Weekly Market Update | July 15, 2024

The Week on Wall Street

Stocks advanced last week as market leadership shifted amid fresh inflation data and quarterly corporate reports starting to roll in.

The Standard & Poor’s 500 Index advanced 0.87 percent, while the Dow Jones Industrial Average picked up 1.59 percent. The tech-heavy Nasdaq Composite Index, which has led all year, rose 0.25 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rallied 1.62 percent for the week through Thursday’s close.

Dow Breaks 40,000 (Again)

Mega-cap tech led modest gains for the S&P 500 and Nasdaq in the first two days of the week, with the Dow posting modest losses both days.

But that narrow trading range didn’t last long as market leadership shifted midweek. Upbeat corporate earnings reports and milder-than-expected consumer inflation in June drove momentum in a handful of larger industrial and consumer stocks.

Q2 earnings season got into full swing later in the week, dominated mostly by financial and consumer-oriented companies. Markets seemed initially unfazed by better-than-expected reports from some money center banks. Some observers suggested higher interest rates may be one of the reasons for the market’s lukewarm response.

The Dow ended the week with a solid gain after three consecutive weeks of trailing the S&P 500 and Nasdaq. The Dow also closed above 40,000, the first time it had done so since May, and hit a 52-week intraday high on Friday.

Mixed Inflation News

Two inflation reports came out last week: PPI and CPI.

The Producer Price Index, which measures the change in wholesale prices, rose 2.6 percent in June year over year—its largest increase in 16 months. By contrast, the Consumer Price Index, which tracks consumer prices, showed that the pace of inflation slowed in June.

Markets shrugged off the conflicting data, instead embracing the cooler CPI data. The Fed is likely taking notes for its next Fed meeting, scheduled for July 30-31.

Key Economic Data

Monday: Fed Chair Jerome Powell and Fed Official Mary Daly speak.

Tuesday: Retail Sales. Import and Export Prices. Business Inventories. Housing Market Index. Fed Official Adriana Kugler speaks.

Wednesday: Housing Starts and Permits. Industrial Production. Fed Official Thomas Barkin speaks.

Thursday: Jobless Claims. Fed Officials Michelle Bowman, Mary Daly and Lorie Logan speak. Fed Balance Sheet.

Friday: Fed Officials John Williams and Raphael Bostic speak.

Source: Econoday

Companies Reporting Earnings

Monday: The Goldman Sachs Group, Inc. (GS), BlackRock, Inc. (BLK)

Thursday: UnitedHealth Group Incorporated (UNH), Bank of America Corporation (BAC), Morgan Stanley (MS), The Charles Schwab Corporation (SCHW)

Wednesday: Johnson & Johnson (JNJ), Elevance Health, Inc. (ELV), Prologis, Inc. (PLD)

Thursday: Netflix, Inc. (NFLX), Abbott Laboratories, Inc. (ABT), Marsh & McLennan Companies, Inc. (MMC), The Blackstone Group (BX), Infosys (INFY)

Friday:   American Express Company (AXP)


Quote of the Week

“Do not merely practice your art, but force your way into its secrets; it deserves that, for only art and science can exalt man to divinity.”

– Ludwig van Beethoven

Sources: YCharts.com, July 13, 2024

Weekly performance is measured from the close of trading Monday July 8, to Friday, July 12, close.

What To Look For On A Nutrition Label

Nutrition labels contain helpful information that can guide you in the right direction as you eat healthier. But do you know how to read one correctly? The serving size is the first thing you will see on a nutrition label; this shows how many calories a serving contains.

The following section is the nutrients. This section helps you determine a food’s nutritional value. Pay close attention to saturated fat and added sugar. Lastly, you have the % Daily Value (DV), the percentage of each nutrient in a single serving in terms of the recommended amount.

