{"id":330,"date":"2024-08-19T01:41:10","date_gmt":"2024-08-19T01:41:10","guid":{"rendered":"http:\/\/inmyopinion.com.sg\/?p=330"},"modified":"2024-08-19T01:41:19","modified_gmt":"2024-08-19T01:41:19","slug":"market-wrap-for-week-ending-16-august-2024","status":"publish","type":"post","link":"https:\/\/inmyopinion.com.sg\/?p=330","title":{"rendered":"Market Wrap for Week Ending 16 August 2024"},"content":{"rendered":"<h4>US Earnings Growing &#8211;<\/h4>\n<p>According to LSEG\/IBES data, US earnings is healthy:<\/p>\n<ul>\n<li>24Q2 Y\/Y earnings are expected to be 12.5%. Excluding the energy sector, the Y\/Y earnings estimate is 13.3%.<\/li>\n<li>Of the 463 companies in the S&amp;P 500 that have reported earnings to date for 24Q2, <span style=\"text-decoration: underline;\">78.8% have reported earnings above analyst estimates<\/span>. This compares to a long-term average of 66.8% and prior four quarter average of 79.0%.<\/li>\n<\/ul>\n<p>According to FactSet, the number of companies that cited recession on their earnings call is low. Really tough to see a recession either in the current quarter or the next quarter.<\/p>\n<p><a href=\"https:\/\/insight.factset.com\/are-more-sp-500-companies-discussing-recession-on-q2-earnings-calls-than-average\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-331 size-full\" src=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/01-number-of-sp-500-companies-citing-recession-on-earnings-calls-5-year.png.webp\" alt=\"\" width=\"672\" height=\"384\" srcset=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/01-number-of-sp-500-companies-citing-recession-on-earnings-calls-5-year.png.webp 672w, https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/01-number-of-sp-500-companies-citing-recession-on-earnings-calls-5-year.png-300x171.webp 300w\" sizes=\"auto, (max-width: 672px) 100vw, 672px\" \/><\/a><\/p>\n<h4>US Consumers Strength &#8211;<\/h4>\n<p>The July data for retail sales vindicated the strength of the American consumer. It is also confirmed by how retailing stocks are performing. Strong performance YTD and also a nice recovery of the panic selling on August 5.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-332\" src=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-87.png\" alt=\"\" width=\"700\" height=\"312\" srcset=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-87.png 700w, https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-87-300x134.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<h4>Unemployment Claims Support &#8211;<\/h4>\n<p>The drop in initial claims continue to support weather related argument on the weaker jobs data for July. Claims for Texas has fallen back to normal. There is still some resilience in the jobs market.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-333\" src=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/fredgraph-418.png\" alt=\"\" width=\"700\" height=\"450\" srcset=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/fredgraph-418.png 700w, https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/fredgraph-418-300x193.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<h4>Mid-East Tensions &#8211;<\/h4>\n<p>Lots of military hardware movement in the region while the world awaits a response from Iran. Oil prices remain steady despite the tension. It helps that demand for oil is weak, as China continues to struggle. China&#8217;s first-half 2024 fuel oil imports slide 11% y\/y, according to <a href=\"https:\/\/www.reuters.com\/business\/energy\/chinas-first-half-2024-fuel-oil-imports-slide-11-yy-2024-07-20\/\">Reuters<\/a>.<\/p>\n<h4>US Stock Market Recovery &#8211;<\/h4>\n<p>Against the bearish predictions, the US stock market is back. Looking at it from an equal weighted perspective, to strip out the effects from the mega-cap stocks, we see US stocks recovering from their Aug 2nd and 5th sell off. Even technology stocks, where AI remains a divisive conversation, has staged a strong recovery.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-334\" src=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-89.png\" alt=\"\" width=\"700\" height=\"312\" srcset=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-89.png 700w, https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-89-300x134.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-335\" src=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-88.png\" alt=\"\" width=\"700\" height=\"312\" srcset=\"https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-88.png 700w, https:\/\/inmyopinion.com.sg\/wp-content\/uploads\/2024\/08\/sc-88-300x134.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Earnings Growing &#8211; According to LSEG\/IBES data, US earnings is healthy: 24Q2 Y\/Y earnings are expected to be 12.5%. Excluding the energy sector, the Y\/Y earnings estimate is 13.3%. Of the 463 companies in the S&amp;P 500 that have reported earnings to date for 24Q2, 78.8% have reported earnings above analyst estimates. This compares [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-330","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Market Wrap for Week Ending 16 August 2024 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/inmyopinion.com.sg\/?p=330\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap for Week Ending 16 August 2024 -\" \/>\n<meta property=\"og:description\" content=\"US Earnings Growing &#8211; According to LSEG\/IBES data, US earnings is healthy: 24Q2 Y\/Y earnings are expected to be 12.5%. Excluding the energy sector, the Y\/Y earnings estimate is 13.3%. Of the 463 companies in the S&amp;P 500 that have reported earnings to date for 24Q2, 78.8% have reported earnings above analyst estimates. 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