Market Update Into August 5th: Jerome, Jobs, and Mag 7 Earnings | TrendSpider Blog (2025)

Table of Contents

Weekly Analysis Earnings Notable Results What’s Happening Now Stay up-to-date: Subscribe to posts like this! References

All eyes were on three key events this week; Jerome Powell and the FOMC decision on interest rates, the jobs report, and earnings results from key players like AAPL, AMZN, MSFT, and META. While many traders were hoping for a surprise cut from Powell & Co., any potential changes were deferred to the September meeting. On the earnings front, though AMZN was the only company of the group that failed to meet expectations, the good results from its peers were not enough to turn the market around. In other news,

Delta is seeking compensation from CRWD
Fed tees up September rate cut
Unemployment is on the rise
Congress Trading Data exposes the Elites

We are now in the dog days of summer, and while volatility has been heating up, many are hoping that election-year seasonality will offer some relief in the coming weeks. Let’s dig into the charts and see how things are shaping up.

Weekly Analysis

SPY ()

The SPY ETF got hit hard again this week, closing at $532.90 (-2.12%) after being rejected last month at the Golden Fibonacci extension from the 2021 high. Now, the price is breaking below the long-term ascending channel in tandem with the first above-average volume reading we’ve seen since mid-April.

Market Update Into August 5th: Jerome, Jobs, and Mag 7 Earnings | TrendSpider Blog (1)

QQQ (Invesco QQQ Trust)

Much like the SPY, the QQQ ETF broke down below the bottom of the long-term ascending channel and closed at $448.81 (-3.05%). However, with six of the Mag7 earnings behind and three weeks of steadily increasing above-average volume, are we seeing a fever pitch in participants leaving this index and could there be some relief on the way?

Market Update Into August 5th: Jerome, Jobs, and Mag 7 Earnings | TrendSpider Blog (2)

IWM (iShares Russell 2000)

It was high time for the IWM ETF to give back some of its gains, and this week it did just that, closing at $208.92 (-6.82%). The price found resistance just below the 2021 high and has now fallen back to retest the top of the weekly ascending triangle that it broke out from several weeks ago.

Earnings

Notable Results

CVX (Chevron)

EPS: $2.55 vs $2.93 est
SALES: $51.18B vs $50.80B est

XOM (Exxon Mobil)

EPS: $2.14 vs $2.00 est
SALES: $93.06B vs $90.90B est

AAPL (Apple)

EPS: $1.40 vs $1.35 est
SALES: $85.80B vs $84.53B est

COIN (Coinbase)

What’s Happening Now

QQQ (Nasdaq 100)

Election year seasonality suggests the QQQ ETF may see one last hoorah in August, with an average gain of 3.81% over the past 25 years. However, this is typically followed by steep declines in September, October, and November, with average returns of -4.75%, -4.69%, and -2.56%, respectively, before normalizing in December. Currently, the Nasdaq 100 has closed red for the fourth week in a row, the first time since December 2022.

Market Update Into August 5th: Jerome, Jobs, and Mag 7 Earnings | TrendSpider Blog (5)

GOOG (Google)

Since peaking in mid-July, Google has officially entered a correction, dropping -12.9% over the past 16 trading days despite beating Q2 earnings and surpassing $10B in cloud revenue for the first time. However, seasonal trends suggest bulls may find relief next week, as Google has historically outperformed during this period, falling only twice since 2014.

Market Update Into August 5th: Jerome, Jobs, and Mag 7 Earnings | TrendSpider Blog (6)

META (Meta Platforms)

Meta reported Q2 EPS of $5.16, beating estimates by $0.40, and revenue of $39.07B, up 22.1% YoY, while June saw 3.27 billion daily active people (DAP), representing 40.2% of the global population. Analysts are bullish, with META receiving 20 buy ratings and several price target hikes. Wells Fargo set the highest target at $647, indicating a 32.5% upside from Friday’s close.

Market Update Into August 5th: Jerome, Jobs, and Mag 7 Earnings | TrendSpider Blog (7)

Believe it or not, this is just a fraction of what happened in the markets this week. For a full run down delivered straight to your inbox every weekend, sign up forThe Official Trendspider Newsletter!

Stay up-to-date: Subscribe to posts like this!

Receive automated updates from the Market Commentary, Posts categories