Monday's Market Minute: Big Tech Highlights This Week

Let’s take a market minute to get ahead of what looks like another busy week for investors and traders. First, the focus will remain on companies announcing quarterly results, with Amazon AMZN and Apple AAPL at the top of the list of names reporting. We’ll also hear from SoFi SOFI, Uber UBER, Caterpillar CAT, JetBlue JBLU, AMD AMD, Starbucks SBUX, Pinterest PINS, CVS Health CVS, Etsy ETSY, PayPal PYPL, and Wayfair W. With roughly 1/3 of the SP500 companies reporting this week, we’ll get a pretty good idea of how the consumer and businesses are holding up in this higher-for-longer environment.

In terms of data, disappointing numbers out of China continue to fuel expectations that we’ll see stimulus after their Composite PMI and Non-Manufacturing PMI data both weakened. Here in the U.S., the focus will be on the jobs reports with the JOLTS report tomorrow, ADP Wednesday, weekly Jobless claim Thursday in addition to the Challenger Job-Cut Report, and Friday the non-farm payrolls data. All are expected to show signs that labor conditions here in the U.S. remain strong. Friday, keep an eye on the wages component: an uptick there could spark some inflation fears. 

Lastly, keep an eye on crude oil. The WTI begins the week above $81, adding to its steady ascent, which if it continues will at some point become a headwind for the move up in stocks. The WTI is up 15% this month. According to AAA, the national average for a gallon of gas here in the U.S. is at $3.75, up from $3.54 a month ago.

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