There was no shortage of action this week in the markets. The DeepSeek drama set the tone early, triggering a sharp gap down in AI and nuclear energy stocks to kick things off. But the focus quickly shifted to major tech earnings, with MSFT, AAPL, and TSLA in the spotlight. Midweek, Powell held firm at the January FOMC meeting, keeping rates unchanged and reinforcing the Fed’s patient stance. The market pushed higher—until Friday’s sell-off, sparked by Trump’s new tariffs on Canada and Mexico, injected fresh uncertainty.
Next week, the earnings parade continues, with GOOG, AMZN, and PLTR up next on the chopping block. With tariffs rattling sentiment, the question remains—does the market climb the wall of worry once again, or is this the start of something bigger? Let’s head to the charts.
Weekly Analysis
SPY (SPDR S&P 500)
The SPY ETF closed the week in negative territory at $601.82 (-1.00%). Buyers stepped in early Monday morning, absorbing the DeepSeek dip and driving prices higher in a steady grind with Momentum holding a higher low. By Friday, the gap was finally filled—but just as SPY approached new all-time highs, the tariff news hit, triggering a sharp reversal into the weekend.
QQQ (Invesco QQQ Trust)
The QQQ ETF closed the week at $522.29 (-1.39%), maintaining a higher low on the daily despite early-week pressure on tech stocks. Notably, the Momentum indicator has regained positive territory after briefly dipping earlier in the week. With major earnings reports from GOOG and AMZN on the horizon, bulls will be watching closely to see if Monday’s low holds.
IWM (iShares Russell 2000)
The IWM outperformed its peers this week but closed in the red at $226.48 (-0.96%). The momentum indicator is showing a hidden bullish divergence on the daily, with momentum making a higher high while price did not. This could signal that small caps are primed to take the lead, after proving to be the most resilient of the major indexes this week.
Earnings
Notable Results
AAPL (Apple)
- EPS: $2.40 vs $2.36 est
- REV: $124.30B vs $124.13B
MSFT (Microsoft)
- EPS: $3.23 vs $3.11 est
- REV: $69.60B vs $68.98B est
META (Meta Platforms)
- EPS: $8.02 vs $6.77 est
- REV: $48.39B vs $47.03B est
TSLA (Tesla)
- EPS: $0.73 vs $0.76 est
- REV: $25.71B vs $27.27B est
MA (Mastercard)
- EPS: $3.82 vs $3.69 est
- REV: $7.49B vs $7.39B est
V (Visa)
- EPS: $2.75 vs $2.66 est
- REV: $9.51B vs $9.34B est
BA (Boeing Company)
- EPS: $(5.90) vs $(2.44) est
- REV: $15.24B vs $16.17B est
UPS (United Parcel Service)
- EPS: $2.75 vs $2.53 est
- REV: $25.30B vs $25.42B est
LMT (Lockheed Martin)
- EPS: $7.67 vs $6.61 est
- REV: $18.60B vs $18.91B est
CAT (Caterpillar)
- EPS: $5.14 vs $4.99 est
- REV: $16.20B vs $16.41B est
What’s Happening Now
Ethereum has delivered a 48% gain over the past year, but that return looks modest when placed next to Bitcoin’s 146% rally over the same time. Now, ETH is beginning to show signs of life, breaking out of a daily falling wedge and outperforming BTC on a weekly basis. Seasonality is entering a favorable stretch as ETH enters a strongest two-week period, averaging 10.1% and 9.7% returns—potentially pushing prices toward $4,100 in the weeks ahead.
ETH isn’t the only crypto with seasonal momentum. Bitcoin has a 90% win rate in February over the past decade, averaging a 15.6% return. This seasonal strength aligns with President Trump’s executive order to create a national Bitcoin reserve, fueling optimism and positioning the U.S. as a crypto leader. With strong seasonality and policy tailwinds, BTC looks ready to defend its dominance.
META (META Platforms)
Meta’s Q4 2024 earnings topped expectations, with revenue reaching $48.39 billion and EPS at $8.02, driven by a 21% jump in ad revenue. Full-year free cash flow surged 23.3% YoY to $52.1 billion, while daily active users grew to 3.35 billion (over 40% of the world’s population). The strong results led to over 16 buy ratings, with price targets as high as $875—suggesting a 24% upside from Friday’s close.
Believe it or not, this is just a fraction of what happened in the markets this week. For a full run down delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!
Market Update Into September 7th: Inflation Data Incoming