Wall Street markets in the week ahead will be guided by plenty of earnings reports, including Home Depot, Palo Alto Networks, Medtronic, Snowflake, Intuit and Workday.
On the economic data front, investors will witness new and existing home sales numbers, S&P flash US services and manufacturing PMIs for May.
US Federal Reserve Chair Jerome Powell’s commencement address on May 25 will also be in focus.
The market participants will also closely monitor the US-Iran nuclear talks.
US special envoy Steve Witkoff said on Sunday any deal between the United States and Iran must include an agreement not to enrich uranium.
“We have one very, very clear red line, and that is enrichment. We cannot allow even 1% of an enrichment capability,” Witkoff said during an interview aired on ABC’s “This Week” program.
In response, Iran’s semi-official Tasnim news agency quoted Iranian foreign minister Abbas Araqchi as saying: “Unrealistic expectations stop negotiations, enrichment in Iran is not something that can be stopped.”
Economic Calendar
On May 19 (Monday), a report on US leading economic indicators for April will be released.
On May 22 (Thursday), separate reports on initial jobless claims for the week ended May 17, S&P flash US services PMI and manufacturing PMI for May, and existing home sales for April will be released.
On May 23 (Friday), data on new home sales for April will be declared.
On May 25 (Sunday), US Federal Reserve Chair Jerome Powell’s commencement address is scheduled.
Earnings
Following companies are due to report first quarter earnings in the week ahead — Home Depot, Palo Alto Networks, Keysight Technologies, Lowe’s, Medtronic, Snowflake, Intuit, Workday, Autodesk, Booz Allen Hamilton, and Inventiva.
Markets Last Week
US stock indices gained on Friday, buoyed by the US-China tariff truce earlier in the week.
The Dow Jones Industrial Average rose 331.99 points, or 0.78%, to 42,654.74, the S&P 500 gained 41.45 points, or 0.70%, to 5,958.38 and the Nasdaq Composite gained 98.78 points, or 0.52%, to 19,211.10.
For the week, the S&P 500 added about 5.3% while the Nasdaq surged 7.2% and the Dow gained 3.4%.
In the bond market, the yield on the 10-year Treasury edged down to 4.44%. The 2-year Treasury yield rose to 3.99%.
Oil prices rose on the possibility a breakthrough in Iran nuclear talks, fueled by US President Donald Trump saying progress had been made on a deal.
Brent North Sea Crude edged up 1.4% at $65.41 per barrel. West Texas Intermediate rose 1.4% at $62.49 per barrel.
