Company / Analytics

Analytics, 24 June 2024

What will drive the markets this week?

The S&P 500 and Nasdaq closed slightly lower on Friday, weighed down by a decline in Nvidia shares for the second consecutive day, impacting the technology sector. Technology was the biggest loser among the 11 major S&P 500 sectors, down 0.84%, while communication services led the gains. The Dow Jones Industrial Average rose 15.57 points, or 0.04%, to 39,150.33. The S&P 500 lost 8.55 points, or 0.16%, to 5,464.62, and the Nasdaq Composite dropped 32.23 points, or 0.18%, to 17,689.36.

European shares closed lower on Friday, pressured by declines in technology and bank stocks. Danish brewer Carlsberg Group was the worst performer after British soft drinks maker Britvic rejected its revised takeover proposal. The Europe-wide STOXX 600 ended 0.7% lower, with the technology sub-index losing around 1.3% and eurozone banks sliding 1.7%. Carlsberg Group dropped 9.3%, while Britvic jumped 7.7%.

Market analysts eagerly await more indications of declining inflation, as they hope that a sustained reduction in price pressures will prompt the Federal Reserve to lower interest rates. A crucial update will come on Friday with the release of the May Personal Consumption Expenditures (PCE) index, the Fed’s preferred measure of inflation.

Additionally, investors will receive insights into the artificial intelligence sector when Nvidia (NVDA) hosts its annual shareholder meeting, Micron Technology (MU) announces its earnings, and Salesforce (CRM) holds its shareholder meeting.

This week, several other companies, including Nike (NKE), FedEx Corp (FDX), Walgreens Boots Alliance (WBA), General Mills (GIS), and Levi Strauss & Co. (LEVI), are also scheduled to report their quarterly financial results.

Events expected to move the markets this week

Monday, June 24

Tuesday, June 25

Wednesday, June 26

Thursday, June 27

Friday, June 28

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