Snapped Win Streak Can't Dull Dow's Sparkle

The Federal Reserve hiked interest rates again this week

Digital Content Manager
Jul 28, 2023 at 1:50 PM
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Just because the Dow Jones Industrial Average (DJI) fell short of matching its longest win streak on record, it doesn't mean it did not have a stellar week. In fact, the blue-chip index made it all the way to 13 consecutive gains for the first time since January 1987, despite the Federal Reserve hiking interest rates by 25 basis points to their highest level since 2001. Investors also had manufacturing data and earnings to unpack before the DJI turned in a triple-digit loss amid profit-taking.

Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) enjoyed earnings tailwinds and energy sector strength. The DJI was back on the horse at the time of this writing, sporting a triple-digit lead as all three major benchmarks eyed weekly wins on the heels of easing inflation data.

Blue Chips in the News

Several Dow members made headlines this week. Boeing (BA) popped after boosting monthly production of its 737 MAX narrowbody jets to 38 from 31, and options traders rushed McDonald's (MCD) after its quarterly win. Chevron (CVX) announced a C-suite shakeup and preliminary results, but it may be a good idea to avoid the energy sector in August. Meanwhile, Walmart (WMT) scored fresh highs after an upgrade from Piper Sander, and Intel (INTC) drew price-target hikes following a surprise second-quarter profit.

Latest Batch of Earnings

Plenty of other bigwigs stepped into the earnings confessional as well. Domino's Pizza (DPZ) beat quarterly profit expectations, and General Electric (GE) scored a five-year high after its own report. Both Alphabet (GOOGL) and Meta Platforms (META) surged to 52-week highs, with the former seeing cloud business growth and the latter enjoying a rebound in online advertising.

On the topic of social media names, Snap (SNAP) gapped lower after issuing a gloomy forecast. Comcast (CMCSA), Royal Caribbean Cruises (RCL), and PulteGroup (PHM) all surged after earnings, but Enphase Energy (ENPH) fell after its revenue miss and weak current-quarter forecast.

Jobs Data, More Earnings to Jumpstart August

August kicks off next week with manufacturing data, as well as jobs and services indicators. The earnings docket stays hot, too, with reports expected to come from Alibaba (BABA), Apple(AAPL), Caterpillar (CAT), Cinemark (CNK), CVS Health (CVS), Marathon Oil (MRO), Merck (MRK), PayPal (PYPL), Pinterest (PINS), SoFi Technologies (SOFI), Shopify (SHOP), Starbucks (SBUX), and Uber Technologies  (UBER). Before then, unpack what a 12-day win streak has historically meant for the DJI and dig into what it will take for bulls to become sellers.

 

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