Over the next week, Wall Street is set to release several important economic reports that could impact the stock market.
Among economic events, investors’ main focus will be on June consumer price inflation and testimony from Federal Reserve Chairman Jerome Powell before the U.S. Congress.
The Consumer Price Index (CPI) report and Chairman Powell’s testimony may provide clues about the direction of the Fed’s monetary policy.
Next week also marks the start of second-quarter earnings season, with PepsiCo, Citigroup, JPMorgan Chase, Wells Fargo and Delta Air Lines among the key stocks to watch.
Economic Events
The consumer credit situation for May will be released on Monday, July 8th.
Federal Reserve Chairman Jerome Powell is scheduled to testify before the Senate on Tuesday, July 9.
Powell is scheduled to testify before the House of Representatives on Wednesday, July 10.
The June consumer price index will be released on Thursday, July 11th.
The June Producer Price Index (PPI) and July Consumer Sentiment Index (preliminary figures) will be released on Friday, July 12th.
Revenue
Companies scheduled to report quarterly results in the next week include The Greenbrier, Helen of Troy, Kura Sushi, Manchester United, PriceSmart, Delta Air Lines, PepsiCo, Conagra Brands, Citigroup, JPMorgan Chase, Bank of New York Mellon and Wells Fargo.
US Markets Last Week
U.S. stocks closed higher on Friday after new data showing weakness in the labor market spurred hopes that interest rates could be cut as early as September.
The Dow Jones Industrial Average rose 67.87 points, or 0.17%, to close at 39,375.87, the S&P 500 added 30.17 points, or 0.54%, to 5,567.19 and the Nasdaq Composite added 164.46 points, or 0.90%, to 18,352.76.
The yield on the 10-year Treasury note fell to 4.27% from 4.36%.
The U.S. dollar fell to 160.73 yen from 161.25 yen. The euro rose to 1.0837 dollars from 1.0812 dollars.
Brent crude for September delivery fell 89 cents to $86.54 a barrel on Friday. Benchmark U.S. crude for August delivery fell 72 cents to $83.16 a barrel.
Gold for August delivery rose $28.30 to $2,397.70 an ounce. Silver for September delivery rose 85 cents to $31.69 an ounce.
