Market Update Into August 10th: New All-Time Highs

3 mins read

Markets rallied last week after Trump posted Monday about halting a massive attack on Iran, sending oil tumbling and the broader market higher. $PLTR followed Tuesday with another incredible quarter, ripping nearly 30% in a single day. Things cooled off Wednesday as $SNDK dropped over 10% despite beating estimates. Then Friday’s nonfarm payrolls missed massively at -23,000 versus the expected +85,000, and stocks pushed higher anyway since the miss signals the Fed is less likely to hike rates in September. In other news:

Looking ahead, it’s a huge week with both CPI and PPI inflation data on deck, both of which can have a big impact on the market and rate expectations. Earnings season keeps rolling too, with $CSCO, $AMAT, $SMCI, and $HIMS all reporting. Let’s see how the charts are setting up.

Weekly Analysis

$SPY broke out to new all-time highs last week and closed at $773.26 (+3.51%), putting in a beautiful bright green Trend Strength Candle for the first time in a year. The last two times this happened, we saw a multi-month rally in the index; however, this time it was accompanied by a clear bearish RSI divergence. With memory names and semis no longer driving the rally, will bulls be able to keep pushing the market higher?

$QQQ closed last week strong at $723.03 (+5.09%), yet still couldn’t reach new all-time highs like $SPY. Money rotating out of semiconductor and memory names left QQQ lagging on both price and momentum, and it failed to print a green Trend Strength Candle in the process. Still, it posted the biggest weekly gain of the three major indexes, so can that strength carry it to fresh highs next?

$IWM briefly tagged a new all-time high last week and closed at $301.56 (+3.56%), printing the strongest possible Trend Strength Candle in cyan. Include the wick to that high and there’s technically a bearish RSI divergence. Still, small-caps have stayed strong for about a year, with most weekly candles closing green or cyan, so can $IWM keep that run going into a heavy inflation data week?

Notable Results

Notable Results

SPCX (Space Exploration Technologies Corp.)

EPS: $(0.09) vs $(0.16) est
REV: $7.814B vs $6.874B est

LLY (Eli Lilly and Company)

EPS: $8.38 vs $6.01 est
REV: $22.974B vs $20.436B est

CAT (Caterpillar Inc.)

EPS: $8.17 vs $6.17 est
REV: $20.543B vs $19.073B est

PLTR (Palantir Technologies Inc.)

EPS: $0.41 vs $0.33 est
REV: $1.935B vs $1.811B est

NVO (Novo Nordisk A/S)

EPS: $0.96 vs $0.81 est
REV: $12.209B vs $11.350B est

ANET (Arista Networks, Inc.)

EPS: $1.02 vs $0.86 est
REV: $3.036B vs $2.825B est

SNDK (SanDisk Corporation)

EPS: $39.25 vs $33.38 est
REV: $8.965B vs $8.243B est

SHOP (Shopify Inc.)

EPS: $0.42 vs $0.37 est
REV: $3.583B vs $3.438B est

PFE (Pfizer Inc.)

EPS: $0.77 vs $0.68 est
REV: $15.034B vs $14.426B est

AMGN (Amgen Inc.)

EPS: $6.29 vs $5.60 est
REV: $10.054B vs $9.425B est

DIS (The Walt Disney Company)

EPS: $2.06 vs $1.86 est
REV: $25.248B vs $25.435B est

WDC (Western Digital Corporation)

EPS: $3.56 vs $3.27 est
REV: $3.747B vs $3.694B est

AMD (Advanced Micro Devices, Inc.)

EPS: $1.66 vs $1.55 est
REV: $11.536B vs $11.276B est

GILD (Gilead Sciences, Inc.)

EPS: $(6.75) vs $(7.14) est
REV: $7.803B vs $7.402B est

BKNG (Booking Holdings Inc.)

EPS: $2.54 vs $2.44 est
REV: $7.352B vs $7.176B est

MCD (McDonald’s Corporation)

EPS: $3.38 vs $3.34 est
REV: $7.099B vs $7.156B est

HSBC (HSBC Holdings plc)

EPS: $2.25 vs $2.28 est
REV: $19.118B vs $18.793B est

UBER (Uber Technologies, Inc.)

EPS: $0.81 vs $0.83 est
REV: $14.191B vs $14.236B est

MRK (Merck & Co., Inc.)

EPS: $(0.13) vs $0.23 est
REV: $16.607B vs $16.388B est

What’s Happening Now

AMZN Amazon
The Magnificent 7 are diverging by year-to-date returns, with AMZN recently taking the lead at a nearly 20% gain. Fueled by a massive $496B backlog for AWS, Amazon is proving ROI for its historic AI CapEx spend. Conversely, TSLA has plunged as core auto margins erode and management demands massive, unproven CapEx for Optimus and Robotaxis bets. Markets are currently rewarding near-term cash flow over visionary promises.

SNDK SanDisk
SanDisk’s free cash flow just spiked to a record $7 billion, profiting handsomely from the ongoing memory chip shortage. However, the stock sold off after earnings this week due to cautious forward guidance and concerns that historic profit margins will sustain. Memory sector volatility spiked further this week as The Information reported Nvidia is considering reducing high-bandwidth memory in its upcoming Rubin chips, seeking to offset severe price spikes.

AAPL App l e
Apple enters next week with exceptional seasonality, boasting an 93% win rate and a 2.3% average gain over the past 15Y. Despite its post-earnings dip amid rising memory costs and tighter product margins, AAPL posted a solid Q3 double-beat with a 28.6% YoY EPS surge. Meanwhile, Apple’s escalating trade-secrets lawsuit against OpenAI could disrupt their ongoing AI partnership, and cloud the seasonal setup as Apple gears up to fully launch its next-gen (and Google Gemini-powered) Siri AI.

Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!