SpaceX is scheduled to be added to the Nasdaq 100 index on Tuesday, July 8, following a tumultuous beginning since its IPO in June.
Research Reports Expected
This week marks the conclusion of the Wall Street analyst quiet period after SpaceX's IPO, allowing firms to publish their initial research reports. Analysts expect these ratings may significantly influence the stock's performance.
Upcoming Earnings Reports
PepsiCo and Delta Air Lines will disclose their Q2 earnings this week, with a focus on consumer behavior and rising fuel costs. PepsiCo previously lowered prices to retain customers amid inflation, while Delta described demand as “really great” in March, despite increasing prices due to climbing operational costs. This timing is critical for investors seeking insights into current consumer trends.
Federal Reserve Meeting Minutes and Economic Data
The Federal Reserve will release minutes from its June meeting on Wednesday, which may signal potential rate hikes before the year's end. New Fed Chair Kevin Warsh is perceived as hawkish, and investors are eager for a deeper understanding of the committee's views following last week's weaker-than-expected jobs data. Additionally, the New York Fed’s consumer inflation expectations survey and weekly jobless claims will be published, providing further clarity on economic conditions.
Levi Strauss is also set to report its fiscal second-quarter results on Wednesday, having exceeded expectations in the past quarter while emphasizing its direct-to-consumer strategy. Meanwhile, Costco is due to reveal its monthly sales figures.
SpaceX Stock Performance
Since going public on June 12, SpaceX shares have experienced notable volatility. The stock initially dipped below its opening price but peaked above $225 before falling to $147. As of the end of last week, it closed at $162. Market analysts anticipate continued price fluctuations in the near future.
The upcoming inclusion of SpaceX in the Nasdaq 100 is expected to enhance demand for its stock, as many index-tracking funds will henceforth incorporate the company into their portfolios. The earnings reports from other major companies this week may also provide context for SpaceX's market position.
