What will drive the markets this week?
Last week saw the US equity market rally on Friday to end in weekly gains. Investors expected that the Federal Reserve may reduce the scale of its interest rate hikes in the upcoming FOMC meetings.
However, in Energy, crude oil prices fell for the week. High gas prices and a worsening economic outlook raised the possibility of a slowdown in demand in the US.
This week, further updates to the housing market are expected with the release of May pending home sales, along with the latest update to the S&P Case-Shiller Home Price Index, tracking price increases in April. The final estimate for first-quarter U.S. GDP growth will be released on Wednesday; the reading is expected to be unchanged from the prior estimate of a 1.5% contraction.
In Europe, Updates to eurozone unemployment and inflation are expected on Thursday and Friday, respectively.
Here are more events that are likely to influence market movements this week
Monday, June 27
- Nike (NKE) and Jefferies Financial Group (JEF) report earnings
- Dallas Fed Manufacturing Index (June)
- Durable Goods Orders (May)
- Pending Home Sales (May)
Tuesday, June 28
- Wholesale Inventories (May)
- S&P Case-Shiller Home Price Index (April)
- Freddie Mac National House Price Index (April)
- Conference Board Consumer Confidence (June)
- Germany GfK Consumer Confidence (June)
Wednesday, June 29
- Paychex (PAYX) and General Mills (GIS) report earnings
- U.S. GDP Growth Rate - Final Reading (Q1 2022)
- Corporate Profits (Q1 2022)
- Real Personal Consumption Expenditures (Q1 2022)
- Eurozone Economic Sentiment Indicator (June)
- Germany Inflation Rate (June)
- Fed Chair Powell Speech
Thursday, June 30
- Micron (MU), Constellation Brands (STZ), and Walgreens (WBA) report earnings
- Personal Consumption Expenditures (PCE) Price Index (May)
- Personal Income and Spending (June)
- Chicago Purchasing Managers Index (PMI) (June)
- U.K. GDP Growth Rate - Final Reading (Q1 2022)
- Canada GDP Growth Rate (MoM) (April)
- Germany Unemployment Rate (June)
- Eurozone Unemployment Rate (May)
Friday, July 1
- S&P Global Manufacturing PMI - Final Reading (June)
- ISM Manufacturing PMI (June)
- Eurozone Inflation Rate (June)
- U.K. National Housing Prices (June)