Where Things Stand in the Market as of Sunday, July 28th, 2024

Good afternoon Investors & Traders!

The upcoming week is chock full of potentially market-moving events, not the least of which includes earnings releases from Microsoft (MSFT), Modine (MOD), Arista Networks (ANET), Lam Research (LRCX), Meta Platforms (META), Apple (AAPL), Amazon (AMZN), and Monolithic Power (MPWR)—to name a few. Then there’s the Fed’s two-day meeting concluding Wednesday. The market expects policymakers to leave rates where they are, but the Fed’s more detailed policy statement at 2 p.m. ET, and Fed chief Jerome Powell’s Q & A at 2:30 p.m. ET may signal a readiness to cut rates. It would seem that Investors have priced in at least a quarter-point rate cut for late September, with some seeing at least two or maybe three cuts by the end of this year.

Given the fact that the Nasdaq and S&P 500 are under pressure and that mega cap growth stock earnings have for one reason or another been less than overwhelming, I’d wait for a clear uptrend to develop before putting money at risk. Also, since few growth stocks are setting up at the moment, I’d suggest looking at non-tech stocks until the market gives clear assurances of a renewed uptrend. Until then the market and individual stocks can be all over the place.