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The resilient bull market is showing no signs of slowing down, with major U.S. stock indexes continuing to power to new record highs last week. And the coming days could determine if this relentless rally has legs to run even further.
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Corporate Earnings Take Center Stage
Fueling last week's gains was optimism heading into the heart of second quarter earnings season. Over 40 S&P 500 companies are set to report results this week alone, led by big banks like Goldman Sachs (GS), Morgan Stanley (MS), and Bank of America (BAC).
Analysts are projecting the strongest profit growth since early 2022 according to FactSet. The bar is high for Corporate America to clear, but another round of beats could propel stocks even higher. Companies will need to navigate increased economic uncertainty, stickier inflation, and rising borrowing costs.
Trump Assassination Attempt Rocks Nation Ahead of RNC
Adding an unpredictable dynamic to markets is the fallout from the deeply disturbing attempted assassination of former President Donald Trump at a Pennsylvania campaign rally on Saturday night. One attendee was killed, while Trump was grazed by a bullet but fortunately released from the hospital the same day.
The shocking violence cast a pall over the Republican National Convention in Milwaukee this week, where Trump is expected to be formally nominated as the party's 2024 presidential candidate. Any ongoing disruptions or security concerns could fuel volatility in the coming days.
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Google's $23 Billion Megadeal in the Crosshairs
In the M&A arena, investors will watch to see if Alphabet's (GOOGL) $23 billion acquisition of cybersecurity firm Wiz comes to fruition. It would be the largest deal ever for the Google parent, which has drawn increased antitrust scrutiny from regulators.
The potential tie-up with Wiz - recently valued at $12 billion as it weighed an IPO - underscores how Alphabet views cloud security as a key growth area. But it could also embolden critics arguing for more aggressive action to curb Big Tech's dominance.
Housing Pain Signals Fed Success As Prices Stay Sky-High
On the economic data front, the housing sector remains under immense pressure from the Fed's aggressive rate hiking campaign. The latest Case-Shiller national home price index hit fresh records, while the 30-year mortgage rate continues hovering around 7%.
The lack of affordability for buyers - and reduced incentive for sellers to list - illustrates how rapidly rising borrowing costs are working to cool formerly red-hot housing demand. For the Fed aiming to pump the brakes on broader inflation, it's a mark of success even if it prolongs the sector's misery.
With so many cross-currents across earnings, politics, deals, and economic trends, markets could be in for turbulent trading over the next several sessions. Prepare accordingly as we delve into the thick of quarterly earnings amidst the drama of an attempted presidential assassination and a potential transformative M&A transaction for a tech titan.
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