What will drive the markets this week?
On Friday last week, most stocks were in the reds, taking off a bit of gain from earlier in the week. All major indices saw ups and downs, closing the day with only the Nasdaq composite in the positive.
For the week, the Nasdaq gained 4.5%, while the S&P and Dow advanced 1.9% and 0.8%, respectively.
This week will kick off the start of the corporate earnings season, as a number of the largest U.S. banks and financial services firms are set to report second-quarter earnings later in the week. JPMorgan Chase, Morgan Stanley, and First Republic Bank will report on Thursday, followed by Wells Fargo, BlackRock, Citigroup, U.S. Bancorp, BNY Mellon, and PNC Bank on Friday. Earnings are also expected from PepsiCo, Delta Air Lines, and UnitedHealth, among others. June inflation data will be made available this week with the latest update to the Consumer Price Index (CPI) on Wednesday, followed closely by the Producer Price Index (PPI) on Thursday.
On Friday, we can expect the latest updates on retail sales and industrial production tracking the month of June, along with the preliminary July update to the University of Michigan’s Consumer Sentiment Index (MSCI).
Monday, July 11
- New York Fed President John Williams to give a speech
Tuesday, July 12
- PepsiCo (PEP) reports earnings
- NFIB Business Optimism Index (July)
- IBD/TIPP Economic Optimism Index (July)
- Consumer Inflation Expectations (June)
Wednesday, July 13
- Delta Air Lines (DAL) reports earnings
- Consumer Price Index (CPI) Inflation Rate (June)
- Fed Beige Book Release
Thursday, July 14
- Taiwan Semiconductor Manufacturing Company (TSM), JPMorgan Chase (JPM), Morgan Stanley (MS), Cintas (CTAS), First Republic Bank (FRC), and ConAgra Brands (CAG) report earnings
- Producer Price Index (PPI) Inflation Rate (June)
- Fed Board of Governors Member Christopher Waller to give a speech
Friday, July 15
- UnitedHealth Group (UNH), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), U.S. Bancorp (USB), PNC Financial Services (PNC), BNY Mellon (BK), State Street (STT), and First Horizon (FHN) report earnings
- Retail Sales (June)
- Import Prices (June)
- Export Prices (June)
- Industrial Production (June)
- Michigan Consumer Sentiment Index - Preliminary (July)
- Business Inventories (May)
- Retail Inventories (May)
- Atlanta Fed President Raphael Bostic to give a speech.