What happened last week…
The winning streaks continue for the three major indices and the DJIA surpassed 40,000 for the first time ever on Thursday and closed above that level for the first time ever on Friday. The DJIA is positive in five straight weeks while the S&P 500 and NASDAQ are green for four consecutive weeks. They are the longest winning streaks since February. Tech-heavy NASDAQ finished on top with a weekly gain of 2.11% while the S&P 500 gained 1.54% and the DJIA gained 1.24%.
Netflix (NFLX) continues its push into live sports with the announcement that it will stream two Christmas Day NFL games this year and at least one game in both 2025 and 2026. The company also revealed that its ad-supported tier has 40 million global monthly active users, easily surpassing the 23 million figure from January. Netflix also said it will shift away from Microsoft and launch its own advertising platform.
Palo Alto Networks (PANW) has expanded its partnership with International Business Machines (IBM) as it will purchase IBM’s QRadar cybersecurity software for an undisclosed sum. In a joint statement, IBM states, “Palo Alto Networks will be its preferred cybersecurity partner.”
Amazon (AMZN) named Matt Garman as the new CEO of Amazon Web Services (AWS) after current leader Adam Selipsky announced that he will step down next month to spend more time with family. Garman, senior vice president of sales and marketing at AWS, has been with the company for 18 years and in 2021 was seen by many as a candidate to lead AWS after Andy Jassy made the jump from AWS CEO to Amazon CEO, taking over for Jeff Bezos.
The inflation rate year-over-year for April matched expectations as it decreased to 3.4% from 3.5%, which had been the highest reading since last September (3.7%). The rate peaked at 9.1% in June 2022. Meanwhile, the core inflation rate year-over-year for April also matched expectations as it decreased to 3.6% from 3.8%, which is a three-year low.
Happening this week…
Here are some of the major companies reporting earnings this week: PANW, LOW, NVDA, SNOW, TGT, INTU.
On Wednesday, existing home sales for April are expected to decrease to 4.18 million from 4.19 million, which was the second-highest reading over the past 10 months. On Thursday, new home sales for April are expected to decrease to 680,000 from 693,000, which was the highest reading in six months.
Thanks for reading!
- The Rockline Team
The opinions voiced are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
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