Week Ending July 1, 2023: $193.97 +$7.29 +3.76%
Jun 30, 2023 12:23:47 GMT -8
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Post by Dave on Jun 30, 2023 12:23:47 GMT -8
Wow, onward and upward.
What to Expect in the Markets Next Week
Events Calendar:
Monday, July 3
U.S. markets close early at 1:00 pm ET
Sigma Lithium Corporation (SGML) reports earnings
S&P Global Manufacturing PMI (Jun)
ISM Manufacturing PMI (Jun)
Construction Spending (May)
Tuesday, July 4
U.S. Markets Closed (Independence Day)
Wednesday, July 5
Factory Orders (May)
IBD/TIPP Economic Optimism Index (Jul)
FOMC Meeting Minutes
Thursday, July 6
Coca-Cola Europacific Partners (CCEP) and Levi Strauss & Co. (LEVI) report earnings
U.S. Trade Balance (May)
Challenger Job Cuts (Jun)
ADP National Employment Report (Jun)
Job Openings and Labor Turnover Survey (JOLTS) Report (May)
S&P Global Composite PMI - Final Reading (Jun)
Friday, July 7
U.S. Nonfarm Payrolls (Jun)
The Latest Jobs Reports
The latest updates on the labor market will become available next week. On Thursday, the Bureau of Labor Statistics (BLS) will issue the Job Openings and Labor Turnover Survey (JOLTS) report, tracking the number of openings, hires, quits, and separations for the month of May. Job openings are projected to have fallen to 9.9 million last month, from 10.1 million in April. Also on Thursday, payroll provider ADP will release its National Employment Report for June tracking private sector payrolls, which are projected to have risen by 180,000.
The June nonfarm payrolls report will be released on Friday. Economists project U.S. employers added 200,000 jobs in June, decelerating from a hotter-than-expected gain of 339,000 in May, while the unemployment rate is expected to remain unchanged at 3.7%. If job growth exceeds expectations, it could strengthen the Fed’s case for more rate hikes to cool the economy and inflation.
FOMC Meeting Minutes
On Wednesday, the Federal Reserve will release minutes from the latest FOMC meeting held earlier this month, where the U.S. central bank held interest rates steady after hiking them 10 consecutive times since March of last year, in an effort to tame the highest inflation in four decades. Traders are projecting the Fed will resume hiking interest rates at its next policy meeting in July, with an almost 90% probability of a hike by 25 basis points (bps), according to fed funds futures data collected by CME Group.
This would set the benchmark federal funds rate in a range of 5.25% to 5.5%, the highest in 22 years.For those with the “Fear Of Missing Out” you may have the chance to buy a little lower this coming week as more economic data is released and the Fed once again speaks. Plus there are those that want to take some of their profits off of the table. Just sayin.
What to Expect in the Markets Next Week
Events Calendar:
Monday, July 3
U.S. markets close early at 1:00 pm ET
Sigma Lithium Corporation (SGML) reports earnings
S&P Global Manufacturing PMI (Jun)
ISM Manufacturing PMI (Jun)
Construction Spending (May)
Tuesday, July 4
U.S. Markets Closed (Independence Day)
Wednesday, July 5
Factory Orders (May)
IBD/TIPP Economic Optimism Index (Jul)
FOMC Meeting Minutes
Thursday, July 6
Coca-Cola Europacific Partners (CCEP) and Levi Strauss & Co. (LEVI) report earnings
U.S. Trade Balance (May)
Challenger Job Cuts (Jun)
ADP National Employment Report (Jun)
Job Openings and Labor Turnover Survey (JOLTS) Report (May)
S&P Global Composite PMI - Final Reading (Jun)
Friday, July 7
U.S. Nonfarm Payrolls (Jun)
The Latest Jobs Reports
The latest updates on the labor market will become available next week. On Thursday, the Bureau of Labor Statistics (BLS) will issue the Job Openings and Labor Turnover Survey (JOLTS) report, tracking the number of openings, hires, quits, and separations for the month of May. Job openings are projected to have fallen to 9.9 million last month, from 10.1 million in April. Also on Thursday, payroll provider ADP will release its National Employment Report for June tracking private sector payrolls, which are projected to have risen by 180,000.
The June nonfarm payrolls report will be released on Friday. Economists project U.S. employers added 200,000 jobs in June, decelerating from a hotter-than-expected gain of 339,000 in May, while the unemployment rate is expected to remain unchanged at 3.7%. If job growth exceeds expectations, it could strengthen the Fed’s case for more rate hikes to cool the economy and inflation.
FOMC Meeting Minutes
On Wednesday, the Federal Reserve will release minutes from the latest FOMC meeting held earlier this month, where the U.S. central bank held interest rates steady after hiking them 10 consecutive times since March of last year, in an effort to tame the highest inflation in four decades. Traders are projecting the Fed will resume hiking interest rates at its next policy meeting in July, with an almost 90% probability of a hike by 25 basis points (bps), according to fed funds futures data collected by CME Group.
This would set the benchmark federal funds rate in a range of 5.25% to 5.5%, the highest in 22 years.