What will drive the markets this week?
U.S. stocks ended lower on Friday as an early rally lost momentum, with investors absorbing inflation data that met expectations and assessing political uncertainty following the U.S. presidential debate. The Dow Jones Industrial Average decreased by 41.12 points, or 0.11%, to close at 39,122.94. The S&P 500 fell by 22.57 points, or 0.41%, to 5,460.30, while the Nasdaq Composite dropped 126.08 points, or 0.71%, to 17,732.60.
In Europe, stocks relinquished early gains to end lower on Friday, with shares of beauty giant L’Oreal dragging the market down. The pan-European STOXX 600 fell 0.2%, marking its fourth consecutive session of losses.
In the currency market, the Japanese yen weakened to fresh 38-year lows on Friday, crossing the 161 mark against the dollar for the first time since 1986 and reaching a high of 161.27, according to LSEG data.
Despite the Independence Day holiday on Thursday shortening the trading week, investors will still receive significant data on Friday with the release of the U.S. jobs report. Additionally, Federal Reserve Chair Jerome Powell will speak at an international conference before releasing the minutes from the Fed’s June meeting.
Market analysts will also be paying attention to data on the manufacturing and services sectors and the earnings report from beer maker Constellation Brands.
Events expected to move the markets this week
Monday, July 1
- S&P U.S. manufacturing PMI (June)
- Construction spending (May)
- ISM manufacturing (June)
Tuesday, July 2
- Federal Reserve Chair Jerome Powell delivers remarks
- Job openings (May)
Wednesday, July 3
- ADP employment report (June)
- Initial jobless claims (Week ending June 29)
- S&P U.S. services PMI (June)
- ISM services (June)
- Trade deficit (May)
- Factory orders (May)1
- FOMC June meeting minutes
- Constellation Brands (STZ) reports earnings
- New York Fed President John C. Williams delivers remarks
- Markets close early
Thursday, July 4
- Independence Day national holiday, markets closed
Friday, July 5
- U.S. employment report (June)