Market Recap July 12, 2024

Author

Amber Trusik
July 15, 2024

Stock Market Indices

  • Dow Jones Industrial Average: Increased by 1.55% week-over-week

    • Indicators: Shooting Star Candle, above 9 SMA, 21 EMA, 50 SMA, 200 SMA

    • Trading in Bullish Zone based on Triple Witching Day

    • RSI (Relative Strength Index) crossing 70

  • Nasdaq: Decreased by 0.31% week-over-week

    • Indicators: Shooting Star Candle, above 9 SMA, 21 EMA, 50 SMA, 200 SMA

    • Trading in Bullish Zone based on Triple Witching Day

    • RSI above +60

  • S&P 500: Increased by 0.76% week-over-week

    • Indicators: Shooting Star Candle, above 9 SMA, 21 EMA, 50 SMA, 200 SMA

    • Trading in Bullish Zone based on Triple Witching Day

    • RSI crossing 70

  • VIX (Volatility Index): Increased by 0.15% week-over-week

    • Indicators: Above 9 SMA, 21 EMA, 50 SMA, below 200 SMA

    • Trading in Bearish Zone based on Triple Witching Day

Key Rates

  • Fed Funds Rate: 5.33%

  • SOFR (Secured Overnight Financing Rate): 5.34%

  • TRIN (Trading Index): 0.69

Economic Indicators

  • CPI Data (Consumer Price Index):

    • Core consumer prices rose by 0.1% in June 2024, down from 0.2% in May.

    • This increase is the smallest since February 2021.

    • Notable changes: Shelter prices increased by 0.2%, transportation services decreased by 0.5%, and new vehicle prices decreased by 0.2%.

    • Used car and truck prices fell by 1.5%.

  • PPI Data (Producer Price Index):

    • Core producer prices rose by 0.4% in June 2024, up from a revised 0.3% in May.

    • Year-over-year core producer inflation accelerated to 3%, up from a revised 2.6%, exceeding expectations of 2.5%.

  • Consumer Sentiment:

    • The University of Michigan Consumer Expectations Index dropped to 67.20 points in July 2024, the lowest in eight months.

    • This is a decrease from 69.60 points in June and below the forecast of 69.80 points.

Bank Earnings

  • JPMorgan Chase & Co. (JPM):

    • Reported EPS of $6.12 for Q2 2024, beating analysts' estimates of $4.19.

    • Revenue for the quarter was $50.80 billion, exceeding the expected $42.23 billion.

  • Wells Fargo (WFC):

    • Reported EPS of $1.25 for Q2 2024, above analysts' estimates.

    • Revenue was $20.53 billion, driven by higher net interest income and lower expenses.

  • Citigroup (C):

    • Reported EPS of $1.40 for Q2 2024, slightly below analysts' expectations.

    • Revenue was $19.44 billion, falling short of projections.

  • Goldman Sachs:

    • Reported EPS of $8.62 for Q2 2024, significantly higher than the anticipated $7.64.

    • Total net revenues rose 17% year-over-year to $12.73 billion, beating the forecast of $11.40 billion.

    • Key drivers: Strong performance in investment banking and trading, strategic focus on asset and wealth management.

    • Provision for credit losses decreased to $282 million from $615 million the previous year.

    • Announced a 9% increase in dividend to $3.00 per share, payable on September 27, 2024.

Sources:

THIS IS NOT FINANCIAL ADVICE, THIS IS FOR INFORMATIONAL PURPOSES ONLY