The markets have been on a roll lately. In fact, the S&P 500 has rallied by 8.2%, the Dow has gained 6.3% and the NASDAQ has soared 10.8% since the beginning of June.
The big question is whether the rally can continue into August, which is seasonally one of the weakest months of the year.
I’m optimistic, though, because we are in the midst of another strong earnings season. According to FactSet, 34% of S&P 500 companies have reported so far, with 80% posting positive earnings per share and revenue surprises.
Two of the big reports from last week were Magnificent Seven stocks Tesla, Inc. (TSLA) and Alphabet Inc. (GOOG). This week, we have four more from this group reporting, with Meta Platforms, Inc. (META) and Microsoft Corporation (MSFT) announcing on Wednesday, followed by Apple Inc. (AAPL) and Amazon.com Inc. (AMZN) on Thursday.
The last of this group is NVIDIA Corporation (NVDA), which will report at the end of August and serve as the earnings season finale.
Now, in this week’s episode of Market Buzz, I took a moment to discuss some of the other big names reporting this week.
But outside of earnings season, there are a couple of other major items to keep an eye on this week.
First is the Federal Open Market Committee (FOMC) meeting on Tuesday and Wednesday. While the Federal Reserve isn’t expected to cut rates on Wednesday, I’m expecting a dovish statement signaling a cut for the September meeting.
On a similar note, the Personal Consumption Expenditures (PCE) report is due out this Thursday. Economists are looking for the PCE to increase 0.3% in June, up from 0.1% in May, or a 2.5% year-over-year jump. Core PCE, which excludes food and energy, is forecast to increase 0.3% in June, just up from 0.2% in May. On a year-over-year basis, core PCE is expected to be 2.7%, which is unchanged from May.
I’ll give my full thoughts on the Fed and PCE data in another Market 360 later this week, so be sure to check your inbox for that. In the meantime, I also talked about what we can expect from the Fed, PCE, jobs data and more in this week’s Market Buzz.
Click the image below to watch now.
To see more of Market Buzz, you can subscribe to my YouTube channel here.
Gain an Edge With This Seasonality Tool
Lately, we’ve been talking a lot about seasonality here in Market 360. That’s because so far this year, it’s been a pretty crucial tool for navigating moves both in the broad markets and individual stocks.
Another big reason is that I partnered with the folks over at TradeSmith to combine my quantitative Stock Grader system (subscription required) with seasonality to create a brand-new strategy.
It’s called the Navellier Edge model portfolio, and it gets you into my A-rated or B-rated stocks at their absolute best times of year. It’s a new bonus for all new members joining after watching TradeSmith CEO Keith Kaplan’s webinar about seasonality – which shows a major shift coming for investors.
Because this message is so timely, we’ve kept the webinar replay available temporarily – but you can only access it until tomorrow night.
Go here to watch it now, and you’ll also get two free trade ideas just as a bonus for watching.
Louis Navellier
Editor, Market 360
The Editor hereby discloses that as of the date of this email, the Editor, directly or indirectly, owns the following securities that are the subject of the commentary, analysis, opinions, advice, or recommendations in, or which are otherwise mentioned in, the essay set forth below:
NVIDIA Corporation (NVDA)
