Week Ending June 17, 2023: $184.92 +$3.96 +2.14%
Jun 16, 2023 12:49:11 GMT -8
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Post by Dave on Jun 16, 2023 12:49:11 GMT -8
What an impressive week.
What to Expect in the Markets Next Week
Events Calendar:
Monday, June 19
U.S. markets closed for holiday (Juneteenth)
Sigma Lithium Corp. (SGML) reports earnings
NAHB Housing Market Index (June)
Tuesday, June 20
FedEx Corporation (FDX), Freedom Holding Corp. (FRHC), and La-Z-Boy Inc. (LZB) report earnings
Housing Starts (May)
Building Permits (May)
Wednesday, June 21
KB Home (KBH) and Winnebago Industries Inc. (WGO) report earnings
Fed Chair Powell testifies to House panel
Thursday, June 22
Accenture (ACN), Darden Restaurants Inc. (DRI), FactSet Research Systems Inc. (FDS), Commercial Metals Company (CMC), BlackBerry Ltd. (BB), and GMS Inc. (GMS) report earnings
Fed Chair Powell testifies before the U.S. Senate
Chicago Fed National Activity Index (May)
Friday, June 23
CarMax Inc. (KMX) reports earnings
S&P Global Composite PMI - Flash Estimate (June)
Housing Market Updates
On Monday, the National Association of Home Builders (NAHB) will release its Housing Market Index for June, a gauge of homebuilders’ confidence. Economists are projecting a reading of 48, down 2 percentage points from 50 in May, which marked the highest reading since July of last year. The index has rebounded so far this year after falling through most of 2022, when a steep rise in mortgage rates cooled housing demand.
On Tuesday, the U.S. Census Bureau will report on May housing starts and building permits, a proxy for home construction and overall supply. Housing starts likely rose slightly to 1.405 million units, up from 1.401 million in April and compared with a two-year low of 1.34 million in January.
Fed Chair Powell's Testimony
On Wednesday and Thursday, Federal Reserve Chair Jerome Powell will testify before Congress, as part of his semiannual testimony on the state of monetary policy. The testimony will come a week after the FOMC’s latest meeting, where Fed policymakers decided to hold interest rates steady after hiking them ten consecutive times in an effort to cool inflation. While inflation has slowed markedly from last summer’s highs, the Fed’s latest dot plot suggests officials could hike the benchmark fed funds rate twice more this year—to 5.6%—if inflation continues to run hot.
What to Expect in the Markets Next Week
Events Calendar:
Monday, June 19
U.S. markets closed for holiday (Juneteenth)
Sigma Lithium Corp. (SGML) reports earnings
NAHB Housing Market Index (June)
Tuesday, June 20
FedEx Corporation (FDX), Freedom Holding Corp. (FRHC), and La-Z-Boy Inc. (LZB) report earnings
Housing Starts (May)
Building Permits (May)
Wednesday, June 21
KB Home (KBH) and Winnebago Industries Inc. (WGO) report earnings
Fed Chair Powell testifies to House panel
Thursday, June 22
Accenture (ACN), Darden Restaurants Inc. (DRI), FactSet Research Systems Inc. (FDS), Commercial Metals Company (CMC), BlackBerry Ltd. (BB), and GMS Inc. (GMS) report earnings
Fed Chair Powell testifies before the U.S. Senate
Chicago Fed National Activity Index (May)
Friday, June 23
CarMax Inc. (KMX) reports earnings
S&P Global Composite PMI - Flash Estimate (June)
Housing Market Updates
On Monday, the National Association of Home Builders (NAHB) will release its Housing Market Index for June, a gauge of homebuilders’ confidence. Economists are projecting a reading of 48, down 2 percentage points from 50 in May, which marked the highest reading since July of last year. The index has rebounded so far this year after falling through most of 2022, when a steep rise in mortgage rates cooled housing demand.
On Tuesday, the U.S. Census Bureau will report on May housing starts and building permits, a proxy for home construction and overall supply. Housing starts likely rose slightly to 1.405 million units, up from 1.401 million in April and compared with a two-year low of 1.34 million in January.
Fed Chair Powell's Testimony
On Wednesday and Thursday, Federal Reserve Chair Jerome Powell will testify before Congress, as part of his semiannual testimony on the state of monetary policy. The testimony will come a week after the FOMC’s latest meeting, where Fed policymakers decided to hold interest rates steady after hiking them ten consecutive times in an effort to cool inflation. While inflation has slowed markedly from last summer’s highs, the Fed’s latest dot plot suggests officials could hike the benchmark fed funds rate twice more this year—to 5.6%—if inflation continues to run hot.