Market Action For Last Week

• SPY: $643.44 → $645.31 | +1.87 pts (+0.29%).  
• QQQ: $577.34 → $571.97 | –5.37 pts (–0.93%).  
• IWM: $227.13 → $234.83 | +7.70 pts (+3.39%).  

Upcoming Major Economic Reports and Potential Market Moving Events

All times ET; U.S. releases only.

Mon 8/25

• New Home Sales (Jul) – 10:00 am.  
• Fed speakers: Dallas Fed’s Logan; NY Fed’s Williams.  

Tue 8/26

• Durable Goods Orders (Jul) – 8:30 am.  
• S&P CoreLogic Case-Shiller Home Price Index (Jun) – 9:00 am.  
• Conference Board Consumer Confidence (Aug) – 10:00 am.  

Thu 8/28

• GDP Q2 2025 – Second Estimate & Corporate Profits (Prelim.) – 8:30 am.  
• Pending Home Sales (Jul) – 10:00 am (watchlist item).  

Fri 8/29

• Personal Income & Outlays (Jul) incl. PCE & Core PCE – 8:30 am.  
• Advance International Trade in Goods, Retail & Wholesale Inventories (Jul) – 8:30 am.  
• Univ. of Michigan Consumer Sentiment (Aug, final) – 10:00 am.  

Upcoming Major Stock Earnings Reports

Wed 8/27

• NVIDIA (NVDA) – After Market (webcast 2:00 pm PT / 5:00 pm ET).  
• HP Inc. (HPQ) – After Market (call 4:30 pm ET).  
• Urban Outfitters (URBN) – After Market (call 5:00 pm ET).  

Thu 8/28

• Best Buy (BBY) – Before Market Open.  
• Bath & Body Works (BBWI) – Before Market Open (call 8:30 am ET).  

30-Day Outlook: Neutral. SPY eked out a small weekly gain while QQQ slipped and small caps (IWM) outperformed—classic rotation under the surface. With NVDA earnings mid-week and PCE inflation Friday likely to steer Fed-cut odds, risk is two-sided near term. Technically, SPY holding ~640 keeps bulls in control, but Nasdaq leadership has softened; breadth improvement from small caps is constructive but needs follow-through. Net-net: I’m looking for choppy, range-bound action with tactical opportunities into the late-August data and event cluster.  

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