gains for the 3rd week in a row.
Here’s where the major indices ended the week:
- The S&P finished with a 0.5% gain. Adding 13 points, the S&P ended at 2,473.
- The DOW ended 0.3% lower. Down 58 points, the DOW closed at 21,580.
- The NASDAQ was up 1.2%. Adding 75 points, the NASDAQ finished at 6,388.
Crude Oil (CL) was up early in the week and approached the $48 mark on Thursday. But after back to back losses on Thursday and Friday, Crude Oil finished the week with a 2.0% loss at $45.79 a barrel.
Here’a an interesting earnings twist…Big banks and President Trump have claimed that post-financial crisis regulation is hurting lending and the banking industry. But according to Bloomberg, “Ten of the nation’s biggest lenders…made $30 billion last quarter, just a few hundred million short of the record in the second quarter of 2007.”
These near record profits come at a time when trading revenues are actually down for big banks. So it appears as though banks are doing just fine, in spite of the current legislation that is meant to help limit risk.
Looking at the week ahead, we have an active calendar and more earnings.
The FOMC Statement will be closely watched on Wednesday. Although most traders believe the next rate hike will come in December, traders are hoping for some clarity, and will look for clues in the wording of Wednesday’s statement.
Here are this week’s key reports (all times ET):
- MONDAY – Exiting Home Sales at 10:00am.
- TUESDAY – Consumer Confidence at 10:00am.
- WEDNESDAY – New Home Sales at 10:00am, Crude Oil Inventories at 10:30am, and the FOMC Statement at 2:00pm ET.
- THURSDAY – Durable Goods Data and Unemployment Claims at 8:30am.
- FRIDAY – Advance GDP at 8:30am, Revised Consumer Sentiment at 10:00am.
This Week’s Economic Calendar
Real Time Economic Calendar provided by Investing.com.
Have a great trading week!