Stocks fell across the board despite a mid-week surge in small-cap stocks. Updates on key economic indicators are in the cards for the coming week, including a new GDP report.
MARKET RECAP
The S&P 500 made new highs to start the week, buoyed by renewed optimism that interest-rate cuts could be right around the corner. It wouldn't last, however. A sharp sell-off began on Wednesday, as market attention rotated away from key tech names toward small-cap stocks, which some believe stand to benefit the most from interest-rate cuts. By Friday, however, not even the small caps could withstand the broader volatility. While the Russell 2000 still closed the week up over 1%, it gave back many of its mid-week gains on Thursday and Friday. Meanwhile, the S&P 500 fell over 2%, and high-flying Nvidia closed the week down nearly 10%. Elsewhere, crypto posted a strong green week, with bitcoin rising over 10%. This marked bitcoin's second consecutive green week after 4 consecutive red weeks, one of which slashed its price by nearly 11%. Gold pushed higher on Monday and Tuesday, but fell alongside the market to close the week.
Past week | Year-to-date | 5-year | |
S&P 500 | –2.4% | 16.0% | 84.9% |
Oil (WTI crude) | –2.5% | 14.0% | 44.3% |
Gold (New York) | –0.6% | 16.3% | 68.5% |
Bitcoin | 10.2% | 51.8% | 532.3% |
Source: Yahoo Finance, as of July 19, 2024.
KEY DATA FOR THE WEEK OF JULY 22
Investors will keep an eye on several key economic data updates for more details regarding inflation, including Thursday's GDP report.
Spotify ( |
Existing home sales – Tuesday |
United Parcel Service ( |
New home sales – Wednesday |
Fiserv ( |
EIA petroleum status report – Wednesday |
Ford Motor Company ( |
GDP – Thursday |
Chipotle Mexican Grill ( |
Jobless claims – Thursday |
American Airlines ( |
Durable goods orders – Thursday |
See the full earnings calendar (login required). | See the full economic calendar. |
Source: Fidelity.com, as of July 19, 2024.
SCREEN OF THE WEEK
Here are 5 stocks from the Fidelity.com Stock Screener that made a new 52-week high during the week of July 15, 2024:
- Intuitive Surgical (
) - Murphy USA (
) - Western Alliance (
) - Regis (
) - Blackstone (
)