Wall Street week ahead: Spotlight on consumer inflation, Jerome Powell’s testimony | Stock Market News

Wall Street in the week ahead will see some key economic reports that could influence the stock markets.

Among the economic events, the major focus of investors will be on consumer inflation for June and Federal Reserve chair Jerome Powell’s testimony to the US Congress.

The Consumer Price Index (CPI) report and Powell’s testimony may provide cues on Fed’s monetary policy path.

The week ahead will also see the start of the second quarter earnings season. PepsiCo, Citigroup, JPMorgan Chase, Wells Fargo, and Delta Air Lines are the important ones to watch out for.

Economic events

On July 8 (Monday), a report on consumer credit for May will be released.

On July 9 (Tuesday), Fed Chairman Jerome Powell’s testimony to the Senate is scheduled.

On July 10 (Wednesday), Powell’s testimony to the House is scheduled.

July 11 (Thursday) will see the release of a report on Consumer Price Index for June.

On July 12 (Friday), separate reports on Producer Price Index (PPI) for June and consumer sentiment (prelim) for July will be released.


Following companies are due to report quarterly earnings in the week ahead — Greenbrier, Helen of Troy, Kura Sushi, Manchester United, PriceSmart, Delta Air Lines, PepsiCo, Conagra Brands, Citigroup, JPMorgan Chase, Bank of New York Mellon, and Wells Fargo.

US markets last week

US stocks closed higher on Friday, as new data showing labor market weakness boosted hopes for interest rate cuts as early as September.

The Dow Jones Industrial Average rose 67.87 points, or 0.17 per cent, to close at 39,375.87. The S&P 500 gained 30.17 points, or 0.54 per cent, at 5,567.19 and the Nasdaq Composite advanced 164.46 points, or 0.90 per cent, to 18,352.76.

The yield on the 10-year Treasury fell to 4.27 per cent from 4.36 per cent.

The US dollar dropped to 160.73 Japanese yen from 161.25. The euro rose to $1.0837 from $1.0812.

Brent crude for September delivery declined 89 cents to $86.54 per barrel on Friday. Benchmark US crude oil for August delivery lost 72 cents to $83.16 per barrel.

Gold for August delivery gained $28.30 to $2,397.70 per ounce. Silver for September delivery added 85 cents to $31.69 per ounce.

Source link


Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Hedge funds that piled into big Tesla short stung by huge rally | Stock Market News

Sun Jul 7 , 2024
Hedge funds piled into short bets against Tesla Inc. right before the electric vehicle maker unveiled a set of numbers that triggered a hefty share-price rally. About 18% of the 500-plus hedge funds tracked by data provider Hazeltree had an overall short position on Tesla at the end of June, […]

You May Like