Wednesday saw a snap back towards Semiconductor and Technology shares spurring a big day for equities. Among the large cap. indices, the Nasdaq paced the advance adding 2.64% while the S&P 500 gained 1.58% and the Dow, 0.24%.
Among sectors, the XLK led on the day surging 4.24% higher on renewed strength from Semiconductor buying. NVDA paced the advance adding 12.81% while AVGO and MPWR were also up double digits. On the other side were recent winners, as every sector lagged the index with the exception of the Technology Sector. Internals weren’t quite as strong as expected with advancers only 1.5x decliners within the S&P 500.
Oil and commodities continued their near-term reversal higher while the USD weakened slightly. Yields on 2yr and 10yr stopped their recent respective slides with modest gains on Wednesday.
Another busy day for earnings and economic releases as August gets underway. Initial and Continuing claims highlight the data releases as investors watch for confirmation of lower inflation pressures.
On the earnings calendar Mag7 members AAPL and AMZN highlight a busy day that may determine whether momentum can be built upon todays strong upside moves.
Eco Data Releases | Thursday August 1st, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 08/01/2024 07:30 | Challenger Job Cuts YoY | Jul | — | — | 19.80% | — |
| 08/01/2024 08:30 | Nonfarm Productivity | 2Q P | 1.80% | — | 0.20% | — |
| 08/01/2024 08:30 | Unit Labor Costs | 2Q P | 1.70% | — | 4.00% | — |
| 08/01/2024 08:30 | Initial Jobless Claims | 27-Jul | 236k | — | 235k | — |
| 08/01/2024 08:30 | Continuing Claims | 20-Jul | 1855k | — | 1851k | — |
| 08/01/2024 09:45 | S&P Global US Manufacturing PMI | Jul F | 49.6 | — | 49.5 | — |
| 08/01/2024 10:00 | Construction Spending MoM | Jun | 0.20% | — | -0.10% | — |
| 08/01/2024 10:00 | ISM Manufacturing | Jul | 48.8 | — | 48.5 | — |
| 08/01/2024 10:00 | ISM Prices Paid | Jul | 51.8 | — | 52.1 | — |
| 08/01/2024 10:00 | ISM New Orders | Jul | 49 | — | 49.3 | — |
| 08/01/2024 10:00 | ISM Employment | Jul | 49.2 | — | 49.3 | — |
| 08/01/2024 | Wards Total Vehicle Sales | Jul | 16.20m | — | 15.29m | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Thursday August 1st, 2024
- AMZN (200-day m.a. | Relative to S&P 500)
- Price and relative curves are at near-term support. We like this setup ahead of earnings tomorrow with near-term oversold conditions reflecting lowered expectations
Sources: Bloomberg
