Investors on Wall Street will be closely watching several key economic reports in the upcoming week.
The highlight events include the release of the Consumer Price Index (CPI) for June, which will provide insights into consumer inflation trends. Additionally, Federal Reserve Chair Jerome Powell is scheduled to testify before the US Congress, where his remarks could indicate the Fed’s future monetary policy direction.
The week will also mark the beginning of the second quarter earnings season, with notable companies such as PepsiCo, Citigroup, JPMorgan Chase, Wells Fargo, and Delta Air Lines reporting their financial results.
Key Dates and Reports:
- July 8 (Monday): Consumer credit report for May.
- July 9 (Tuesday): Powell’s Senate testimony.
- July 10 (Wednesday): Powell’s House testimony.
- July 11 (Thursday): Consumer Price Index (CPI) report for June.
- July 12 (Friday): Producer Price Index (PPI) for June and preliminary consumer sentiment report for July.
Recent Market Performance:
Last week, US stocks closed higher with optimism around potential interest rate cuts following weak labor market data. The Dow Jones Industrial Average rose, the S&P 500 gained, and the Nasdaq Composite also advanced.
Other Market Indicators:
- Treasury yield for the 10-year bond decreased.
- US dollar weakened against the Japanese yen and strengthened against the euro.
- Oil prices declined, with Brent crude and US crude both showing losses.
- Precious metals saw gains, with gold and silver prices rising.
Overall, the upcoming week promises significant economic updates and corporate earnings reports that could impact market trends.
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