1 Stock to Buy, 1 Stock to Sell This Week: Apple, Pfizer
Stocks on Wall Street rallied on Friday to wrap up an action-packed week, as investors cheered data showing cooling inflation and stronger-than-expected earnings that supported the case that the U.S. economy can manage a soft-landing.
For the week, the blue-chip Dow Jones Industrial Average tacked on 0.7%, the benchmark S&P 500 rose 1%, while the tech-heavy Nasdaq Composite advanced 2%.
The week ahead is expected to be another eventful one as the calendar flips from July to August and investors continue to gauge the outlook for the economy, inflation, and interest rates.
On the economic calendar, most important will be Friday’s U.S. jobs report. As per Investing.com, nonfarm payrolls are forecast to rise by 184,000 in July, while the unemployment rate is seen holding steady at 3.6%.
Meanwhile, the Institute for Supply Management's (ISM) manufacturing survey index is scheduled for Tuesday, followed by the ISM service-sector PMI on Thursday.
The data will be key in determining the Federal Reserve’s next policy move. Currently, financial markets are pricing in just a 20% chance of another quarter-point increase at the next FOMC meeting in September, according to Investing.com’s Fed Rate Monitor Tool.
Elsewhere, the corporate earnings season continues in earnest with reports expected from high-profile companies, such as Amazon (NASDAQ:AMZN), Advanced Micro Devices Inc (NASDAQ:AMD), Qualcomm (NASDAQ:QCOM), Coinbase (NASDAQ:COIN), Robinhood (NASDAQ:HOOD), DraftKings (NASDAQ:DKNG), Shopify (NYSE:SHOP), PayPal (NASDAQ:PYPL), Block Inc (NYSE:SQ), Pinterest (NYSE:PINS), and Etsy (NASDAQ:ETSY).
Some of the other notable reporters include Caterpillar (NYSE:CAT), Uber (NYSE:UBER), Starbucks (NASDAQ:SBUX), Anheuser Busch Inbev
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