S&P 500 Index (SPX) - Daily Chart - July 1 - 29, 2022 (Source: Tradingview)

July 1

• The stock market had an appreciable start of the month rebounding of its lows.
• After swinging 600 points between its high and low, the Dow climbed 322 points, the S&P rising 1.05%, and the Nasdaq gaining 0.71%.
• There is no major economic reports for the, making the current rally’s staying power harder to forecast.

July 4 - US Independence Day (Markets Closed)

July 5

• Despite signs of a global economic slowdown, the market rallied, finishing mixed but well above its lows.
• After falling 2%, the S&P was able to climb 0.16% for the day. The Nasdaq continued its rally gaining 1.68%. However the Dow, though recovering from its recent lows, lost 129 points for the day.
• Judging from the action across the market, investors seem to be assuming that an approaching recession may not be in the cards, so to speak.
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July 6

• Stocks persevere and continue to climb despite the Federal Reserve warning of heightened inflation.
• The Dow climbed 70 points, the S&P was up 0.36%, and the Nasdaq, with the benefits of being tech-heavy, was able to gain a respective 0.62%
• Though the stock market gained a small margin, with increasing inflation, higher rates, and possible recession, investors may begin to reconsider their financial prospects.
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July 7

• Despite signs of inflation not letting up, Wall Street continues to rally as tech and energy stocks raise the indexes to an all week high.
• The Dow rose a hefty 347 points and S&P 500 gained a decent 1.50% increase. The Nasdaq rose 2.16%, collectively adding to a 10% climb from its mid-June low.
• Federal Reserve speakers reiterated the need to continue raising interest rates, even if it risks a mild recessionary environment.
• Weekly unemployment claims continue to rise, painting the picture of a slowing economy. 
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July 8

• It was a choppy day of trading on Wall Street; one that delivered a virtual net zero by the end of the day despite mixed results.
• While the Dow lost 46 points and the S&P dropped a mere 0.08%, the tech-heavy Nasdaq eked out a 0.12% gain.
• Investors eying both the jobs report and the decline in commodities prices might have felt slight ease that perhaps a “soft landing” in the economy might be more likely than a sharp recession.
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July 11

• The market tumbled as investors began to worry about global economic growth.
• The Nasdaq (-0.95) and the S&P (-0.92) suffered modest losses while the Dow fell 192 points.
• Wall Street braced for June inflation data and investors keep a close eye on the downside risk to earnings forecasts as companies strive to overcome rising interest rates and inflationary pressures.
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July 12

• Stocks fell modestly after inflation data gave us the largest increase since 1981.
• The Nasdaq was able to minimize its losses to a mere 0.15%, the Dow slid 200 points, and the S&P fell 0.45%
• In light of the recent high inflation data, investors are worried that the Fed will be getting more aggressive with regard to rate hikes making the prospects of a recession more likely.
• The Consumer Price Index rose higher than expectations with year-over-year figures hitting 9.1% for June compared to an 8.8% prediction. Core CPI came in slightly higher at 5.9% instead of the expected figure of 5.7%.
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July 13

• Indices continue to fall as the inflation outlook signals potential consumer pressures for the coming months.
• The Dow lost 208 points, the S&P fell 0.45%, while the Nasdaq bore the smallest of losses, sliding a mere 0.14%.
• With the consumer price index rising faster than anticipated, hitting new highs on a monthly basis since 1981, the statistics seem to go against the hopes of seeing an inflationary peak. 
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Jul 14

• Stocks were mixed with the Producer Price Index (PPI) and jobless claims influencing the buyer’s decisions.
• The S&P fell 0.30% and the Dow lost 142 points but the Nasdaq was able to rise 0.34%, being the winner of the day.
• The producer price index rose 11.3% from a year ago, being the highest increase since March, Core PPI rose 6.4% on an annual basis which is a bit lower than the 6.8% increase in May.
• Weekly jobless claims rose to 244,000 which is the highest since Nov 20, 2021, and Continuing claims declined 41,000, ending at 1.33 million.
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July 15

