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Summary
CPI report
General Motors Receives Massive EV Grant
The Week Ahead
Weekly Recap
The markets performed well this week: the S&P grew 0.76% and the Dow grew 1.55% over the past trading week.
On the 11th the June CPI report was released. After being unchanged through May the CPI dropped 0.1% through June. This show of decreased inflation has made FED officials optimistic about rate cuts happening very soon, with analysts predicting they will occur in September.
On the 11th General Motors (GM) received a $500 million grant from the government to convert one of its plants into an EV plant. This is all a part of GM’s goal to go fully electric by 2035. GM’s continued steps towards this goal are why its stock is up 4.77% in the past trading week and up 35.95% year to date. We expect GM to continue this growth and remain bullish on GM stock.
Looking Ahead
In the next week, many prominent companies will be reporting earnings.
Netflix (NFLX) is set to report earnings after the close this upcoming Thursday. Netflix has performed well this year, being up 38.23% year to date, and we expect more growth to be reflected in this upcoming earnings report.
With the continued AI craze in the market, investors will be looking closely at Taiwan Semiconductor Manufacturing Company's (TSM) earnings this upcoming Thursday. TSM is the world's largest chip manufacturer and has helped fuel the booming AI industry.
Major banks such as Goldman Sachs (GS), Bank of America (BAC), and Morgan Stanley (MS) are all set to report earnings this week as well. Goldman’s report is on Monday, while Bank of America and Morgan Stanley are both set to report earnings on Tuesday.
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