Tip adapted from heart.org

Skillet-Grilled Fish Tacos With Cilantro-Lime Crema




Servings: 2


Cilantro-Lime Crema

  • 1 cup (heaping) cilantro (about 1 ounce)
  • 2 tablespoons fresh lime juice, plus more to taste
  • 1 cup sour cream
  • 1 teaspoon sugar
  • 1/4 teaspoon kosher salt, plus more

Skillet-Grilled Fish Tacos

  • 1 pound fillet of haddock, cod, or grouper, 1/2 to 1 inch thick
  • Kosher salt
  • Cayenne pepper
  • 1 tablespoon (or more) grapeseed or other neutral oil
  • 2 to 4 tortillas (I like Whole Foods’ soft corn tortillas)
  • Slaw, see above
  • Lime wedges, for serving


  1. Set a cast-iron skillet on a grill. Close the grill, set it to high, and let it heat up to 550°F or 600°F.
  2. In a food processor, pulse the cilantro and 2 tablespoons of the lime juice until finely chopped. Add the sour cream, sugar, and 1/4 teaspoon of the salt and purée until smooth. Taste, adjusting the seasoning with more salt or lime juice. Alternatively, finely chop the cilantro by hand, then add the lime juice, sour cream, sugar, and salt and whisk until smooth.
  3. If the fillet of fish is long, cut it in half so it will fit in your skillet. Season the fish generously with the salt on both sides. Season with the cayenne according to your heat tolerance—go light if you are sensitive to heat. Gather your tools for the grill: a reliable potholder, a spatula, a platter for the cooked fish, the oil, and the tortillas.
  4. Lift the lid of the grill. Pour the oil into the hot skillet—enough to coat the bottom in a thin layer. Using the potholder if necessary to bring the skillet closer to you, carefully lower the fish into the skillet. If you are slow and controlled, the oil won’t splatter.
  5. Close the lid. Set a timer for 3 minutes. Check the fish by prodding it with a spatula—it should flake fairly easily. If it doesn’t, close the lid and cook for 1 minute more. Remove the fish with a spatula, using the potholder as needed, and transfer to the platter.
  6. Turn off the grill. Throw the tortillas on the grill, leaving it open. Check after 20 seconds or so, flip, and cook for another 20 seconds, until the tortillas are soft and have nice grill marks on each side. Transfer to the platter.
  7. To serve: Spoon the slaw into the tortillas. Break the fish into pieces over the top. Drizzle with the crema. Squeeze lime wedges over top and serve with more wedges on the side.

Recipe adapted from Food 52

Tips to Increase Club Head Speed

  1. First, always start with improved technique method to make sure that you aren’t doing something obvious that is hurting your club head speed. You don’t want to tackle one of the other methods if there is a flaw in your swing that is hurting your club head speed.
  2. Then, start implementing flexibility training. Increased flexibility will never hurt your golf swing. It’ll only give your increased bodily awareness and control which can easily convert to club head speed and distance
  3. After that, if you want to increase more club head speed, find a personal trainer to help you with strength training. Make sure they give you exercises that you can do to focus on three areas – Hips, abs, and forearms. Again, make sure you continue flexibility training while doing strength training.
  4. Finally, add in overspeed training. Done incorrectly, overspeed training can hurt your technique. But, if you do it correctly, then it can help add more speed.

Tip adapted from theleftrough.com

Give Back To Your Community By Working As A Tax Volunteer

If you’re looking for a way to give back to your community and help people with low-to-moderate incomes, consider applying to volunteer with the Volunteer Income Tax Assistance or Tax Counseling for the Elderly programs. These programs offer free tax help to senior citizens, persons with disabilities, and those who speak limited English to understand their tax situations.

Here are some of the perks of being a VITA or TCE volunteer:

  • Flexible hours: Generally, volunteers contribute 3-5 hours per week. Some sites are open all year, but most programs are open from January to April.
  • Convenience: Thousands of VITA and TCE sites are set up in neighborhoods across the country, so it’s convenient to volunteer at a location close to home. These locations are usually community centers, libraries, schools, and malls.
  • No experience needed: You don’t have to be a tax pro to volunteer because all volunteers receive special training and can serve in various roles.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov

Photo of the Week

Australian Cape Fur Seals at Play

Narooma, NSW, Australia



Financial planning and investment advisory services offered through Cleveland Wealth, LLC, a Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified wealth advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.