CBOE's Weekly Market Recap: August 22 To August 26

Macroeconomic conditions seem to have caught up with the world’s markets last week, causing a cascade of down-trending indices around the globe. 

Cboe Global Markets Inc. CBOE reports that all major indices and exchange-traded funds (ETFs) recorded in this series have, in the prior week, experienced downward trending price action. Since Federal Reserve Chairman Jerome Powell’s speech on Friday, the SPDR S&P 500 ETF Trust SPY has fallen more than 5%. Most of the drop occurred on Aug. 26. 

Global markets and top cryptocurrencies have reflected the downward pressure scene on the S&P 500. Europe’s iShares Core MSCI Europe ETF IEUR, for example, declined by 4.05% last week, and Bitcoin BTC/USD dropped by 9.1%. 

Providing a hint of optimism in last week’s market movements is Snowflake Inc. SNOW. The company, led by CEO Frank Slootman, won chart of the week following a positive reaction to its recently released earnings report.

Finally, CBOE notes earnings that have occurred this week for investors to keep tabs on.

Quick Bites

Exchange-Traded Funds 

• The SPDR S&P 500 ETF decreased by 3.99% last week, the ETF’s largest weekly decline since mid-June.
• The Invesco QQQ Trust Series 1 QQQ decreased by 4.78% last week, the most substantial decrease among the three exchange-traded funds recorded in this series.
• The iShares Russell 2000 ETF IWM decreased by 2.91% last week, following suit with its larger counterparts. 
• The Cboe Volatility Index™ VIX increased by 24.09% last week.

World Markets

• The iShares Core MSCI Europe ETF IEUR decreased by 4.05% week-on-week.
• The iShares FTSE 100 UCITS ETF ISF decreased by 1.5% week-on-week. 
• The iShares Core DAX UCITS ETF EXS decreased by 4.27% week-on-week. 
• The Lyxor CAC 40 ETF CAC decreased by 3.43% week-on-week. 

Chart Of The Week: SNOW

This photo was taken from the TradingView platform

Shares of cloud-based storage and data analytics company Snowflake Inc. skyrocketed following an earnings report that surprised Wall Street analysts. 

On Aug. 24, the company reported an earnings per share (EPS) profit of $0.007. While this may not seem significant on its own, Wall Street analysts estimated that the figure would hover around negative $0.01, making this a 161.87% deviation from estimates. 

With revenue reported at $497.248 million — 6.37% higher than consensus estimates — shares of the company gapped up 20% overnight. In a market that has declined rapidly since Snowflake’s reported earnings, the ticker remains one of the few tech-based projects experiencing upward momentum. 

Major Cryptocurrencies

• Bitcoin decreased by 9.1% last week, following suit with other major market indices and ETFs.
• Ethereum decreased by 11.82% last week, closing at a price below $1,500 per coin.
• Solana decreased by 16.62% and closed at a price of $30.41 per coin. 

Upcoming Earnings Releases

A number of companies reported earnings this week, including: 

Click here for more weekly insights by Cboe. 

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Featured photo by Christine Roy on Unsplash