Company / Analytics

Analytics, 17 June 2024

What will drive the markets this week?

On Friday, the Nasdaq marked its fifth consecutive record closing high, driven by gains in Adobe and other tech-related stocks, while the S&P 500 and Dow closed slightly lower. For the week, the Dow fell 0.5%, the S&P 500 rose 1.6%, and the Nasdaq increased 3.2%.

European shares edged higher on Monday, with banks and technology stocks rebounding from last week’s losses, spurred by political uncertainties in France. Danish insurer Topdanmark soared on news of a buyout bid by Sampo. The pan-European STOXX 600 rose 0.1%, recovering from its worst weekly drop this year.

Asia-Pacific markets showed mixed results after the Bank of Japan maintained its benchmark interest rate but hinted at reducing its purchase of Japanese government bonds.

In a holiday-shortened week, investors will be closely monitoring comments from Federal Reserve representatives and several economic releases to gauge whether inflation is likely to continue its downward trend. Markets will be closed on Wednesday in observance of the Juneteenth national holiday.

The housing market will gain clarity with the release of data on existing home sales, housing starts, and homebuilder confidence, alongside earnings reports from builders Lennar (LEN) and KB Home (KBH).

Additionally, grocery store chain Kroger (KR) is set to report this week as it continues to seek approval for its merger with Albertsons (ACI).

Events expected to move the markets this week

Monday, June 17

Tuesday, June 18

Wednesday, June 19

Thursday, June 20

Friday, June 21

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