The major indexes are down as a strong jobs report hints the Federal Reserve will keep hiking rates – and more – in Friday’s stock market recap.
The U.S. added more than 500,000 jobs in July, well above consensus estimates of 258,000. The unemployment rate also fell to 3.5%, below estimates of 3.6%.
Jobs growth was expected to slow as the Fed raised rates to curb runaway inflation. But with the most recent report coming in better than expected, the Fed is likely to remain in rate-hiking mode.
In earnings news, DoorDash Inc. (NYSE: DASH) beat on revenue but fell short on earnings per share. The company also warned that consumer spending will be softer in the third and fourth quarters. Despite the warning, shares jumped more than 9% in premarket trading.
In this morning’s stock market recap video, I’ll reveal why I’m hesitant to go all in on tech… whether volatility is set to rise or fall… whether the energy market is dead in the water or pulling back… the most probable scenario for stocks in the near term… whether tech and consumer stocks are overdone… how to gauge this market right now… plus which sectors are showing fragmentation and what it means for the market.
Don’t forget to like and subscribe to our YouTube channel so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to.
P.S. How Long Can I Keep Up the 100% Win Rate?
The 100% win rate* keeps on rockin’!
Pattern Trader members had the chance this past Friday to lock in their biggest win yet – a 36% gain** on COF in just two days! That’s right on par with our average hold time of three days per trade.
That makes a total portfolio gain of 188%, with an average return of 17.1% per trade – what a hot streak!
And it was all possible with the power of today’s state-of-the-art algos at the tips of your fingers.
Pattern Trader members know the historic win rate, profit factor and equity curve of the trades before they even get in.
That’s why I just went LIVE to break down the strategy for anyone who wants to learn about it, at absolutely no cost!
P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!
Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.
Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details.
On Fridays, we’ll review the week that was. We’ll discuss how our trades did, what we learned and how to apply it to next week’s trading plan, and any developing trade setups. This video will put a bow on the week. We’ll also go over winners from my different member strategies.
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed:
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.
