High Stock Market Could Stay High Today to Open New Week

The US stock market indices indicate that trading should be good this week, a week where we will see major banks give their earnings reports

Timothy St. John•Monday, July 15, 2024•2 min read

Before news of former president Donald Trump’s assassination attempt broke, the US stock markets had already closed for the week.

US stock markets are ready to open high.

The market indices closed up, with even the Dow Jones joining the gains with an increase of 247 points, up 0.62%. The S&P 500 also climbed, with an increase of 0.55%. Rounding out the top three indices with its gains was the Nasdaq Composite, which closed off Friday with an increase of 0.63%.

The indices could continue to stay high this week thanks to positive economic data last week. The US PPI data showed a higher than expected increase of 2.6% year on year, however, most economic analysts do not believe that this indicates rising inflation. They say that other factors indicate the inflation is actually easing and that the Federal Reserve should still be on track to issue interest rate cuts later this year.

The major stock market indices are all showing signs of healthy growth, which would minimize any negative economic data and cast doubt on the notion that inflation is worsening. This year’s impressive stock market gains indicate an economy that is growing and trading at a healthy rate.

Stocks to Keep an Eye on

Later this week, we will see a few major companies release their quarterly earnings reports. Goldman Sachs (GS) is issuing theirs later today, and their stock price has climbed slightly ahead of the report’s release.

Progressive (PGR) and BlackRock (BLK) will be issuing their earnings reports later on today as well. Their stocks have both gained as well leading up to the release of their quarterly reports. To us, this indicates a healthy market that is gearing up for opening strong today and even perhaps setting new records this week.

Some of the US’ biggest financial institutions will be reporting their earnings this week, and these include Bank of America and Morgan Stanley. Their reports can help to shed light on the state of the US economy and where it might be headed, so investors should be watching those reports closely.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.