Wall Street week ahead: Investors’ key focus on inflation trend, other economic reports
On Wall Street in the week ahead, investors’ key focus will be on an inflation trend as the US PCE inflation report is slated to be released on September 29.
The Core PCE inflation is also known informally as the Federal Reserve’s preferred inflation gauge.
Other economic reports investors would be watching include data on durable goods on September 27, consumer confidence on September 26, new home sales on September 26, and the advanced goods trade balance data on September 29.
In the week ahead, earnings reports of following companies are due –Micron Technology, Costco, Nike, Jefferies Financial Group, THOR Industries,Cintas, United Natural Foods, Paychex, Accenture, CarMax, Jabil, and Carnival.
Corporate events
Meta Platforms will hold its Meta Connect event on September 27. The event will be dedicated to AR, VR and AI.
On September 25, Huawei will host a key product event.
TotalEnergies to hold Investor Day event next week.
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On Friday, the US stock market indices fell on rate hike fears. The S&P 500 slipped 9.94 points, or 0.2%, at 4,320.06. The Dow Jones Industrial Average fell 106.58 points, or 0.3%, at 33,963.84. The Nasdaq composite dipped 12.18, or 0.1%, at 13,211.81.
Bond yields eased on Friday. The yield on the 10-year treasury dropped at 4.44% from 4.50% late Thursday. The yield on 2-year treasury dipped at 5.10% from 5.15%.
The US dollar on Friday rose at 148.39 Japanese yen from 147.54. It fell at $1.0647 from $1.0661 against the euro.
The US crude oil benchmark for November delivery rose 40 cents at $90.03 a barrel on Friday. Brent crude for November delivery lost 3 cents at $93.27 a barrel.
Gold for December delivery added $6 at $1,945.60 an ounce. Silver for December delivery gained 15 cents at $23.84 an ounce.
In overseas share markets, Asian stocks were lower and European markets were mixed.
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Updated: 24 Sep 2023, 11:20 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.