Monday July 11, 2022: $144.87 -($2.17) -(1.48%)
Jul 11, 2022 1:26:31 GMT -8
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Post by Dave on Jul 11, 2022 1:26:31 GMT -8
Yes, once again it’s Monday. We have a red pre-market of 0.80% at this moment.
What to Expect in the Markets Next Week
What to Expect in the Markets Next Week
Events Calendar:
Monday, July 11
New York Fed President John Williams gives speech
Tuesday, July 12
PepsiCo (PEP) reports earnings
NFIB Business Optimism Index (July)
IBD/TIPP Economic Optimism Index (July)
Consumer Inflation Expectations (June)
Wednesday, July 13
Delta Air Lines (DAL) reports earnings
Consumer Price Index (CPI) Inflation Rate (June)
Fed Beige Book Release
Thursday, July 14
Taiwan Semiconductor Manufacturing Company (TSM), JPMorgan Chase (JPM), Morgan Stanley (MS), Cintas (CTAS), First Republic Bank (FRC), and ConAgra Brands (CAG) report earnings
Producer Price Index (PPI) Inflation Rate (June)
Fed Board of Governors Member Christopher Waller gives speech
Friday, July 15
UnitedHealth Group (UNH), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), U.S. Bancorp (USB), PNC Financial Services (PNC), BNY Mellon (BK), State Street (STT), and First Horizon (FHN) report earnings
Retail Sales (June)
Import Prices (June)
Export Prices (June)
Industrial Production (June)
Michigan Consumer Sentiment Index - Preliminary (July)
Business Inventories (May)
Retail Inventories (May)
Atlanta Fed President Raphael Bostic gives speech
Earnings Season Kicks Off with Bank Earnings
The corporate earnings season kicks off next week, with some of the largest U.S. banks and financial institutions scheduled to report. JPMorgan Chase, Morgan Stanley, and First Republic Bank will report on Thursday, followed by Wells Fargo, BlackRock, Citigroup, U.S. Bancorp, PNC Bank, BNY Mellon, and State Street on Friday. Other companies scheduled to report include PepsiCo, Delta Air Lines, TSMC, and UnitedHealth.
Bank earnings are expected to take a hit from the sharp decline in mortgage refinancing applications as rates have soared in recent months. Big banks account for some of the largest mortgage lenders, and some, including JPMorgan Chase and Wells Fargo, have begun laying off workers in response to market losses. Wells Fargo previously reported a 33% year-over-year decline in mortgage revenue for the first quarter, a decline that is expected to accelerate as the bank reports earnings on Friday.
Fresh Inflation Readings for June
On Wednesday, the Bureau of Labor Statistics (BLS) will release the latest update to its Consumer Price Index (CPI), tracking changes in consumer prices for the month of June. Annual headline inflation is currently running at a 40-year high of 8.6%, and is expected to have inched higher to 8.7% in June. The core inflation rate, which excludes volatile food and energy prices, is expected to have moderated to a 5.7% annual rate in June, compared to the 6% figure recorded in May. Core inflation hit a peak in March at 6.5%, and has decelerated slightly in recent months.
The following day, the BLS will release the June update to the Producer Price Index (PPI), capturing inflation from the perspective of producers. Producer price inflation is projected to have risen 10.8% year-over-year, at the same pace as the month before, but below the recent peak of 11.5% recorded in March. PPI inflation is currently running near a 41-year high.
June Retail Sales Report
On Friday, the U.S. Census Bureau is expected to release its latest report on retail sales. Analysts are projecting a 0.8% monthly increase in retail sales in June, compared to a 0.3% decline recorded in May. The latest reading could provide valuable insight into consumer confidence amid continued high inflation.
Retail sales growth has decelerated sharply in recent months as rising inflation and declining real wages have chipped away at consumers’ purchasing power. Spending on non-essential goods and discretionary items has been under the greatest pressure, as consumers spend a greater share of their income on food, gas, and other necessities. The consumer discretionary sector has been the worst-performing sector in the S&P 500 this year, having declined 29% year-to-date. Rising inflation has also caused consumer sentiment to sour markedly, with the University of Michigan’s Consumer Sentiment Index (MCSI) falling to a record low in June. The preliminary July reading of the MCSI is expected on Friday.
