The week ahead on Wall Street is set to be busy, with several key economic reports and numerous speeches from officials at the US Federal Reserve, including Chairman Jerome Powell and Vice Chair for Supervision Michelle Bowman.
Following last week’s interest rate cut, market participants will be keeping a close eye on the Fed speakers’ comments and the incoming economic data, as the US central bank had indicated that more rate reductions could follow later in the year.
On Wednesday, the Federal Reserve reduced interest rates by 25 basis points. The central bank explained its decision as a reaction to a weaker labour market, adding that future policy would be contingent on how the economy develops.
Amongst the key economic reports, the markets will see monthly home sales figures, the third and final GDP estimate for the second quarter, data on personal income and spending, and the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) Price Index.
The earnings calendar includes financial results from chipmaker Micron Technology, Accenture, and Costco.
Economic Calendar
On September 23 (Tuesday), separate reports on S&P flash US services PMI and manufacturing PMI for September will be released. Federal Reserve Chair Jerome Powell’s speech is scheduled.
On September 24 (Wednesday), a report on new home sales for August will be released.
On September 25 (Thursday), separate reports on initial jobless claims for the week ended September 20, GDP (third estimate) Q2, advanced US trade balance in goods for August, existing home sales for August will be released.
On September 26 (Friday), separate reports on personal income and personal spending for August, PCE index for August, and consumer sentiment (final) for September will be released.
Earnings
Following companies are due to report second quarter results in the week ahead — Firefly Aerospace, Genfit, Micron, AutoZone, AAR, Cintas, Worthington Steel, Stitch Fix, Costco, Accenture, CarMax, and BlackBerry.
Markets Last Week
US stocks closed at fresh records on Friday.
The Dow Jones Industrial Average finishing up 0.4 percent at 46,315.27. The broad-based S&P 500 gained 0.5 percent to 6,664.36, while the tech-rich Nasdaq Composite Index advanced 0.7 percent to 22,631.48.
In the bond market, the yield on the 10-year Treasury edged up to 4.12% from 4.11%.
