Stocks ended the week mixed as ambiguity over the Fed Statement and overall unease about the strength of the global economy made investors jittery. Financial and Technology shares fell the most on Friday, while Utilities and Telecom shares rallied on a bit of a safe haven play. Commodities were slightly lower, while the Dollar index weakened ever so slightly.
Last week’s FOMC meeting brought a mixed reaction from market participants – mainly as bond buyers viewed the statements as a bit more hawkish, while stock buyers saw a continued dovish stance. Six different Fed Governors are set to speak this week, so expect further mixed messages and the likelihood of increased volatility. While European and Asian bourses started their day lower, they have rebounded allowing US equity futures to point to a higher open this morning.
This Week’s Market Moving Events:
- Monday: Chicago Fed National Activity Index, Existing Home Sales, Chinese Flash PMI (after the close). AutoZone reports earnings
- Tuesday: Eurozone Data, US Redbook report, House Prices, PMI Manufacturing Data, Richmond Fed Manufacturing Index, State Street Investors Confidence, Japanese PMI (after the close). Bed Bath & Beyond reports earnings
- Wednesday: Mortgage Applications and New Home Sales are released.
- Thursday: Durable Goods Orders, Jobless Claims, PMI Services, Kansas City Manufacturing Index, Japanese CPI (after the close). Nike reports
- Friday: Q2 GDP final revision, Corporate Profits outlook, Consumer Sentiment.