Equities ended Monday’s session mixed with the S&P 500 (+0.08%) and the Nasdaq Composite (+0.07%) up slightly and the Dow finishing off 0.12%. Investors treaded water waiting for consequential earnings releases from MSFT, AAPL, META and AMZN later this week with the former kicking things off tonight after the bell. Other notable co.’s reporting today are PFE, MRK, PG, PYPL and AMD.
At the sector level, Discretionary shares were a strong point (XLY +1.67%), while the Energy Sector was the laggard on the day (XLE 0.86%). Among individual stocks, ON Semiconductor Corp. led on the strength of a strong earnings report with shares adding >11%. TSLA was also up >5%.
Away from the large cap. US equity space, the yield on the 10yr Treasury continued to move lower in the near-term closing at 4.174% while the yield on the 2yr edged higher finishing at 4.39%. The Bloomberg Commodities Index traded lower and now sits on the technically important 95 level. WTI Crude also continues to exhibit near-term weakness with the continuous contract settling at $75.70
The Russell 2000 gave back more than 1% ending a win streak for small caps vs. large.
Eco Data Releases | Tuesday July 30th, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 07/30/2024 09:00 | FHFA House Price Index MoM | May | 0.20% | — | 0.20% | — |
| 07/30/2024 09:00 | S&P CoreLogic CS 20-City MoM SA | May | 0.30% | — | 0.38% | — |
| 07/30/2024 09:00 | S&P CoreLogic CS US HPI YoY NSA | May | — | — | 6.29% | — |
| 07/30/2024 09:00 | S&P CoreLogic CS 20-City YoY NSA | May | 6.50% | — | 7.20% | — |
| 07/30/2024 10:00 | JOLTS Job Openings | Jun | 8000k | — | 8140k | — |
| 07/30/2024 10:00 | Conf. Board Consumer Confidence | Jul | 99.7 | — | 100.4 | — |
| 07/30/2024 10:00 | Conf. Board Present Situation | Jul | — | — | 141.5 | — |
| 07/30/2024 10:00 | Conf. Board Expectations | Jul | — | — | 73 | — |
| 07/30/2024 10:30 | Dallas Fed Services Activity | Jul | — | — | -4.1 | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Tuesday July 30th, 2024
Several big names reporting from across sectors as we mentioned earlier. ON Semiconductor and TSLA both had big days yesterday, and both are at interesting points on their respective price charts. ON needs some more follow-through to confirm, but its positive earnings report pushed price through intermediate-term support, and it is showing increasing signs of bullish reversal from a technical perspective.
- ON Semiconductor (200-day m.a. | Relative to S&P 500)
- ON closed above its major congestion zone on strong earnings Monday. There is potential for a more significant bullish reversal with $88 the next key level to watch
Tactical Tuesday
Despite shares adding 5% today, TSLA remains in a tactical buy position at present. Shares are attempting to fill a recent downward price gap and recently broke above downtrend channel resistance. A move above $260 would confirm the bullish reversal in the near-term.
- TSLA (200-day m.a. | Relative to S&P 500)
- TSLA is attempting to break out above downtrend channel resistance. $260 is a key near-term confirmation of the bullish reversal
Sources: Bloomberg
