Company / Analytics

Analytics, 22 May 2023

What will drive the markets this week?

The previous week saw a lackluster ending for U.S. stocks as initial gains dwindled due to a temporary halt in U.S. debt ceiling negotiations in Washington. This setback dampened hopes of a swift agreement to avoid a default in the upcoming days. On the other hand, European stocks rallied, with Germany’s prominent stock index reaching an all-time high. In Asia, the Japanese market sustained its upward trajectory, hitting its highest level since 1990, while other Asia-Pacific markets also displayed encouraging progress.

This week, the retail sector is set to deliver a wave of earnings announcements. Companies such as Lowe’s, AutoZone, Dick’s Sporting Goods, BJ Wholesale Club, Urban Outfitters, Costco, Dollar Tree, Best Buy, and The Gap are scheduled to report their financial performance. Additionally, Zoom Video Communications, Nvidia, and TD Bank will also disclose their latest reports.

The Federal Reserve will release the meeting minutes from its most recent Federal Open Market Committee (FOMC) meeting, where policymakers decided to raise interest rates by 25 basis points. Furthermore, the Bureau of Economic Analysis (BEA) will publish the Personal Consumption Expenditures (PCE) Price Index for April, which is the preferred inflation gauge of the Federal Reserve. Alongside these events, the University of Michigan will provide insights into consumer sentiment, while the housing market updates will include data on new and pending home sales for April.

Events expected to move the markets this week

Monday, May 22

Tuesday, May 23

Wednesday, May 24

Thursday, May 25

Friday, May 26

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