After a weak jobs report stoked fears of US economic recession last week, Wall Street investors will stay cautious and closely watch the upcoming economic data in the week ahead.
A report on Friday showed hiring by US employers slowed in July by much more than economists had expected.
Next week, reports on US services sector, monthly trade deficit data and the Federal Reserve’s Senior Loan Officer Opinion Survey, that will offer latest read on credit conditions, will be released.
The week ahead will also see second quarter earnings reports from some major companies such as Walt Disney, Caterpillar, Tyson Foods, Gilead Sciences, and Uber Technologies.
Economic events
On August 5 (Monday), two separate reports on S&P final US services PMI and ISM services for July will be released.
On August 6 (Tuesday), data on US trade deficit for June will be declared.
August 7 (Wednesday) will see the release of a report on consumer credit on June.
Earnings
Following companies are due to report second quarter earnings in the week ahead — CSX Corporation, Williams Companies, Tyson Foods, Carlyle Group, Amgen, Caterpillar, Uber Technologies, Airbnb, Duke Energy, Celsius Holdings, Yum! Brands, Disney, McKesson, CVS Health, Hilton Worldwide, Shopify, Fastly, Eli Lilly, Gilead Sciences, Expedia, Take-Two Interactive, Paramount Global, Datadog, AMC Networks, and American Axle.
US markets last week
US stocks fell on Friday after the weak jobs report stoked fears of recession.
The Dow Jones Industrial Average fell 610.71 points, or 1.51%, to 39,737.26, the S&P 500 lost 100.12 points, or 1.84%, to 5,346.56 and the Nasdaq Composite lost 417.98 points, or 2.43%, to 16,776.16.
In the bond market, the yield on the 10-year Treasury fell to 3.79% from 3.98%.
The US dollar dropped to 146.50 Japanese yen from 149.58. The euro rose to $1.0912 from $1.0784.
Brent crude for October delivery fell $2.71 to $76.81 per barrel on Friday. Benchmark US crude oil for September delivery lost $2.79 to $73.52 per barrel.
Gold for December delivery declined $11 to $2,469.80 per ounce. Silver for September delivery fell 9 cents to $28.39 per ounce.