Company / Analytics

Analytics, 25 September 2023

What will drive the markets this week?

On Friday, U.S. stocks pulled back, marking the end of a challenging week for the market. The Dow Jones Industrial Average saw a decline of 106.58 points, equivalent to a 0.31% drop, ultimately closing at 33,963.84. The S&P 500 also experienced a decrease of 0.23%, settling at 4,320.06. Meanwhile, the Nasdaq Composite registered a slight 0.09% slip, ending the day at 13,211.81.

In Europe, shares concluded the week on a downward trajectory, recording substantial weekly losses. Investors grappled with the possibility of prolonged global interest rate hikes. The pan-European STOXX 600 index declined by 0.3%, reaching its lowest point in over a week. Notably, the construction and materials sector was among the top decliners, falling by 1.0%.

Across Asia-Pacific markets, the outcome was mixed following the Bank of Japan’s decision to maintain its current monetary policy during their latest meeting on Friday. Some markets managed to recover losses earlier in the day. The central bank retained interest rates at -0.1% and imposed a cap on the 10-year Japanese government bond yield at approximately zero.

This week holds significant economic events. We anticipate the release of the latest housing price data in the United States, along with updates on new and pending home sales for the month of August. Additionally, Federal Reserve Chair Jerome Powell is scheduled for a town hall-style discussion with educators on Thursday. On Friday, we will receive the most recent figures for the Personal Consumption Expenditures (PCE) Price Index, which is the Federal Reserve’s preferred gauge for measuring inflation.

Furthermore, this week features earnings reports from several noteworthy companies, including Costco, Micron Technology, Accenture, Nike, CarMax, and Carnival Cruise Line.

Events expected to move the markets this week

Monday, September 25

Tuesday, September 26

Wednesday, September 27

Thursday, September 28

Friday, September 29

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