Market Update Into August 11th: Market Bounces Back

3 mins read

The main indexes opened on a bullish note last week, immediately filling Friday’s gap down and giving bulls some relief. President Trump raised total U.S. tariffs on Indian goods to 50% in response to New Delhi’s imports of Russian oil, yet the market eventually shrugged it off and maintained bullish momentum. Meanwhile, Apple CEO Tim Cook persuaded the White House to delay demands for a U.S.-assembled iPhone by unveiling a $600B domestic investment plan, while keeping production offshore for the near future. Despite the headlines, the main indexes finished the week within 1% of record highs.

Looking ahead, traders will zero in on CPI and PPI this week to gauge the odds of a September cut, with the Polymarket Indicator pricing a 75% chance of a 25 bps decrease. Meanwhile, Friday’s preliminary University of Michigan Consumer Sentiment could sway risk appetite into the weekend. Let’s dive into the charts.

Weekly Analysis

SPY (SPDR S&P 500)

The SPY ETF snapped back from its gap down and closed at $637.12 (+2.47%). Once again, its dip into the 8/21 EMA cloud was quickly bought, with candles remaining green on the EMA Crossover Candle Colors Indicator, showing the bullish trend is still intact. However, with lower-than-average volume all week, bulls may remain cautious. A push back to all-time highs on stronger volume could help confirm continuation of the uptrend.

QQQ (Invesco QQQ Trust)

Despite weak earnings from $AMD, the QQQ led the major indexes, pushing to all-time highs and closing the week at $574.55 (+3.73%). It fell below the 8/21 EMA cloud on Monday’s gap down, but found support at the RSI midpoint and quickly reclaimed the cloud, keeping bullish momentum intact. With names like $PLTR and $MSFT flashing on the power gap scan, tech stocks remain king in this market.

IWM (iShares Russell 2000)

IWM posted a solid week, closing at $220.62 (+2.50%), but unlike its large-cap peers, it remains well below all-time highs. Even with the Polymarket Indicator showing a 75% chance of a September rate cut, the EMA Crossover Candle Colors Indicator has begun flashing red, hinting at a potential bearish trend reversal. This week’s CPI and PPI releases could be key in shaping sentiment for the index going forward.

Earnings

Notable Results

PLTR (Palantir)

EPS: $0.16 vs $0.14 est
REV: $1.00B vs $939.71M est

AMD (Advanced Micro Devices)

EPS: $0.48 vs $0.49 est
REV: $7.69B vs $7.41B est

HIMS (Hims & Hers Health)

EPS: $0.17 vs $0.14 est
REV: $544.83M vs $549.83M est

SMCI (Super Micro Computer)

EPS: $0.41 vs $0.44 est
REV: $5.76B vs $5.88B est

UBER (Uber Technologies)

EPS: $0.63 vs $0.62 est
REV: $12.70B vs $12.46B est

DIS (Walt Disney)

EPS: $1.61 vs $1.47 est
REV: $23.65B vs $23.72B est

MCD (McDonald’s)

EPS: $3.19 vs $3.14 est
REV: $6.84B vs $6.68B est

SHOP (Shopify)

EPS: $0.35 vs $0.29 est
REV: $2.68B vs $2.55B est

RIVN (Rivian)

EPS: $(0.97) vs $(0.76) est
REV: $1.30B vs $1.29B est

CAT (Caterpillar)

EPS: $4.72 vs $4.90 est
REV: $16.69B vs $16.17B est

ON (On Semiconductor)

EPS: $0.53 vs $0.53 est
REV: $1.47B vs $1.45B est

PFE (Pfizer)

EPS: $0.78 vs $0.57 est
REV: $14.70B vs $13.41B est

What’s Happening Now

PLTR Palantir
Palantir just logged its first billion-dollar quarter, with revenue up 48% and EPS topping estimates. U.S. commercial sales nearly doubled, driving an eighth straight quarter of accelerating growth. The stock is up 130% in 2025 after a 340% surge last year, making it the S&P 500’s top performer. Raised guidance signals confidence as AI demand continues to drive record contracts.

AAPL Apple
Next week is historically Apple’s strongest since 2010, with gains in 93% of years and an average rise of 2.9%. It follows the best week since July 2020, a 13.5% surge fueled by record June-quarter results, tariff relief, $100 billion in new U.S. investment, analyst upgrades, and strong momentum despite ongoing questions over its AI strategy.

SHOP Shopify
Shopify soared 24% this week, after delivering Q2 results that crushed expectations. Revenue jumped 31% to $2.68 billion, GMV hit $87.8 billion, and net income surged to $906 million. More than fifteen analysts raised targets, with the average PT now sitting 37% higher. Strong Q3 guidance could signal that Shopify’s growth story is far from over.

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