After three consecutive weeks of decline, global markets showed some positive signs last week.
Cboe Global Markets Inc. CBOE reports that all exchange-traded funds (ETFs) and indices tracked in this series have seen their prices rise over the past week. That SPDR S&P 500 ETF SPYperhaps the most notable of these, rose 3.66%, eclipsing the previous week’s 3.22% drop.
Price increases observed in the stock market have been mimicked in trends in the cryptocurrency scene. Both Bitcoin and Ethereum saw price increases of more than 5% last week, leading investors to wonder if the bottom has finally been reached.
Despite the positive signs, investors will do well to pay attention to key economic data due out next week, including the consumer price index (CPI), federal budget, retail sales and corporate inventories. It is generally accepted that these figures determine the direction of the market and show signs of where the economy is headed.
Enphase Energy Inc. ENPH Winners chart of the week following a series of earnings reports showing accelerated earnings and earnings. In 2022, the stock is up 66%.
Finally, Cboe notes earnings reports that could raise investor eyebrows in the following week.
Fast bites
Exchange Traded Funds
- That SPDR S&P 500 ETF SPY up 3.66% last week, the ETF’s first weekly gain since the week of August 8th.
- That Invesco QQQ Trust Series 1 QQQ up 4.04% last week, mimicking the overall moves of the SPY.
- That iShares Russell 2000 ETF IWM climbed 4.06% last week, marking a larger increase than its two larger counterparts.
- That Cboe Volatility Index™ IX fell 10.53% last week.
world markets
- That iShares Core MSCI Europe ETF EUR week up 4.3%.
- That iShares FTSE 100 UCITS ETF ISF week up 1.1%.
- That iShares Core DAX UCITS ETF E.g week up 0.27%.
- That Lyxor CAC 40 ETF CAC week up 0.74%.
Chart of the week: ENPH
This photo was taken by the TradingView platform
Shares in solar energy provider Enphase Energy Inc. have risen steadily over the past few months, showing strength in a market that has declined significantly since early 2022.
In the last three earnings reports, Enphase Energy has had three consecutive quarters of accelerating earnings. On February 8, the company reported earnings per share (EPS) of 73 cents. On April 16, earnings per share increased to 79 cents and on July 26, earnings per share reached $1.07.
This increase in earnings is accompanied by a steady increase in sales. In the same periods described above, the company’s revenue increased from $412 million to $441 million to $530 million. Following the recent earnings release, Enphase’s volume surged to 11.7 million — more than triple the 20-day moving average volume.
With improving fundamentals and analysts warning of a crisis in Europe for traditional energy sources, Enphase stock recently broke through $300 per share. Former US investing champion Mark Minervini wrote on Twitter:
“Sometimes the best stock to buy is the one you already own. Yesterday we increased our existing position in $ENPH. Today we increased our existing position in $BJ.”
Major Cryptocurrencies
- At the time of writing, Bitcoin BTC/USD is up 7.79% since last week.
- At the time of writing, ether ETH/USD is up 11.18% since last week and is holding above that key price of $1,500.
- At the time of writing, Solana SOL/USD is up 8.22% since last week and is holding above that key $30 price.
Upcoming earnings releases
A number of companies are reporting earnings next week, including:
- Oracle Corp. ORCL – EPS Estimate: $1.08
- Adobe Inc. ADBE – EPS Estimate: $3.35
- Manchester United PLC MANU – EPS Estimate: -$0.18
Click here for more weekly insights from Cboe.
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Featured photo by Joshua Mayo on Unsplash
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