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Wall Street’s major market averages traded towards the topside on Friday after July’s nonfarm payrolls surprised to the downside, showing an unexpected contraction in employment. U.S. nonfarm payrolls declined by 23K in July, missing the +88K consensus and erasing the 20K increase in June, according to data released by the U.S. Bureau of Labor Statistics on Friday.
The economic calendar is muted for the upcoming week with no major data scheduled for Monday. Existing home sales data for July is due on Tuesday. On Wednesday, CPI data for July will be released, with PPI and initial jobless claims numbers due on Thursday. Retail sales data for the month will be out on Friday.
With the earnings season drawing to a close, only a few major firms, including Tencent (TCEHY) and Cisco (CSCO), are scheduled to report their earnings next week.
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Earnings spotlight: Monday: Simon Property Group (SPG), Plug Power (PLUG). See the full earnings calendar.
Earnings spotlight: Tuesday: Cardinal Health (CAH), CoreWeave (CRWV), Super Micro Computer (SMCI). See the full earnings calendar.
Earnings spotlight: Wednesday: Tencent, Cisco. See the full earnings calendar.
Earnings spotlight: Thursday: Applied Materials (AMAT). See the full earnings calendar.
Volatility watch: SpaceX (SPCX) and Rocket Lab (RKLB) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include SMJ International (SMJF), Chime Financial (CHYM), and Utz Brands (UTZ). The most oversold stocks per their 14-day Relative Strength Index include