QUESTION:
Give me a comprehensive US market update for this week.
RESPONSE:
This week in the U.S. financial markets is shaping up to be significant due to several key events and data releases:
1. Earnings Season: The market is anticipating quarterly financial results from several major banks as earnings season gets underway. Notable reports are expected from JPMorgan, Citigroup, and Wells Fargo on Friday[1][2][3].
2. Federal Reserve Developments:
– Jerome Powell’s Testimony: Federal Reserve Chair Jerome Powell is scheduled to testify before Congress, which is a closely watched event by investors for insights into future monetary policy[4][5].
– Inflation Data: The Consumer Price Index (CPI) data for June is set to be released on Thursday. This data is crucial as it provides insights into inflation trends, which are a key consideration for the Federal Reserve’s interest rate decisions[6][7].
3. Stock Market Performance:
– The stock market has shown mixed responses with the S&P 500 and Nasdaq reaching all-time highs last Friday, indicating strong market sentiment[8][9].
– Asian markets have mostly gained ahead of Powell’s testimony, reflecting a cautious but optimistic outlook globally[10][11][12].
4. Commodities and Treasury Yields:
– Commodities like oil, silver, and gold have been soaring amid ongoing inflation concerns, presenting both risks and opportunities in the market[13].
– Treasury yields are on the rise as the market anticipates more updates on inflation and the economic outlook from the upcoming data and Powell’s testimony[14].
5. Sector-Specific News:
– The energy sector is closely monitoring the impact of storm Beryl on Texas, which could affect oil prices and stockpiles[15].
– Investors are also watching the performance of non-tech stocks, which have shown strong returns, diverging from the typical tech-heavy gains[16].
Overall, this week is pivotal for the U.S. markets with a focus on inflation data, bank earnings, and Federal Reserve communications, which could collectively drive market sentiment and trading decisions.
References
[1] How major US stock indexes fared Monday, 7/8/2024
Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday and JPMorgan, Citigroup and Wells Fargo on Friday.
[2] Stock market today: Wall Street opens mixed ahead of congressional testimony from Powell
Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday and major U.S. banks on Friday.
[3] Stock market today: Wall Street largely unchanged ahead of big week for earnings, Federal Reserve
Coming later this week are quarterly financial results from several major banks as earnings season revs up.
[4] Stock market today: Wall Street ticks higher ahead of Fed Chair Powell’s congressional testimony
The Fed will get more updates on inflation at the consumer level on Thursday.
[5] Stock market today: Wall Street opens mixed ahead of congressional testimony from Powell
Traders are looking ahead to several earnings reports this week including updates from Delta Air Lines on Thursday and major U.S. banks on Friday.
[6] Stock futures are little changed as investors await inflation data, earnings this week [CNBC]
Stock futures are little changed as investors await inflation data, earnings this week [CNBC] https://www.cnbc.com/video/2024/07/08/stock-futures-are-little-changed-as-investors-await-inflation-data-earnings-this-week.html
[7] Euro slips, but off lows as France faces hung parliament [CNBC]
This week’s main U.S. economic release will be consumer price data for June on Thursday. https://www.cnbc.com/2024/07/09/euro-slips-but-off-lows-as-france-faces-hung-parliament.html
[8] Stock futures open lower as investors await inflation data, bank earnings this week: Live updates [CNBC]
Stocks are coming off of a strong week, as the S&P 500 and Nasdaq Composite reached all-time highs on Friday and ended at record closing levels, with the broad-market index notching its 34th record close in 2024. https://www.cnbc.com/2024/07/07/stock-futures-open-lower-as-investors-await-inflation-data-this-week-live-updates-.html
[9] S&P 500, Nasdaq close at all-time highs ahead of inflation data and second-quarter earnings reports [NBC News]
The broad market index ended the day up 0.1% at 5,572.85, while the Nasdaq Composite advanced 0.28% to 18,403.74. https://www.nbcnews.com/business/markets/sp-500-nasdaq-close-record-highs-ahead-inflation-data-earnings-reports-rcna160769
[10] Asia Mostly Gains Ahead of Powell Testimony | Bloomberg: The Asia Trade 7/9/2024 [Bloomberg View]
week of the second half, the market, we do seeing quite a bit of the shifty, https://www.bloomberg.com/news/videos/2024-07-09/bloomberg-the-asia-trade-7-9-2024-video
[11] Asia Mostly Gains Ahead of Powell Testimony | Bloomberg: The Asia Trade 7/9/2024 [Bloomberg View]
caution in markets this week. https://www.bloomberg.com/news/videos/2024-07-09/bloomberg-the-asia-trade-7-9-2024-video
[12] Asia Mostly Gains Ahead of Powell Testimony | Bloomberg: The Asia Trade 7/9/2024 [Bloomberg View]
prices has been surging quite dramatically in the in the past week. https://www.bloomberg.com/news/videos/2024-07-09/bloomberg-the-asia-trade-7-9-2024-video
[13] Why Commodities Like Silver, Oil And Gold Are Soaring Amid Inflation [Forbes]
As we move into the second half of 2024, the commodities market continues to offer intriguing opportunities. https://www.forbes.com/sites/greatspeculations/2024/07/08/why-commodities-like-silver-oil-and-gold-are-soaring-amid-inflation
[14] Treasury yields rise ahead of fresh data, testimony from Fed Chair Powell [CNBC]
Investors awaited key data points slated for the week ahead, including fresh consumer and wholesale inflation figures. https://www.cnbc.com/2024/07/09/us-treasurys-ahead-of-fresh-data-testimony-from-fed-chair-powell.html
[15] Oil little changed as investors eye impact of storm Beryl on Texas [CNBC]
WTI gained 2.1% last week after data from the Energy Information Administration showed stockpiles for crude and refined products fell in the week ending June 28. https://www.cnbc.com/2024/07/08/oil-little-changed-as-investors-eye-impact-of-storm-beryl-on-texas.html
[16] 7 Stocks Poised for a Strong Second Half. And They Aren’t Tech Giants. [MarketWatch]
Coming into Friday trading, the big six returned about 49% year to date on average. https://www.marketwatch.com/articles/stocks-to-buy-second-half-2024-united-6500395f
