August 20, 2024

Markets:

U.S. stock futures were flat Tuesday morning after the S&P 500 and the Nasdaq Composite notched their longest winning streaks of 2024. 

Cybersecurity company Palo Alto Networks added more than 2% before the bell after beating expectations in the fiscal fourth quarter. Guidance for adjusted earnings in the current quarter came in ahead of estimates. Home improvement retailer Lowe’s reported earnings that missed on revenue as the company lowered its annual profit outlook, noting an expected slowdown in consumer spending. Still, shares rose about 0.4% premarket as bottom-line profit beat Wall Street estimates.

This action follows another winning day for the major averages, with the S&P 500 and Nasdaq Composite posting their eighth straight positive sessions. That marks a first for the S&P 500 since November 2023 and the Nasdaq going back to December 2023.

This week, investors are readying themselves for the Federal Reserve’s annual Jackson Hole Economic Symposium, where Chair Jerome Powell is scheduled to give remarks Friday. Before then, traders will parse minutes from the central bank’s July policy meeting due Wednesday.

Wall Street is looking for hints of what to expect at the Fed’s next policy meeting. Currently, Fed futures funds pricing indicates a 100% likelihood of central bank policymakers lowering rates in September, per the CME FedWatch Tool.

Portfolio:

Monster start to the week and we continue to roll!  We enter todays session holding setups in SIRI, ZETA, TSLL, and NIO.  Watching SPY closely once again and levels its printing to continue to march higher.  SPY and QQQ have been spot on of late for us and the best guidance.  Our trend lines have been pinpoint.  The only caution we will throw up is running up into Fed minutes and Powell speech on Friday.  Almost rather see us flat and basing into these two events.  But we continue to see powerful market buys and support.  Do not fight the trend!  Let's have a great session but remain patient here, two major events coming up over the next few days.