Monday, July 11
New York Fed President John Williams gives speech
Tuesday, July 12
PepsiCo (PEP) reports earnings
NFIB Business Optimism Index (July)
IBD/TIPP Economic Optimism Index (July)
Consumer Inflation Expectations (June)
Wednesday, July 13
Delta Air Lines (DAL) reports earnings
Consumer Price Index (CPI) Inflation Rate (June)
Fed Beige Book Release
Thursday, July 14
Taiwan Semiconductor Manufacturing Company (TSM), JPMorgan Chase (JPM), Morgan Stanley (MS), Cintas (CTAS), First Republic Bank (FRC), and ConAgra Brands (CAG) report earnings
Producer Price Index (PPI) Inflation Rate (June)
Fed Board of Governors Member Christopher Waller gives speech
Friday, July 15
UnitedHealth Group (UNH), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), U.S. Bancorp (USB), PNC Financial Services (PNC), BNY Mellon (BK), State Street (STT), and First Horizon (FHN) report earnings
Retail Sales (June)
Import Prices (June)
Export Prices (June)
Industrial Production (June)
Michigan Consumer Sentiment Index - Preliminary (July)
Business Inventories (May)
Retail Inventories (May)
Atlanta Fed President Raphael Bostic gives speech
Earnings Season Kicks Off with Bank Earnings
The corporate earnings season kicks off next week, with some of the largest U.S. banks and financial institutions scheduled to report. JPMorgan Chase, Morgan Stanley, and First Republic Bank will report on Thursday, followed by Wells Fargo, BlackRock, Citigroup, U.S. Bancorp, PNC Bank, BNY Mellon, and State Street on Friday. Other companies scheduled to report include PepsiCo, Delta Air Lines, TSMC, and UnitedHealth.
Bank earnings are expected to take a hit from the sharp decline in mortgage refinancing applications as rates have soared in recent months. Big banks account for some of the largest mortgage lenders, and some, including JPMorgan Chase and Wells Fargo, have begun laying off workers in response to market losses. Wells Fargo previously reported a 33% year-over-year decline in mortgage revenue for the first quarter, a decline that is expected to accelerate as the bank reports earnings on Friday.
Fresh Inflation Readings for June
On Wednesday, the Bureau of Labor Statistics (BLS) will release the latest update to its Consumer Price Index (CPI), tracking changes in consumer prices for the month of June. Annual headline inflation is currently running at a 40-year high of 8.6%, and is expected to have inched higher to 8.7% in June. The core inflation rate, which excludes volatile food and energy prices, is expected to have moderated to a 5.7% annual rate in June, compared to the 6% figure recorded in May. Core inflation hit a peak in March at 6.5%, and has decelerated slightly in recent months.
The following day, the BLS will release the June update to the Producer Price Index (PPI), capturing inflation from the perspective of producers. Producer price inflation is projected to have risen 10.8% year-over-year, at the same pace as the month before, but below the recent peak of 11.5% recorded in March. PPI inflation is currently running near a 41-year high.
June Retail Sales Report
On Friday, the U.S. Census Bureau is expected to release its latest report on retail sales. Analysts are projecting a 0.8% monthly increase in retail sales in June, compared to a 0.3% decline recorded in May. The latest reading could provide valuable insight into consumer confidence amid continued high inflation.
Retail sales growth has decelerated sharply in recent months as rising inflation and declining real wages have chipped away at consumers’ purchasing power. Spending on non-essential goods and discretionary items has been under the greatest pressure, as consumers spend a greater share of their income on food, gas, and other necessities. The consumer discretionary sector has been the worst-performing sector in the S&P 500 this year, having declined 29% year-to-date. Rising inflation has also caused consumer sentiment to sour markedly, with the University of Michigan’s Consumer Sentiment Index (MCSI) falling to a record low in June. The preliminary July reading of the MCSI is expected on Friday.