economy
A huge day and week for Corning as the S&P 500 approaches another record high
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- The S&P 500 is nearing a record close, with the Nasdaq Composite also showing gains.
- A decline in nonfarm payrolls for July led to a 'bad news is good news' scenario, increasing the likelihood of the Federal Reserve holding rates steady in September.
- Corning experienced significant gains, partly due to new tariffs on imported polysilicon aimed at protecting domestic industry, and a rebound in its AI infrastructure theme.
- Upcoming economic data includes CPI and PPI reports, retail sales, and consumer sentiment, which will be closely watched ahead of the Federal Reserve's Jackson Hole symposium.
- Several companies are scheduled to report earnings next week, including Cardinal Health, Simon Property Group, and Applied Materials.