Citigroup is one of world's largest banks, with global consumer banking, corporate banking, and investment banking operations. The company has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.

Not only Wall Street but the entire nation will continue to monitor developments this week related to the attempted assignation of former President Donald Trump. In other news, earnings season moves into high gear and Fed Chairman Powell speaks publicly again. Wall Street will continue to ponder if a first interest rate cut is likely in September, as the case for such a move seems to be building. Last week, the Dow Jones Industrial Average was up 1.6%, the S&P 500 gained 0.9%, and the Nasdaq was higher by 0.3%. Year to date, the Dow is higher by 6%, the S&P is up 18%, and the Nasdaq is higher by 23%. On the economic calendar, Chairman Powell speaks on Monday in Washington, D.C. and his remarks will be telecast live. He spoke on Capitol Hill last week, but those comments were before key data showed inflation slowing on the consumer side. On Tuesday, Retail Sales data is due. On Wednesday, Housing Starts, Building Permits, Industrial Production, and Capacity Utilization all will be updated, as will Leading Economic Indicators on Thursday. On the earnings calendar, the new reporting season kicks into high gear this week. On Monday, Goldman Sachs and BlackRock report. On Tuesday, Bank of America, Morgan Stanley, PNC Financial, UnitedHealth, and J.B. Hunt Transport. On Wednesday, Johnson & Johnson, United Airlines, and U.S. Bancorp. On Thursday, Netflix, Taiwan Semiconductor, Abbot Labs, and Domino's Pizza. And on Friday, American Express, Travelers, and Halliburton. Only 5% of S&P 500 companies have reported so far. General expectations are for 8%-12% earnings growth for 2Q. This follows 8% growth in 1Q and 10% growth in 4Q23. At Argus, we forecast EPS growth for all of 2024 coming in at roughly 8%-9%. Last week, there was good news on inflation. CPI was 3.0% for June, down from 3.3% in May. Core CPI dipped to 3.3% from 3.4% in the prior month. On the producer side, the news was mixed. PPI picked up to 2.6% in June from 2.4% in May, but core PPI slowed to 3.1% from 3.3% in the prior month. Mortgage rates fell to 6.89% for the average 30-year fixed-rate mortgage. Gas prices rose a penny to $3.49 per gallon for the average price of regular gas. The Atlanta Fed GDPNow indicator is forecasting for 2Q and calls for expansion of 2.0%. The Cleveland Fed CPINow indicator forecasts 3.01% for July CPI. The next Fed rate decision comes on July 31, with odds at 6% for a cut. By mid-September, there is a big jump in the odds to 96%. This spike follows the good news on inflation last week and the jobs report the week prior. By November 7, the odds are at 99%, and for December 18, odds call for a second cut according to the CME FedWatch Tool.

Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.

Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.