- MARK IT.
- Posts
- 💸 Midsummer Earnings
UPDATE
🌤️ Happy Wednesday
Good afternoon. We hope your week got off to a great start. Yesterday was 7/11 (also known as 7-Eleven’s Slurpee Day) and we can’t guarantee that some of us didn’t have one in hand while researching for this week’s issue🥤
This is also our third issue after our switch to Wednesday releases instead of Tuesday. We hope this change works for you just as it does for us, and if you have any suggestions, always feel free to let us know by emailing [email protected].
Read time: 2 minutes
WEEK IN REVIEW
📈 Market Performance
S&P 500 (5-day), via Google Finance
We've reported that the S&P 500 has consistently seen growth week over week for the past month. Last week was no different, as seen by the fact that the index smashed through its previous 52-week high of 4,458.48 points.
Some of the growth of the index can clearly be attributed to the fact that large-cap companies have collectively increased S&P value. Apple, whose stock has risen substantially this year, saw its market cap sitting just above $2T at the start of this year. As of this morning, the company has a $2.97T market cap.
While growth like this is certainly enjoyed by individual investors of these companies, the S&P index benefits as well. This translates to higher returns, especially for those investing in retirement accounts that track the market.
🏦 JPM Kicks Off Earnings Report
JP Morgan by Gideon Benari, via flickr
JPMorgan, the largest bank in the United States, is set to report its Q2 2023 earnings this Friday. The company set a revenue estimate of $39.21B for this quarter and an earnings per share (EPS) estimate of $3.80.
As with most companies, if JP Morgan can match or exceed their estimates, you can expect the stock to see a slight, even if short-term, bump up in value. If the company fails to match its estimates, the stock could take a hit.
With the influence of JP Morgan, and its subsidiary Chase Bank, it's worth paying attention to the report on Friday. The results will no doubt shed light on the performance of the US banking industry.
📦 Prime Day, Prime Growth
Prime Package by Erik McLean, via Pexels
Today (July 12) marks the second day of Amazon's Prime Day sale. In market terms, AMZN stock generally sees a healthy boost during and after the event, with a 4.4% average increase. (Source: Forbes)
This trend seems on track to continue: between yesterday's market close and this morning's market open (overnight amid the sale) the stock rose 1.51%.
What's more, other online retailers have picked up on the popularity of the Prime Day sale. Chinese-based Amazon competitor, Temu, is offering sales of up to 90% on its site in hopes of converting Amazon customers. (Source: Business Insider)
ONE MORE THING
🤝 Keep in Touch
For general announcements or updates on what we're working on, follow Abbas on Twitter 👉 @RealAbbasAkhtar
Also, we want to hear your feedback! Send any comments or suggestions to [email protected]
Thanks again for reading!
