This week, the stock market will be tested by the second-quarter earnings of 136 S&P 500 companies, including SpaceX, McDonald’s, Spotify and Palantir, as well as the July U.S. jobs report expected on Friday. The S&P 500 has been stuck in a range between 7,237 and 7,620 for two months, and August and September are historically the worst months of the year for U.S. equities. Jay Woods, chief market strategist at Freedom Capital Markets, anticipates an unemployment rate around 4.3%, a level considered ideal by the Federal Reserve. SpaceX, valued at $1.5 trillion despite an 18% decline from its IPO price of $135, will publish its first earnings, with key resistance at the $130-135 level.
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