Wall Street week ahead: Spotlight on Fed minutes, Nvidia Q1 earnings
On Wall Street in the week ahead, the spotlight will be on the minutes of the Federal Reserve’s last monetary policy meeting and first quarter earnings from the chip giant Nvidia. Both the events are scheduled for Wednesday.
In other economic developments, investors will closely watch for Fed chair Jerome Powell’s commencement remarks and home sales data for April.
Economic events
On May 19 (Sunday), Fed Chair Jerome Powell’s pre-recorded commencement remarks to Georgetown University Law Center will be released.
On May 22 (Wednesday), minutes of Fed’s May FOMC (Federal Open Market Committee) meeting and data on existing home sales for April will be released.
May 23 (Thursday) will see release of the S&P flash US services PMI and manufacturing PMI data for May.
On May 24 (Friday), a report On final consumer sentiment for May will be released.
Earnings
Following companies are due to report quarterly earnings in the week ahead— Palo Alto Networks, Li Auto, Zoom Video, Lowe’s Companies, AutoZone, Toll Brothers, XPeng, Macy’s, Amer Sports, Nvidia, TJX Companies, Analog Devices, Target, Snowflake, Petco Health and Wellness, e.l.f. Beauty, Intuit, Medtronic, Toronto-Dominion Bank, Ralph Lauren, Workday, Booz Allen Hamilton, and Buckle.
Tech events
Tech giant Microsoft will hold its annual Microsoft Build event for developers in Seattle from May 21 to May 23.
It is likely to show off its Windows 11 update and Generative AI could also be a major focus at the Build event.
US markets last week
The Dow Jones closed above the 40,000 mark for the first time on Friday, as consumer prices data supported expectations for interest rate cuts by the Federal Reserve this year.
The Dow Jones Industrial Average rose 134.21 points, or 0.34%, to 40,003.59, the S&P 500 gained 6.17 points, or 0.12%, to 5,303.27 and the Nasdaq Composite lost 12.35 points, or 0.07%, to 16,685.97.
The yield on the 10-year Treasury rose to 4.41% on Friday from 4.38%. The 2-year yield edged up to 4.82% from 4.80%.
The US dollar rose to 155.69 yen from 155.34 Japanese yen. The euro rose to $1.0875 from $1.0871.
Benchmark US crude oil for June delivery rose 72 cents to $79.95 per barrel on Friday. Brent crude for July delivery added 71 cents to $83.98 per barrel.
Gold for June delivery climbed $31.90 to $2,417.40 per ounce. Silver for July delivery gained $1.38 to $31.26 per ounce.
In overseas stock markets, indices jumped 1% in Shanghai and 0.9% in Hong Kong. While shares fell in Seoul, Tokyo and across much of Europe.
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Published: 19 May 2024, 08:58 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.