Wall Street week ahead: Spotlight on Jerome Powell’s testimony

Next week, the spotlight will be on Federal Reserve chairman Jerome Powell’s testimony before the House Financial Services Committee and the Senate Banking Committee.

He is widely expected to reiterate comments from his post-Fed meeting press conference.

Powell will provide his semi-annual monetary-policy report to the House Financial Service Committee on Wednesday 21 June and Senate Banking Committee on Thursday 22 June.

Last week, the Fed held its benchmark interest rate steady at its monetary policy meet, but warned that it could raise rates twice more this year.

The next meeting of the central bank will run from July 25-26.

Earnings reports of following companies are due next week – FedEx, Accenture, KB Home, La-Z-Boy, Winnebago, Steelcase, Darden Restaurants and FactSet Research.

Credicorp Ltd, Radian, Albemarle Corp., Great-West Lifeco and Adtalem Global Education will hold investor events next week.

Hewlett Packard Enterprise will hold its HPE Discover Edge-to-Cloud Conference next week.

On Friday, the S&P 500 fell 16.25 points, or 0.4%, at 4,409.59. The Dow Jones Industrial Average slipped 108.94, or 0.3%, at 34,299.12. The Nasdaq composite fell 93.25, or 0.7%, at 13,689.57.

The US dollar on Friday rose to 141.80 Japanese yen from 140.33. The euro fell to $1.0943 from $1.0951.

The yield on the 10-year treasury note rose to 3.76% on Friday from 3.72% late Thursday. The yield on the 2-year treasury rose to 4.72% from 4.65%.

Brent crude for August delivery rose 94 cents to $76.61 a barrel on Friday. US crude oil benchmark for July delivery rose $1.16 to $71.78 a barrel.

On Friday, gold for August delivery rose 50 cents to $1,971.20 an ounce. Silver for July delivery rose 18 cents to $24.13 an ounce. 

Updated: 18 Jun 2023, 11:11 PM IST