Last week delivered powerful moves across several overlooked corners of the market — from hotel stocks quietly breaking out, to Canadian equities ripping to new highs alongside record Copper prices.
With S&P 500 earnings activity still limited, we’ve used this quieter stretch to surface the setups that matter most — names showing leadership, resilience, or quietly staging major reversals.
We’ll walk through the most important developments from the past week and spotlight a few earnings events that could set the tone as Q3 gets underway.
There weren't any S&P 500 earnings reactions, but the hotel industry continues to shine. The Hotel ETF $BEDZ is printing fresh multi-month highs versus the S&P 500, logging its first overbought momentum reading since November.
Marriott International $MAR is leading the charge. Last quarter, it delivered a double beat and snapped a 6-quarter streak of negative reactions. Now it’s breaking out, and despite the rally, the valuation remains reasonable.
Still no S&P 500 earnings, but our custom Restaurant Index is sending a strong message. It just broke above a multi-year downtrend, suggesting this long-lagging group may finally be back in play.
One name that’s standing out is Shake Shack $SHAK. Despite a double miss last quarter, the stock rallied for its 6th straight positive earnings reaction. That tells us investors are focused on what matters - improving free cash flow and a massive base breakout.
No S&P 500 earnings once again, but Canada is catching fire. The country’s equity market just hit new all-time highs, powered by its pro-cyclical tilt and exposure to commodities like copper, which just posted its biggest daily gain on record.
We laid out the case for continued Canadian outperformance. We also highlighted Imperial Oil $IMO - one of the country's premier energy stocks, which just completed a multi-decade base and snapped a 6-quarter losing streak.
Still no S&P 500 earnings, but Byrna Technologies $BYRN reported a big double beat. The setup looked perfect - two years of accumulation, strong fundamentals, and a pre-market surge. But instead of a gap-and-go, the bears slammed it.
Classic case of beat / beat / drop. The base is still intact… but for now, the breakout will have to wait.
The new earnings season officially began, with Delta Air Lines $DAL and Conagra Brands $CAG taking the stage.
DAL posted a double beat and soared 12% — its fourth-best earnings reaction ever — following up on its second-best reaction just last quarter.
Meanwhile, CAG delivered a double miss and dropped 4.4%, marking its 6th negative earnings reaction in the last 8 quarters.
What's happening next week 👇
Next week, the earnings season kicks into full gear.
We’ll hear from some of the most important Financial stocks in the world, including JPMorgan Chase $JPM, Wells Fargo $WFC, and BlackRock $BLK.
Also on deck: Netflix $NFLX, GE Aerospace $GE, Abbott Labs $ABT, and more.
The event we’re watching most closely?
JPMorgan Chase & Co.
Before the opening bell on Tuesday, Wall Street expects the $800B bank to report revenues of $43.9B and earnings of $4.48 per share.
The stock is trading near all-time highs, and a strong quarter could be the final push toward a $1T valuation.
Here's the JPM setup ahead of Tuesday's earnings event 👇
JPM recently broke out to new all-time highs and has since pulled back to a critical shelf of prior highs.
Now it all comes down to this report.
The stock has been rewarded for 3 straight quarters. If bulls hold the line here, we could be looking at a move toward $348.43 - the level that would crown JPM as the first-ever $1T bank.
The risk level is clearly defined at 280. If JPM is above there, the path of least resistance is higher for the foreseeable future.
JPM is one of the world's most important stocks 👇
The S&P 500 and JPMorgan move together. The long-term correlation is crystal clear.
That’s why we always say: "We don't have bull markets in the U.S. without Financials."
And when it comes to Financials, it all starts with JPM. It’s the bellwether. The heavyweight. The trendsetter.
A strong report here could send an all-clear signal to the broader market.
Thank you for reading.
- The Beat Report Team
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