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This week’s highlights:
On the surface, it may look like not much happened in the stock market. But that small gain for the week hid some big moves in the stock market’s biggest names. The catalyst has been second quarter results in an earnings season that is turning out to be one for investors to pay attention to. Among the highlights:
- Microsoft MSFT stock had its best day Thursday since 2008 and its best week since 1999.
- Amazon AMZN had its best week since 2015.
- Alphabet GOOGL jumped nearly 7% Friday, having lost nearly 8% the previous week.
- Apple AAPL lost 7.4% for its worst day in over a year.
Big Tech earnings may mostly be in the rearview mirror, but quarterly results will continue streaming in this coming week. Eagerly awaited will be SpaceX’s SPCX first report as a public company. With the stock down nearly 20% from its IPO and 46% from its high, we’ve got five charts on what to watch when Elon Musk’s other company reports. (And check out Morningstar analyst Seth Goldstein’s take on some news that could help ease the way for a merger with Tesla).
Proof that there are still companies outside of technology came this week with the $1 billion IPO from sandwich chain Jersey Mike’s JMKE. PitchBook’s Esther Luz digs into the restaurant’s success and how the deal for the chain from “down the shore” was received by investors.
It wasn’t just the stock market that saw some action this past week. Bonds sold off, driving long-term yields sharply higher. Here it was the Federal Reserve at the center of the action, as bond investors appear skeptical of Kevin Warsh’s inflation-fighting credentials after his post-meeting press conference. Morningstar senior US economist Preston Caldwell offered up his take on Warsh’s vague performance.
Amid a sea of negative headlines for private credit, we checked in with Marina Lukatsky, global head of credit and US private equity research at PitchBook, on what the group’s latest data is showing. Her take: yes, there’s stress, but it’s worth understanding the details.
Meanwhile, Valerio Baselli digs into the outlook for bitcoin. After a long slide toward $60,000, how much longer will this crypto winter last? Here’s what some analysts have to say.
Lastly this week, we return to the stock market where real estate stocks have been doing surprisingly well despite a higher-for-longer interest rate outlook. Yes, some of the gains are among data center REITs, but it goes broader than yet another AI trade story. We look at which stocks are leading the outperformance.
As always, be sure to visit our Markets page for our latest coverage and live stock market updates along with our full weekly calendar of key upcoming data and events.
