August trading has ended. After a panic sell-off and rebound in early April, the market closed higher for 4 straight months, with all three major indexes hitting new record highs.
• S&P 500 rose +120 points this month, +1.91%.
• Nasdaq 100 rose +197 points, +0.85%.
• Dow Jones rose +1413 points, +3.2%.
• Russell 2000 saw a strong rebound, up +154 points, +7%.
Overall, the market showed weak leaders, rebound in oversold names, and catch-up gains in laggards.
67% of S&P 500 large-cap stocks rose, with 54% beating the index. But in the Nasdaq 100, only 50% rose, and only 36% beat the index.
This week, only 7 S&P 500 companies will report earnings, but key names include AI chip and software giants AVGO and CRM, which will be the focus.
With only 4 trading days, jobs data will drive short-term moves. Key schedule:
• Mon: Labor Day holiday.
• Tue: Aug Manufacturing PMI, ISM index. Earnings: ZS, NIO, SIG.
• Wed: Jul job openings, factory orders, Fed Beige Book, Aug auto sales. Earnings: CRM, HPE, DLTR, CPB, M, AI.
• Thu: Weekly jobless claims, Aug ADP jobs report, Services PMI, ISM index, Senate hearing for Fed governor nominees. Earnings: AVGO, LULU, DOCU, PATH.
• Fri: Aug Nonfarm payrolls, unemployment rate, avg hourly earnings.
For S&P 500 large caps:
• Q1 2025 earnings grew +13.3% YoY, revenue +4.9%.
• Q2 2025 is nearly done, 98% of companies have reported. 81% beat earnings and revenue estimates, much better than early forecasts. Earnings grew +11.9% vs early +4.9%. Top sectors: Communication Services, Tech, Financials. Revenue grew +6.4% vs early +4.2%. Fastest growth: Tech, Healthcare, Communication Services.
Outlook:
• Q3 and Q4 2025 earnings expected +7.5% and +7.2%, revenue +6.1% and +6.3%.
• Full-year 2025 earnings +10.6%, revenue +6.0%.
• Full-year 2026 earnings +13.4%, revenue +6.4%.
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