Weekly Stock Market Update & SPY Technical Analysis
From major earnings to key economic data, markets powered through last week’s benchmarks and posted more record highs. Earnings from major financial institutions like JPMorgan, Bank of America, and Wells Fargo reflected solid economic health based on loan and spending activity. However, some early signs of slowing or tighter lending emerged from certain banks. While it’s not yet time to raise red flags, investors should watch for further indications that consumer borrowing power is being squeezed by high interest rates.
Also in last week’s earnings, both Netflix and TSMC surpassed expectations. These two are the first large-cap tech names to report and have set a high bar for others. This week, attention turns to earnings from Google, Tesla, IBM, and more. Earnings season is often a great time to discover potential stock opportunities, and we’ll be adding standout names to our watchlists.
On the economic front, last week’s CPI and PPI data suggest inflation may be ticking back up, raising uncertainty over whether a rate cut is appropriate. Both the market and consumers have been eagerly awaiting lower borrowing costs and interest rates. President Trump has repeatedly called for Fed Chair Jerome Powell’s resignation, largely due to Powell’s refusal to cut rates. Trump believes lower rates would help boost economic activity. Regardless, consumer spending appears to be rebounding, with U.S. retail sales growing 0.9% in June, according to last week’s report. That’s one reason we’ve included several retail stocks on this week’s watchlist.
Economic reports and updates are lighter this week, with the main focus on:
- Fed Chair Powell’s opening remarks at the banking conference (Tue)
- Initial Jobless Claims (Thu)
- S&P Flash U.S. Services PMI (Thu)
- Durable Goods Orders (Fri)
We’ll be covering the outcomes of these reports in our daily morning updates for Hyper Stocks Pro members.
SPY Technical Analysis
SPY hit another record high last week at 629.80 before getting rejected, making that our key resistance level heading into this week. Traders should be cautious of early-week breakouts, as they may face headwinds with major earnings (Google, Tesla, IBM, and more) scheduled in the second half of the week. SPY also experienced a quick pullback last week, dipping to around 618.00 before bouncing—marking that level as critical support. We’ll continue to update these key levels in our morning updates for Hyper Stocks Pro members.