Wall Street week ahead: Fed minutes, jobs data, manufacturing PMI to be major focus of investors

Next week, Wall Street will see several key economic data such as the Federal Reserve minutes, employment numbers, S&P final US manufacturing PMI, and trade deficit data.

Job openings data for May and nonfarm payrolls report for June are likely to be the major focus of the stock market participants.

Last Friday, a report showed that PCE (Personal Consumption Expenditures) inflation was unchanged in May, a positive development after strong price rise earlier this year had raised worries over the effectiveness of the Federal Reserve’s monetary policy.

Economic events

On July 1 (Monday), reports on

S&P final US manufacturing PMI and ISM manufacturing for June will be released.

On July 2 (Tuesday), data on job openings for May and TBA auto sales for June will be declared.

Federal Reserve Chair Jerome Powell’s speech in Portugal is also scheduled on the same day.

July 3 (Wednesday) will see the release of the minutes of Fed’s June FOMC (Federal Open Market Committee) meeting, ADP employment data for June, US trade deficit data for May, factory orders data for May, and reports on S&P final US services PMI and ISM services for June.

On July 5 (Friday), reports on employment, unemployment rate, and hourly wages for June will be released.

Earnings

Following companies are due to report quarterly earnings in the week ahead — MSC Industrial, Polestar Automotive, Simulations Plus, and Constellation Brands.

US markets last week

US stocks ended lower on Friday after the inflation data.

The Dow Jones Industrial Average fell 41.12 points, or 0.11 per cent, to 39,122.94. The S&P 500 lost 22.57 points, or 0.41 per cent, at 5,460.30 and the Nasdaq Composite dropped 126.08 points, or 0.71 per cent, to 17,732.60.

The yield on the 10-year Treasury rose to 4.38 per cent from 4.30 per cent. The yield on the 2-year Treasury rose to 4.74 per cent from 4.72 per cent.

The US dollar rose to 160.81 Japanese yen from 160.78. The euro gained to $1.0711 from $1.0707.

Brent crude for August delivery added 2 cents to $86.41 per barrel on Friday. Benchmark US crude oil for August delivery lost 20 cents to $81.54 per barrel.

Gold for August delivery surged $3 to $2,339.60 per ounce. Silver for September delivery added 30 cents to $29.56 per ounce.