• The market rallied but not enough to recover losses suffered from the previous days.
• The Dow jumped 658 points with the S&P and Nasdaq rising 1.92% and 1.83% respectively.
• Consumer confidence persevered despite high CPI and PPI data, indicating the possibility of increased consumer spending.
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July 18

• An early rally on Wall Street lost steam leaving the market in the red.
• The Dow fell 215 points, the S&P slipped 0.84%, and the Nasdaq lost 0.89%.
• Apple announced that they were slowing down on hiring, a big blow to morale among tech investors.
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July 19

• Stocks jump at the start of the week with the Dow gaining 754 points, along with the S&P (+2.76%) and Nasdaq (+3.13%) increasing a considerable amount.
• Consumer sentiment increased likely due to a softening in the U.S dollar and signs of retail and energy costs showing a slight decrease.
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July 20

• The market continued its rally despite pains in the mortgage market which minimized potential gains in the sector.
• The Nasdaq advanced 1.55% and the S&P gained 0.99% while the Dow was only able to manage a meager 48-point rise.
• The real estate market appears to be worsening as inflation continues to deplete the buying power among consumers.
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July 21

• It was a choppy day on Wall Street with the three major indices nearly suffering losses only to end the day in the green.
• The mid-day recovery saw the Dow ending the day up 162 points, the S&P advancing 0.99%, and the Nasdaq climbing 1.44%.
• Economic data continues to weigh on consumer confidence. An earnings miss from Snap halted the rallies in both the S&P and Nasdaq.
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July 22

• Wall Street’s three-day rally ended with all major indices falling into the red.
• The Dow lost 137 points, the S&P declined 0.93%, and Nasdaq was hit the hardest with a plunge of 1.77%.
• On a weekly scale, stocks were able to advance despite ending in down for the session, but market investors continue to remain cautious, suspecting that the bear market may still be ongoing.
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July 25

• Stocks were mixed but the market was generally off to a good start for the week with the Dow rising 90 points and the S&P rising 0.13%. The Nasdaq, however, suffered a loss of 0.55%.
• Tensions build as consumers wait for the Fed’s big rate decision. Wall Street is expecting a 75-basis point hike. Though commentary by Fed Chair Powell will likely determine the near-term sentiment in the market post announcement.
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July 26

• Markets ended in the red for the day as earnings misses in tech brought down the mood across the entire sector. 
• Indices suffered moderate losses with the Dow losing 228 points, the S&P declining 1.15%, and the Nasdaq falling 1.96%.
• Virtually all big tech names traded lower throughout the day, dragging down the Nasdaq and the its other two index counterparts. 
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July 27

• Stocks rallied throughout the day after the Federal Reserve’s announcement fell in line with Wall Street’s expectations.
• The Dow jumped 436 points along with the S&P rising 2.62% and the Nasdaq advancing an astounding 4.26%.
• The Fed announced a 0.75% points rate increase, which was to be expected. Plus, Jerome Powell hinted that rate hikes may possibly be slowing down, countering fears that an aggressive Fed would drag the economy into a sharp recession.
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July 28

• The market continued to rally despite the GDP, showing a decline of 0.9%, gave Wall Street its second consecutive contraction.
• July ends a strong month for indices with today’s action in the Dow rising 332 points, along with the S&P and Nasdaq rising 1.21% and 0.92% respectively.
• Optimism seems to be spreading throughout the market despite two negative GDP readings in a row. This usually signals recession. But there appears to be a debate on the economic and even political front as to whether such a measure can still be considered valid. 
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July 29

• Despite even more bad inflation news, this time following a report that their personal consumption expenditure price index has reached the highest level since 1982, the markets continued to rally.
• The S&P rose 1.42%. The Dow jumped 315 points. And the tech-heavy Nasdaq rose 1.81% to end the day.
• So far, Wall Street has brushed off three omens of economic woes: the Fed’s 75-bp rate hike on Wednesday, the double-quarter decline in GDP signaling recession, and today’s PCE index, indicating a continued rise in consumer costs. 
• Some experts say that a recession may already be here. And although our traditional means of defining recession has already given us the red flag, there seems to be very little getting in the way of Wall Street’s optimism. 
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