Thursday, the market was trading sideways. Shortly after 10:42 am ET, the $S&P 500 Index (.SPX.US)$ traded flat, the $Nasdaq Composite Index (.IXIC.US)$ fell 0.39%. The $Dow Jones Industrial Average (.DJI.US)$ climbed 0.37%. 3400 equities were in the green, and 6300 declined.
In macro Thursday, GDP numbers for the second quarter came out higher than expected and doubled last quarter at 2.8%. Gross Domestic Product numbers collected by the Bureau of Economic Analysis come out once a month, as the BEA records data on consumer prices and services from the previous quarter. The number becomes more accurate as the quarter progresses until economists agree on the final number.
PMI numbers came out Wednesday morning, about 20 bips higher than estimated at 55.3 vs 55.1. Last month, the index was at 54.8, so prices producers paid climbed in July
This week in macroeconomic news, investors are awaiting PCE results on Friday. Investors will watch for lesser inflation gauge indexes throughout the week, like quarterly GDP estimates for the second quarter on Thursday.
Tuesday, existing home sales for June came in at 3.8M, about .1M lower than estimated.
Yesterday, users said that Tesla would bust and miss earnings, and many of you were right! One user said in the long term, there is nothing to worry about.
Traders, what are you watching today? Comment below and I will share it with moomoo tomorrow!
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