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Stocks Down On Friday, But Up For The Week, Earnings And Fed In The Spotlight This Week

	Profit from the Pros By Kevin Matras Executive Vice President
	Stocks Down On Friday, But Up For The Week, Earnings And Fed In The Spotlight This Week Image: Shutterstock Stocks closed lower on Friday. But all of the indexes closed higher for the week with the Dow up 1.95%, the S&P up 2.55%, and the Nasdaq up 3.33%. The Nasdaq took the brunt of Friday's selling with Snap's outsized -39% loss. Meta (-7.59%), Alphabet (-5.63%), and Nvidia (-4.05%) weighed on both the Nasdaq and the S&P. Earnings season, so far, has been coming in better than expected. But there have also been some high profile misses. And Snap's was just the latest one. Nonetheless, stocks typically go up during earnings season. And so far, that's what we've been seeing again this time. Big tech earnings will be on center stage this week with Microsoft, Alphabet, and Texas Instruments reporting on Tuesday; Meta and Qualcomm on Wednesday; and Apple, Amazon, and Intel on Thursday. But we'll also see lots of other big name companies from all industries on deck this week, with 1,063 companies in total set to report. But the main event this week will be the FOMC Announcement on Wednesday, July 27th. That's when the Fed will announce whether they raised interest rates by 50, 75 or 100 basis points. The consensus is calling for 75. Traders will also want to know what their intentions are moving forward, as there are 3 more Fed meetings scheduled for the remainder of the year (September 20-21, November 1-2, and December 13-14). Stocks have remained above their June lows for 5 weeks now, with the Dow up 6.59% from their lows, the S&P up 8.04%, and the Nasdaq up 11.2% from their lows. Again, there's still plenty more work to be done as all of the major indexes are still down double digits from their highs. But it's been a fantastic bounce so far. Let's see if that streak continues. Either way, this week will be a busy week with over 1,000 companies reporting, lots of marquee names on deck, and of course, the eagerly anticipated Fed announcement on rates. See you tomorrow, Kevin Matras Executive Vice President, Zacks Investment Research
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