Week Ending June 24, 2023: $186.68 +$1.76 +0.94%
Jun 23, 2023 12:32:18 GMT -8
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Post by Dave on Jun 23, 2023 12:32:18 GMT -8
What to Expect in the Markets Next Week
Events Calendar:
Monday, June 26
Carnival Corporation (CCL) and Sigma Lithium Corp. (SGML) report earnings
Dallas Fed Manufacturing Index (Jun)
Tuesday, June 27
Walgreens Boots Alliance (WBA) and Jefferies Financial Group (JEF) report earnings
S&P Case-Shiller National Home Price Index (Apr)
FHFA House Price Index (Apr)
New Home Sales (May)
CB Consumer Confidence Index (Jun)
Richmond Fed Manufacturing Index (Jun)
Dallas Fed Services Index (Jun)
Durable Goods Orders (May)
Wednesday, June 28
Micron Technology (MU), General Mills (GIS), Concentrix Corporation (CNXC), H.B. Fuller Company (FUL), and Unifirst Corporation (UNF) report earnings
Retail Inventories (May)
Wholesale Inventories (May)
Goods Trade Balance (May)
Bank Stress Test results to be published
Thursday, June 29
Nike (NKE), Paychex Inc. (PAYX), McCormick & Company (MKC), and Acuity Brands Inc. (AYI) report earnings
U.S. GDP Growth Rate - Final Reading (Q1 2023)
Pending Home Sales (May)
Friday, June 30
Constellation Brands Inc. (STZ) reports earnings
Personal Income and Spending (May)
Personal Consumption Expenditures (PCE) Price Index (May)
Chicago Purchasing Managers’ Index (PMI) (May)
University of Michigan Consumer Sentiment Index - Final (Jun)
Euro Area Inflation Rate - Flash Estimate (Jun)
Euro Area Unemployment Rate (May)
Home Price Update
We’ll get the latest data on U.S. home prices on Tuesday with the Case-Shiller Home Price Index and the Federal Housing Finance Agency’s (FHFA) House Price Index for April. Home prices as tracked by the Case-Shiller Index likely rose 0.8% in April after rebounding 1.5% in March, but were likely down 1.5% year-over-year. In March, prices fell on an annual basis for the first time since early 2012, in a sharp reversal from the record high growth rates seen a year earlier, before the Federal Reserve’s interest rate hikes impacted housing demand. The biggest annual declines were recorded in Seattle and San Francisco, while prices in Miami, Tampa, Charlotte, and Atlanta were still higher compared to a year ago.
The Fed's Preferred Inflation Gauge
On Friday, the Bureau of Economic Analysis (BEA) will issue the Personal Consumption Expenditures (PCE) Price Index—the Fed’s preferred inflation gauge—for May. Prices are projected to have risen 0.2% last month following a 0.4% increase in April. They were likely up 4.1% on an annual basis, decelerating from 4.4% in April. Core PCE prices, which exclude volatile food and energy costs, likely rose 4.5% from a year earlier, decelerating from 4.7% in April. The Federal Reserve targets a 2% annual PCE inflation rate as part of its dual mandate of price stability and full employment.
The PCE Price Index is the Fed’s preferred inflation gauge as it tracks consumers’ spending decisions more closely than the Consumer Price Index (CPI). While the CPI uses a fixed basket of goods and services, the components of the PCE Price Index are updated more frequently to reflect changing consumer tastes and preferences.
Monday, June 26
Carnival Corporation (CCL) and Sigma Lithium Corp. (SGML) report earnings
Dallas Fed Manufacturing Index (Jun)
Tuesday, June 27
Walgreens Boots Alliance (WBA) and Jefferies Financial Group (JEF) report earnings
S&P Case-Shiller National Home Price Index (Apr)
FHFA House Price Index (Apr)
New Home Sales (May)
CB Consumer Confidence Index (Jun)
Richmond Fed Manufacturing Index (Jun)
Dallas Fed Services Index (Jun)
Durable Goods Orders (May)
Wednesday, June 28
Micron Technology (MU), General Mills (GIS), Concentrix Corporation (CNXC), H.B. Fuller Company (FUL), and Unifirst Corporation (UNF) report earnings
Retail Inventories (May)
Wholesale Inventories (May)
Goods Trade Balance (May)
Bank Stress Test results to be published
Thursday, June 29
Nike (NKE), Paychex Inc. (PAYX), McCormick & Company (MKC), and Acuity Brands Inc. (AYI) report earnings
U.S. GDP Growth Rate - Final Reading (Q1 2023)
Pending Home Sales (May)
Friday, June 30
Constellation Brands Inc. (STZ) reports earnings
Personal Income and Spending (May)
Personal Consumption Expenditures (PCE) Price Index (May)
Chicago Purchasing Managers’ Index (PMI) (May)
University of Michigan Consumer Sentiment Index - Final (Jun)
Euro Area Inflation Rate - Flash Estimate (Jun)
Euro Area Unemployment Rate (May)
Home Price Update
We’ll get the latest data on U.S. home prices on Tuesday with the Case-Shiller Home Price Index and the Federal Housing Finance Agency’s (FHFA) House Price Index for April. Home prices as tracked by the Case-Shiller Index likely rose 0.8% in April after rebounding 1.5% in March, but were likely down 1.5% year-over-year. In March, prices fell on an annual basis for the first time since early 2012, in a sharp reversal from the record high growth rates seen a year earlier, before the Federal Reserve’s interest rate hikes impacted housing demand. The biggest annual declines were recorded in Seattle and San Francisco, while prices in Miami, Tampa, Charlotte, and Atlanta were still higher compared to a year ago.
The Fed's Preferred Inflation Gauge
On Friday, the Bureau of Economic Analysis (BEA) will issue the Personal Consumption Expenditures (PCE) Price Index—the Fed’s preferred inflation gauge—for May. Prices are projected to have risen 0.2% last month following a 0.4% increase in April. They were likely up 4.1% on an annual basis, decelerating from 4.4% in April. Core PCE prices, which exclude volatile food and energy costs, likely rose 4.5% from a year earlier, decelerating from 4.7% in April. The Federal Reserve targets a 2% annual PCE inflation rate as part of its dual mandate of price stability and full employment.
The PCE Price Index is the Fed’s preferred inflation gauge as it tracks consumers’ spending decisions more closely than the Consumer Price Index (CPI). While the CPI uses a fixed basket of goods and services, the components of the PCE Price Index are updated more frequently to reflect changing consumer tastes and preferences.