Markets Bounce Back on Palantir and Apple News

Indices

• Dow 44,175, +587 or +1.33%.
• Nasdaq 21,450 (new record close), +800 or +3.87%.
• S&P 6,389, +151 or +2.42%.
• MSCI EAFE 2679.76, +58.93 or+2.25%.
• USD10Y4.285%, +6.5bp or +1.54%.
• WTI Crude $63.35 bbl, -$2.94 or-4.44%.

Markets Bounce Back on Palantir and Apple News

After last Friday’s abrupt market decline due to a poor July jobs report and perhaps more importantly, downward revisions of the May and June reports to the tune of 258,000 fewer jobs created than initially reported, markets staged a powerful rally this week. A phenomenal quarter from data mining giant Palantir Technologies (PLTR) and Apple’s (AAPL) announcement that they would add $100 billion to their already promised $500 billion U.S. manufacturing investment pledge helped to set a closing record on the Nasdaq and power the other indices close to new records as well.

The Upcoming Week: Aug 11 – Aug 15

Earnings are sparse until next week when major retailers Walmart and Target report. This week’s docket includes Y2K favorite Cisco Systems (CSCO), farm equipment manufacturer John Deere, and semiconductor equipment maker Applied Materials (AMAT).

However, the economic calendar includes important clues as to whether the Fed will cut or by how much they will cut interest rates in September (current odds are at 88.9% for a 25bp cut). Tuesday will see the release of July’s Consumer Price Index (CPI) and wholesale inflation data, or the Producer Price Index (PPI) will follow on Thursday. July Retail Sales and August Consumer Sentiment will wrap up the week on Friday.

Economic Calendar

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