The major averages were mixed this week with the Dow closing down slightly, the S & P 500 eking out another gain and the Nasdaq closing higher as it worked to regain more ground as the most beat up of the major averages this year. While expectations lately have been for the Federal Reserve to pull back on its aggressive pace of rate hikes, Friday’s better-than-expected jobs report threw a bit of a wrench into the narrative. Bond yields rose on worries the Fed would be more aggressive in fighting inflation. Under the hood this week, the technology sector led to the upside followed by consumer discretionary, and communication services, while energy led to the downside followed by real estate and materials. Meanwhile, the U.S. dollar index held steady at around the 106 level. Gold rose to about $1,790 per ounce. WTI crude prices pulled back to just under $90 per barrel. The yield on the 10-year Treasury jumped back up to around the 2.83% level on the back of a stronger-than-expected nonfarm payrolls report on Friday. Looking back We received earnings results from Devon Energy (DVN), Advanced Micro Devices (AMD), Coterra Energy (CTRA) and Eli Lilly (LLY). On the macroeconomic front: On Monday, the July ISM Manufacturing PMI was released , coming at 52.8. While the reading edged out expectations of 58, it was nonetheless down 0.2 percentage points monthly and represents the lowest reading since June 2020. On Wednesday, the July Services PMI came in at 56.7, well ahead of the 53.5 expected and 1.4 percentage points above June’s reading. Also Wednesday, June Factory orders were reported to have increased 2% monthly, ahead of the 1.2% expected by the Street. On Thursday, initial jobless claims for the week ending July 30 came in at 260,000, matching expectations. Finally, on Friday, we got July nonfarm payroll report indicating a 528,000 payroll increase, well ahead of the 258,000 estimate. Additionally, unemployment ticked down to 3.5%, also better than the 3.6% expected. What’s ahead Within the portfolio, we will hear from Bausch Health (BHC) on Tuesday before the opening bell; from Wynn Resorts (WYNN) on Tuesday after the close; and from Disney (DIS) on Wednesday after the close. Here are some other earnings reports and economic numbers to watch in the week ahead: Monday, August 8 Before the bell: Barrick (GOLD), Beam (BEAM), BioNTech *BNTX), Elanco (ELAN), Palantir (PLTR), Tyson Foods (TSN), Monday (MNDY), Radware (RDWR), Avaya (AVYA) After the bell: 10X Genomics (TXG), 23andMe (ME), American Intl (AIG), Blink (BLNK), CarGurus (CARG), GoodRx (GDRX), Groupon (GRPN), Intl Flavors (IFF), Lemonade (LMND), Novavax (NVAX), PubMatic (PUBM), Take-Two (TTWO), Trex (TREX), Upstart (UPST) Tuesday, August 9 Before the bell: Aramark (ARMK), Capri (Holdings (CPRI), Cerence (CRNC), Cronos Group (CRON), Emerson (EMR), IAA (IAA), Ionis Pharma (IONS), Louisiana Pacific (LPX), Perrigo (PRGO), Ralph Lauren (RL), Planet Fitness (PLNT), Spirit Aero (SAVE), Sysco (SYY), Warner Music (WMG) After the bell: Akamai (AKAM), Alarm.com (ALRM), Alcon (ALC), Array Tech (ARRY), Arrowhead (ARWR), Axon (AXON), Carlyle Group (CG), CRISPR (CRSP), Inovio Pharma (INO), Invitae (NVTA), Magnite (MGNI), Plug Power (PLUG), roblox (RBLX), The RealReal (REAL), Unity (U) Wednesday, August 10 Before the bell: CyberArk (CYBR), Fox Corp (FOXA), Jack in the box (JACK), Wendy’s (WEN), Wix (WIX), Wolverine (WWW) After the bell: AppLovin (APP), Bumble (BMBL), Dutch Bros (BROS), Matterport (MTTR), Sonos (SONO), Vizio (VZIO) 8:30 a.m. ET: Consumer Price Index Thursday, August 11 Before the bell: AerCap (AER), Baidu (BIDU), Canada Goos (GOOS), Dentsply (XRAY), Dillard’s (DDS), NIO (NIO), Six Flags (SIX), UTZ Brands (UTZ), US Foods (USFD), Warby Parker (WRBY) After the bell: Illumina (ILMN), Payoneer (PAYO), Poshmark (POSH), Rivian (RIVN), Toast (TOST), Wheels Up (UP), Cadre Holdings (CDRE) 8:30 a.m. ET: Initial Jobless Claims 8:30 a.m. ET: Producer Price Index Friday, August 12 Before the bell: Broadridge Financial (BR), Honest Company (HNST), Spectrum Brands (SPB) (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, June 27, 2022.
Michael Nagle | Bloomberg | Getty Images
The major averages were mixed this week with the Dow closing down slightly, the S&P 500 eking out another gain and the Nasdaq closing higher as it worked to regain more ground as the most beat up of the major averages this year. While expectations lately have been for the Federal Reserve to pull back on its aggressive pace of rate hikes, Friday’s better-than-expected jobs report threw a bit of a wrench into the narrative. Bond yields rose on worries the Fed would be more aggressive in fighting inflation.
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