Following weeks of consistent bearish action, the markets took a slight breather last week.
Despite the Federal Reserve’s decision to raise interest rates by another 75 basis points, stock market indices have rallied on the news. Specifically, the SPDR S&P 500 ETF (NASDAQ:SPY) has experienced two weekly increases in three weeks for the first time since late March. The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) also exhibited this behavior.
Cboe Global Markets Inc. (BATS:CBOE) reports price ascensions in a number of U.S. funds tracking major indices, including the Nasdaq 100 Index, the Russell 2000 Index and the S&P 500 Index. Similar optimism is observed in some European stock markets, specifically in Germany’s DAX 30, while others have maintained bearish price action (albeit in a diminished capacity.)
Adding to the optimism, Charles V. Bergh’s Levi Strauss & Co. (NYSE:LEVI) wins charts of the week following a surprise earnings report.
Finally, Cboe notes important upcoming earnings that may lift investors’ eyebrows in the following week.
Quick Bites
Exchange-Traded Funds
- The SPDR S&P 500 ETF increased 1.95% last week, representing the second weekly price ascension in the last three weeks.
- The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) increased 4.69% last week, rising to highs set last week at $296.58 a share.
- The iShares Russell 2000 ETF (NASDAQ:IWM) increased 2.44% last week, following in the footsteps of macrocap indices.
- The Cboe Volatility Index™ (INDEXCBOE: VIX) decreased 7.71% last week, representing the fourth consecutive week of decline.
World Markets
- The iShares Core MSCI European ETF (NYSE:IEUR) increased 2.87% week-on-week.
- The iShares FTSE 100 (LSE: ISF) declined 0.16% week-on-week.
- The iShares Core DAX UCITS ETF (BIT: EXS1) increased 1.55% week-on-week.
- The Lyxor CAC 40 ETF (EPA: CAC) declined 0.74% week-on-week.
Chart Of The Week: LEVI
This photo was taken from the TradingView platform
Shares of clothing retailer Levi Strauss & Co. climbed one point to 6.65% in the aftermarket hours as a result of a stronger-than-expected earnings report. The company’s earnings per share (EPS) stood at $0.29, a pleasant surprise for analysts who had placed the figure at $0.23. Similarly, Levi reported revenue of $1.47 billion, a figure 2.68% higher than the $1.43 billion forecast.
In the following two days, LEVI’s stock price declined to pre-earnings levels. The stock continues to flirt with these valuations. Shares of Nike Inc. (NYSE:NKE) tell a similar story.
Major Cryptos
- Bitcoin (CRYPTO: BTC) increased 8.08%, representing its highest price ascension in three months.
- Ethereum (CRYPTO: ETH) increased 8.68% after momentarily dipping below the $1,000 level.
- Solana (CRYPTO: SOL) increased 9.97% and closed at a price of $36.68 per coin.
Upcoming Earnings And Catalysts
July 12
PepsiCo Inc. (NASDAQ:PEP) and AngioDynamics Inc. (NASDAQ:ANGO) report earnings on Tuesday, July 12. The earnings-per-share estimates stand at $1.74 per share and $0.01 per share, respectively.
July 13
Delta Air Lines Inc. (NYSE:DAL) will unveil its second-quarter earnings report at 9:30 a.m. on Wednesday, July 13.
According to Kiplinger, analysts, on average, are expecting Delta Air Lines to report earnings of $1.64 per share in the second quarter versus a per-share loss of $1.07 in the year-ago period. Revenue is projected to jump 87% year-over-year to $13.3 billion.
July 14
JP Morgan Chase & Co. (NYSE:JPM) will report earnings on Thursday, July 14.
According to Kiplinger, analysts, on average, are expecting JP Morgan Chase to report earnings of $2.94 per share in the second quarter. Revenue is projected to rise to $32 billion.
Also, Ericsson (NASDAQ:ERIC), Morgan Stanley (NYSE:MS) and Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) are expected to report earnings on the same day.
The earnings-per-share estimates for each are $0.16, $1.62 and $1.43, respectively.
July 15
United Health Group Inc. (NASDAQ:UNH) will report earnings on Friday, July 15.
According to Kiplinger, analysts, on average, are expecting United Health Group to report earnings of $5.20 per share in the second quarter. Revenue is projected to rise to $79.7 billion.
Also, BlackRock Inc. (NYSE:BLK), Citigroup Inc. (NYSE:C) and Wells Fargo & Co. (NYSE:WFC) are expected to report earnings on the same day. The earnings-per-share estimates for each are $8.70, $1.65 and $0.86, respectively.
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