Wall Street week ahead: All eyes on Federal Reserve monetary policy decisions, inflation data

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The spotlight on Wall Street in the week ahead will be on the US Federal Reserve’s June monetary policy decisions along with consumer inflation data and economic projections.

The US central bank is widely expected to hold interest rates steady.

Stronger-than-expected jobs data for May released on Friday has fuelled worries among investors that the Federal Reserve may wait longer to reduce interest rates.

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After the Fed statement, investors will closely watch chairman Jerome Powell’s press conference for insights.

Economic events 

On June 12 (Wednesday) , Federal Open Market Committee’s (FOMC) interest rate decision will be announced, Fed chair Jerome Powell will hold a press conference, and consumer price index (CPI) data for May will be released.

June 13 (Thursday) will see the release of producer price index (PPI) data for May.

On June 14 (Friday), import price index data for May and consumer sentiment (preliminary) report for June will be released.

Tech event

Apple will hold its annual developers conference WWDC in the week ahead. Artificial intelligence (AI) could be the focus of the WWDC event, starting on Monday.

ALSO READ: Indian stock market: Investors’ focus on inflation data, Modi 3.0, US Fed meet

Earnings 

Following companies are due to report quarterly earnings in the week ahead— Yext, Calavo Growers, FuelCell Energy, Oracle, Casey’s General Stores, ZEEKR, Rubrik, Broadcom, Dave & Buster’s Entertainment, Oxford Industries, Signet Jewelers, Adobe, and RH.

US markets last week

US stocks closed slightly lower on Friday after stronger-than-expected jobs data.

The Dow Jones Industrial Average fell 87.18 points, or 0.22 per cent, to 38,798.99, the S&P 500 lost 5.97 points, or 0.11 per cent, to 5,346.99 and the Nasdaq Composite lost 39.99 points, or 0.23 per cent, to 17,133.13.

The yield on the 10-year Treasury rose to 4.43 per cent from 4.29 per cent just before the release of the jobs data. The 2-year yield climbed to 4.89 per cent from 4.74 per cent.

The US dollar rose to 156.65 yen from 155.69 Japanese yen. The euro declined to $1.0804 from $1.0892.

Brent crude for August delivery fell 25 cents to $79.62 per barrel on Friday. Benchmark US crude oil for July delivery lost 2 cents to $75.53 per barrel. 

Gold for August delivery dropped $65.90 to $2,325 per ounce. Silver for July delivery lost $1.93 to $29.44 per ounce. 

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Published: 09 Jun 2024, 10:51 PM IST