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Two major tests on the horizon to determine if last week’s stock market hype was justified

Wall Street had a strong week, with the S & P 500 and Nasdaq both posting back-to-back weekly gains of nearly 1.5%. The market was buoyed by Federal Reserve Chairman Jerome Powell’s speech from Jackson Hole, where he indicated that interest rate cuts are on the way. Powell’s comments reassured investors, leading to expectations of 100 basis points of cuts by the end of the year.

One of the standout performers of the week was TJX Companies, which saw its stock price rise by more than 6.5% after reporting strong quarterly earnings and raising its guidance. Analysts increased their price target for the stock to $130 per share, but maintained a rating of 2, indicating a wait-and-see approach before considering further buys. Palo Alto Networks also had a strong week, with its stock price gaining 4% after delivering strong earnings and a promising outlook.

However, not all companies fared as well. Estee Lauder reported earnings that did not meet expectations, leading analysts to opt out of the stock due to lackluster performance in the prestige beauty market. This decision was made in line with the S & P Short Range Oscillator tipping into overbought territory, prompting some selling in an overbought market.

Looking ahead, the focus will be on earnings reports from key companies such as Nvidia, Salesforce, and Best Buy. Nvidia is set to report its fiscal 2025 second-quarter earnings, with investors eager to hear about the company’s guidance for the current quarter and supply and demand dynamics. Salesforce will also report its earnings, with a keen eye on management’s commentary about deal activity and business confidence. Best Buy will issue its earnings before Thursday’s opening bell, with a focus on marketing strategies for AI-equipped hardware.

On the economic front, the week ahead will bring updates on U.S. economic growth in the second quarter and the PCE price index, the Federal Reserve’s preferred measure of inflation. The release of the personal consumption expenditures (PCE) price index on Friday will be closely watched, with expectations of a 2.5% year-over-year increase in the headline PCE and a 2.7% rise in the core rate. Powell expressed confidence that inflation is trending back towards the Fed’s 2% target.

Overall, Wall Street is gearing up for an important week, with key earnings reports and economic data on the horizon. Investors will be closely monitoring developments in the market as they navigate through an overbought environment and anticipate further interest rate cuts from the Federal Reserve.

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