Several bouts of July inflation data made headlines this week on Wall Street, with the consumer price index (CPI) meeting expectations and the producer price index (PPI) showing an unchanged reading. Results boosted hopes of no rate hike in the September Federal Reserve Open Committee (FOMC) meeting, with the CME Fed Watch tool now pricing in a 67.4% chance of no change. U.S.-Iran tensions continued to worry investors, as the fight to keep the Strait of Hormuz open increased threats between the nations. West Texas Intermediate (WTI) crude prices saw whipsaw price action throughout the discourse.
The Dow Jones Industrial Average (DJI) only managed to eke out one session win and is now on track for a weekly loss. On the flip side, the S&P 500 Index (SPX) and Russell 200 Index (RUT) logged record closes on Thursday, both headed for a weekly win alongside the tech-heavy Nasdaq Composite (IXIC).
Headlines You Can't Miss
Boeing (BA) and Archer Aviation (ACHR) kicked the week off on a strong note, after the pair announced the latter would take over three BA subsidiaries, giving the aerospace name a nearly 20% stake in Archer. Plus, history signaled Invesco QQQ Trust (QQQ) might be a great bullish pick, while Intel (INTC) doubled down on its stock offering.
Also worth noting, American Airlines (AAL) latest c-suite update and SpaceX's (SPCX) West Coast satellite launch. Dell Technologies (DELL) continued its tear up the charts, Kroger (KR) quietly closed 39 stores, and Redditt (RDDT) landed a spot on the S&P 500.
Earnings Continued to Flood Wall Street
Earnings season has yet to slow down, as investors welcomed numerous big-name reports this week. Applied Materials (AMAT) shrugged off a fiscal third-quarter beat, Birkenstock (BIRK) gapped higher on its own earnings win, and a revenue whiff sent Cerebras Systems (CBRS) spiraling.
CoreWeave (CRWV) drew headlines after doubling its second-quarter revenue, just as Nebius (NBIS) welcomed an AI-driven results beat of its own. Plus, weight-loss drugmaker, Hims & Hers Health (HIMS), slid after sharing a wider-than-expected Q2 loss.
Blue-Chip Reports on the Docket
Next week will bring a fresh batch of economic data, including the July Federal Open Market Committee (FOMC) meeting minutes and the U.S. Manufacturing Purchasing Managers' Index (PMI). Attention will also shift toward housing data and the typical weekly jobs report. Blue-chip earnings will also take place, with readings from Walmart (WMT), Home Depot (HD), and more.
Plus, Schaeffer's Senior V.P. of Research Todd Salamone takes us through which S&P 500 levels might be tempting for profit takers right now, as well as Senior Quantitative Analyst Rocky White's list of stocks that could keep outperforming.
