August 7, 2016 The Week Ahead
The S&P 500 closed the week higher, holding on to record high levels. Earnings have been rolling out pretty smoothly and on Friday we received a really strong employment number. Sure, a lot of these gains in the market have been on extremely low volume, however; that hasn’t been raised as a concern yet. The economic schedule is light but there are more earnings to look forward too.
The VIX continued to decline during the week, closing on Friday below 12, at 11.39.
Crude oil futures prices gained almost 1% on the week, however; we’re nearly 12% off our one month highs.
Moving on, gold futures prices dropped more than 1% on the week, turning a weekly gain into a loss after Friday’s employment numbers. In addition, T-bond futures prices dropped more than 1.5%, as they fell back from yearly high levels.
As mentioned earlier, earnings season continues to roll. We’ll be hearing from Michael Kors (KORS), Valeant Pharmaceuticals (VRX), Alibaba (BABA), Yelp (YELP), and Disney (DIS) just to name a few.
Here is what is on tap for this upcoming week:
Key Economic Data:
10 Aug 2016- EIA Petroleum Status Report 10:30 AM ET
11 Aug 2016- Jobless Claims 8:30 AM ET
12 Aug 2016- Retail Sales 8:30 AM ET, PPI 8:30 AM ET
Key Earnings:
8 Aug 2016- AGN, DF, HZNP, TSN, ENDP, MCHP, NUAN, ONDK, NWSA, RAX, TWLO, WBMD
9 Aug 2016- CHTR, COH, INCY, LAMR, LNG, MYL, SNI, VRX, W, WWAV, ZBRA, CYBR, DIS, FOSL, JAZZ, MDVN, SCTY, SPWR, YELP
10 Aug 2016- JD, KORS, PRGO, RL, WEN, BUFF, SHAK
11 Aug 2016- BABA, EAT, FLO, CSAL, KSS, M, JWN, NVDA, RT
12 Aug 2016- JCP
Key Conferences:
8 Aug 2016- Credit Suisse Homebuilding & Building Products Conference (runs till 8/9)
9 Aug 2016- Credit Suisse Transports Conference (runs till 8/10); Jefferies Industrials Conference (runs till 8/11); JPMorgan Auto Conference (runs till 8/10); Oppenheimer Tech, Internet, and Communications Conference (runs till 8/10); UBS Financial Services Conference (runs till 8/10)
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