Company / Analytics

Analytics, 29 May 2023

What will drive the markets this week?

In the previous week, U.S. stocks experienced gains as investors kept a close eye on the debt ceiling discussions and analyzed data releases related to personal consumer expenditures, personal income, consumer spending and sentiment, as well as durable goods.

Moreover, last week, tech stocks received a boost from Nvidia’s strong performance as a beneficiary of artificial intelligence. This led to a nearly 5% increase in shares for ASML, a Dutch chip machine maker, and a 1.7% rally in the Nasdaq Composite. Riding the positive momentum, Asia-Pacific markets carried it into Friday last, while mainland Chinese markets managed to recover from earlier losses.

The forthcoming week will be curtailed due to the Memorial Day holiday in the United States, which will result in markets being shuttered on Monday. Subsequently, Tuesday will bring fresh data on housing prices, featuring the Case-Shiller National Home Price Index and the Federal Housing Finance Agency (FHFA) House Price Index (HPI) for the month of March.

Additionally, focus will be directed towards the labor market, as data from the Job Openings and Labor Turnover Survey (JOLTS) for April, ADP’s private sector employment report, and the Department of Labour’s May nonfarm payroll report will be released.

Furthermore, information regarding inflation and unemployment rates in the eurozone will also be disclosed. Furthermore, a string of companies including Salesforce, HP, Broadcom, Dollar General, Lululemon Athletica, Macy’s, and Dell Technologies are slated to announce their earnings in the upcoming week.

Events expected to move the markets this week

Monday, May 29

Tuesday, May 30

Wednesday, May 31

Thursday, June 1

Friday, June 2

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