Wall Street week ahead: Fed chair Jerome Powell’s congressional testimony, jobs report in focus
In the week ahead on Wall Street, US Federal Reserve chairman Jerome Powell’s congressional testimony and the US jobs report for February will be the major focus of the stock market investors.
The two major events could offer clues to investors on the US central bank’s interest rate plans this year.
The Federal Reserve Open Market Committee’s (FOMC) next policy decision outcome is scheduled on March 20.
ALSO READ: Fed’s Jerome Powell to double down on ‘no rush to cut’ message
Economic events
Data on factory orders for January and a report on ISM services for February will be released on March 5.
Fed chair Jerome Powell’s congressional testimony is scheduled for two days March 6 and 7.
March 7 will also see the release of data on US trade balance for January.
Data on US non-farm payrolls and unemployment rate for February will be released on March 8.
Earnings
Sea Limited, GitLab, Stitch Fix, Target, NIO, Ross Stores, Nordstrom, CrowdStrike, Box, JD.com, Brown-Forman, Campbell Soup, Foot Locker, Abercrombie & Fitch, Victoria’s Secret, Kroger, Bilibili, Costco, Broadcom, Gap, Marvell Technology, DocuSign, Genesco, and America’s Car-Mart.
US markets last week
On Friday, Wall Street closed with gains. The S&P 500 rose 40.81 points, or 0.8 per cent, to 5,137.08. The Dow Jones Industrial Average gained 90.99, or 0.2 per cent, to 39,087.38. The Nasdaq composite jumped 183.02, or 1.1 per cent, to 16,274.94.
In 2024 so far, the S&P 500 is up 7.7 per cent and stands at a record high.
The US dollar rose to 150.12 yen from 149.98 Japanese yen. The euro rose to $1.0841 from $1.0803.
The yield on the 10-year Treasury fell to 4.18 per cent from 4.25 per cent late on Thursday. The 2-year Treasury yield sank to 4.53 per cent from 4.62 per cent.
The US benchmark crude oil for April delivery rose $1.71 to $79.97 per barrel on Friday. Brent crude for May delivery rose $1.64 to $83.55 per barrel.
Gold for April delivery gained $41 to $2,095.70 per ounce. Silver for May delivery rose 47 cents to $23.36 per ounce.
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Published: 03 Mar 2024, 10:21 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.