Company / Analytics

Analytics, 10 June 2024

What will drive the markets this week?

Wall Street stocks ended slightly down on Friday amid turbulent trading following unexpectedly strong U.S. jobs data. This data highlighted a robust economy but sparked concerns that the Federal Reserve might delay cutting interest rates longer than anticipated by many investors. Over the week, the S&P 500 climbed 1.32%, the Nasdaq advanced 2.38%, and the Dow increased by 0.29%.

European stocks dropped on Friday, especially in rate-sensitive sectors such as real estate and utilities, after stronger-than-expected U.S. jobs data heightened concerns that the Federal Reserve would not lower interest rates soon. The STOXX 600 index closed down 0.2%, although it achieved its first weekly gain in three weeks.

Asia-Pacific markets were mixed on Friday as investors analyzed economic data from China and household spending figures from Japan, while also considering the European Central Bank’s rate cut.

This week, the Federal Reserve is not expected to change interest rates during its meeting, but the session will likely provide clues about the central bank’s plans. Investors will be keenly analyzing the projections data and comments from Chair Jerome Powell. Additionally, the Consumer Price Index (CPI) report will be closely watched for indications of whether inflationary pressures are continuing to decrease.

Apple (AAPL) is hosting its annual developers conference, where it is anticipated to reveal new products incorporating AI technology. On Thursday, Tesla (TSLA) shareholders are set to vote on a compensation package for CEO Elon Musk, valued at nearly $56 billion.

Meanwhile, companies with a significant focus on artificial intelligence, such as Oracle (ORCL), Broadcom (AVGO), and Adobe (ADBE), are scheduled to report their earnings. Tesla’s shareholders will also decide on Elon Musk’s $56 billion compensation package during their annual meeting on Thursday.

Events expected to move the markets this week

Monday, June 10

Tuesday, June 11

Wednesday, June 12

Thursday, June 13

Friday, June 14

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