1 Stock to Buy, 1 Stock to Sell This Week: Palantir, Disney
Wall Street's main indices ended lower on Friday, capping off a losing week as investors digested the latest U.S. jobs report and disappointing earnings from Apple (NASDAQ:AAPL).
For the week, the blue-chip Dow Jones Industrial Average declined 1.1%, while the benchmark S&P 500 and technology-heavy Nasdaq Composite fell 2.3% and 2.9%, respectively, to notch their worst weeks since March.
The week ahead is expected to be another eventful one as investors continue to gauge the outlook for inflation, the economy, and interest rates.
On the economic calendar, most important will be Thursday’s U.S. consumer price index report for July, which is forecast to show headline annual CPI accelerating to 3.3% from the 3.0% increase seen in June.
The data will be key in determining the Federal Reserve’s next move at the September FOMC meeting. As of publication time, fed funds future trading implied only a 13% probability of a rate hike next month.
Elsewhere, the Treasury market could also be in the spotlight in the week ahead, with a key U.S. 10-year bond auction on the agenda amid renewed fears over rising yields.
Meanwhile, the pace of earnings slows down next week, though quarterly updates are still expected from notable companies such as United Parcel Service (NYSE:UPS), Eli Lilly (NYSE:LLY), Wynn Resorts (NASDAQ:WYNN), Tyson Foods (NYSE:TSN), and Wendy’s (NASDAQ:WEN).
Some of the other high-profile reporters include Alibaba (NYSE:BABA), Roblox Corp (NYSE:RBLX), Datadog (NASDAQ:DDOG), Twilio (NYSE:TWLO), Trade Desk (NASDAQ:TTD), Rivian Automotive Inc (NASDAQ:RIVN), Lucid Group Inc (NASDAQ:LCID), and Li Auto Inc (NASDAQ:LI).
Of the 422 companies in the S&P 500 that have reported quarterly earnings so far, 79.1% have beaten Q2 EPS
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