Post by Dave on Jun 20, 2022 1:22:35 GMT -8
Yes it’s Monday, but there’s no need to check the stock price, it’s a national holiday.
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
Events Calendar:
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)
Fed Chair Powell to Address Congress
On Wednesday and Thursday, Federal Reserve Chair Jerome Powell will address the U.S. Congress, as part of a two-day semiannual testimony on monetary policy. Powell will testify before the U.S. Senate Banking Committee on Wednesday and the House Financial Services Committee on Thursday. Powell’s address on Capitol Hill will come a week after the Federal Reserve conducted its largest rate hike in 28 years, raising its benchmark federal funds rate by three-quarters of a percentage point. In recent months, addressing high inflation has become the top priority of the U.S. central bank, and Chair Powell is likely to draw attention to the issue in the upcoming address to Congress.
May Home Sales Updates
On Tuesday, the National Association of Realtors (NAR) will release its May report on existing home sales, which are projected to have fallen to 5.4 million in May, from 5.61 million in April. This compares to a pandemic era peak of 6.65 million in January of 2021, and would represent the lowest figure since June of 2020 amid a slowdown in the nation’s housing market as homebuyers are squeezed by rising mortgage rates and declining affordability. Later in the week, the U.S. Census Bureau will also release the latest data on new home sales for May. New home sales are projected to have declined slightly to 580,000 in May, from 591,000 in April. This would mark the lowest figure since late 2018, falling below the April 2020 low of 582,000.
June Consumer Sentiment Reading
Next Friday, we can expect the final reading of the University of Michigan’s June Consumer Sentiment Index (MSCI). The preliminary reading, released last week, showed consumer sentiment falling to a record low. The current index reading of 50.2 is the lowest in the index’s history dating back to 1952. Rising prices, particularly for gasoline and food, has weighed on consumer sentiment in recent months. Consumer sentiment updates are also expected abroad, with June consumer confidence readings for the eurozone and U.K. expected on Wednesday and Thursday, respectively.
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)
Fed Chair Powell to Address Congress
On Wednesday and Thursday, Federal Reserve Chair Jerome Powell will address the U.S. Congress, as part of a two-day semiannual testimony on monetary policy. Powell will testify before the U.S. Senate Banking Committee on Wednesday and the House Financial Services Committee on Thursday. Powell’s address on Capitol Hill will come a week after the Federal Reserve conducted its largest rate hike in 28 years, raising its benchmark federal funds rate by three-quarters of a percentage point. In recent months, addressing high inflation has become the top priority of the U.S. central bank, and Chair Powell is likely to draw attention to the issue in the upcoming address to Congress.
May Home Sales Updates
On Tuesday, the National Association of Realtors (NAR) will release its May report on existing home sales, which are projected to have fallen to 5.4 million in May, from 5.61 million in April. This compares to a pandemic era peak of 6.65 million in January of 2021, and would represent the lowest figure since June of 2020 amid a slowdown in the nation’s housing market as homebuyers are squeezed by rising mortgage rates and declining affordability. Later in the week, the U.S. Census Bureau will also release the latest data on new home sales for May. New home sales are projected to have declined slightly to 580,000 in May, from 591,000 in April. This would mark the lowest figure since late 2018, falling below the April 2020 low of 582,000.
June Consumer Sentiment Reading
Next Friday, we can expect the final reading of the University of Michigan’s June Consumer Sentiment Index (MSCI). The preliminary reading, released last week, showed consumer sentiment falling to a record low. The current index reading of 50.2 is the lowest in the index’s history dating back to 1952. Rising prices, particularly for gasoline and food, has weighed on consumer sentiment in recent months. Consumer sentiment updates are also expected abroad, with June consumer confidence readings for the eurozone and U.K. expected on Wednesday and Thursday, respectively.