Let's a take a look back at what happened on Wall Street this week, as well as a look ahead to what's coming starting Monday.
Here's a recap of the past week's major events:
The week began with bang on Tuesday after the bell, when Apple (AAPL) reported quarterly numbers that caught almost everyone by surprise given the negative comments that we'd been hearing from sell-siders and media pundits.
Not only did AAPL nicely beat top- and bottom-line forecasts, but the company actually cast a positive light on the current quarter as well. Apple shares rallied some 6.5% the next day. Nice!
Market 'Friends' Facebook
On Wednesday, Facebook (FB) announced numbers after the close and once again blew away estimates on both the top and bottom lines. The shares went ballistic in after-hours trading, but pretty much sold off steadily during regular trading on Thursday, almost to the point of no gains.
FB ultimately closed up 1.4% on the day, but had already run up nicely heading into the earnings report. Call it a "sell the news" reaction.
Alphabet shares rallied by 3% Friday on the news, while Amazon added 0.8%. The online-shopping giant's smaller gains were more than likely due to the fact that Amazon shares had already been on a tear recently, whereas Alphabet had been lagging.
The U.S. Economy
The Federal Open Market Committee left rates unchanged on Wednesday, then we got dismal second-quarter U.S. gross domestic product numbers on Friday.
The GDP report once gain proved that the Fed has been mostly whistling past the graveyard with its rate-hike threats (something I've been saying for eons now). Methinks the central bank is now done for the year, no matter how much the Fed tries to talk the economy higher or flat out try to fool us.
I'm still trying to figure out what we have -- a dishonest Fed or a clueless one? If it weren't for consumers, America would be deep into a recession, as businesses have absolutely tightened up.
What's on Tap
Even though the biggest companies have already reported quarterly earnings, it's not time to kick back just yet.
Here's what we'll get from Techland in terms of earnings releases this coming week:
- Electronic Arts (EA) , Etsy (ETSY) , FitBit (FIT) , Qorvo (QRVO) and Tableau Software (DATA) all plan to report after the bell on Tuesday.
- Wednesday will bring us results after the close from GoDaddy (GDDY) , Square (SQ) , Tesla (TSLA) and TripAdvisor (TRIP) .
- On Thursday, we'll get numbers from Activision Blizzard (ATVI) , Arista Networks (ANET) , FireEye (FEYE) , LinkedIn (LNKD) , Priceline (PCLN) , Take-Two (TTWO) , TrueCar (TRUE) and Zillow (Z) , (ZG) .
We also have Dallas Federal Reserve chief Robert Kaplan scheduled to make a couple of speeches on Tuesday and Thursday. But most importantly, we'll get the July U.S. nonfarm-payrolls report on Friday. Analysts are expecting about 175,000 job gains.
All in all, next week promises to be as actioned-filled as the one we just got through was. But before Monday rolls around, I'd recommend that you catch up on your rest and relaxation.
I wish each and every one of you a safe and joyful weekend with your loved ones!