What will drive the markets this week?
The S&P 500 and the Nasdaq Composite bounced on Friday as Wall Street attempted to bounce back following a brutal week of selling. The Federal Reserve raised its benchmark interest rate by 75 basis points, the most since 1994, leading most global stocks into a downtrend.
Next week will be a shortened trading week as markets close for the Juneteenth holiday in the U.S. on Monday. Fed Chair Jerome Powell will testify before Congress on Wednesday and Thursday, as part of a semiannual testimony on monetary policy.
We can expect important updates on the U.S. housing market, including new and existing home sales tracking in the month of May. The June flash estimate of S&P Global’s Composite PMI Survey, along with the final reading of the University of Michigan’s Consumer Sentiment Index (MSCI), will be released on Thursday and Friday, respectively.
International updates on key economic indicators are also expected, with inflation updates for the U.K. and Japan, and consumer confidence readings for the U.K. and Eurozone.
Monday, June 20
- U.S. Markets Holiday (Juneteenth)
Tuesday, June 21
- Existing Home Sales (May)
- Chicago Fed National Index (May)
Wednesday, June 22
- Stellantis (STLA) reports earnings
- Fed Chair Powell Testimony before Congress (U.S. Senate Banking Committee)
- U.K. Inflation Rate (May)
- Eurozone Consumer Confidence (June)
Thursday, June 23
- Accenture (ACN), FedEx (FDX), Darden Restaurants (DRI), BlackBerry (BB), and Rite Aid (RAD) report earnings
- Fed Chair Powell Testimony before Congress (House Financial Services Committee)
- S&P Global Composite PMI - Flash Estimate (June)
- U.K. Consumer Confidence (June)
- Japan Inflation Rate (May)
Friday, June 24
- Paychex (PAYX) and CarMax (KMX) report earnings
- U.K. Retail Sales (May)
- New Home Sales (May)
- Michigan Consumer Sentiment Index - Final Reading (June)