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Wall Street traded mixed on Friday after the S&P 500 and Nasdaq Composite closed at record highs. According to Deutsche Bank’s Jim Reid, the advance was driven by another batch of positive U.S. data, including higher-than-expected retail sales and then a 5th consecutive weekly decline in initial jobless claims. With the stronger data and a continued rise in market inflation pricing, investors dialed down the amount of Fed rate cuts expected this year to 43 bps, the lowest this has been since February. “The problem for the Federal Reserve and markets is that the U.S. administration’s policy continues to create considerable uncertainty about the economic outlook,” UBS’ Paul Donovan said.
Given the uncertainty surrounding the economic outlook, investors should keep a close eye on reports due to be published next week. These include the Richmond Fed Manufacturing Index on Tuesday and MBA Mortgage Applications, Existing Home Sales, Crude Oil Imports, and Gasoline Production on Wednesday. Thursday will include reports on Building Permits, Jobless Claims, and New Home Sales, while Durable Goods Orders and Baker Hughes Rig Count are scheduled to be released on Friday.
Alphabet (GOOGL), Tesla (TSLA), IBM (IBM), Coca-Cola (KO), Philip Morris (PM), Lockheed Martin (LMT), General Motors (GM), Blackstone (BX), Honeywell (HON), Intel (INTC), and Nasdaq (NDAQ) will report earnings next week.
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Earnings spotlight: Monday, July 21: Verizon (VZ), Domino’s Pizza (DPZ). See the full earnings calendar.
Earnings spotlight: Tuesday, July 22: Coca-Cola (KO), Philip Morris (PM), Lockheed Martin (LMT), General Motors (GM). See the full earnings calendar.
Earnings
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