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Aug 22 2014

Next Week’s Market Moving Events

Market Recap:

Stocks inched higher on Thursday as investors mulled better than forecast economic data ahead of the annual Jackson Hole meeting by Central Bankers and highly anticipated speeches by U.S. Fed Chair Janet Yellen and ECB President Mario Draghi. Major indexes gained around ¼% with 7 out of ten sectors of the S&P rising and commodities being generally firmer as well.

Looking Ahead:

While much is being made out of the Jackson Hole meeting and Janet Yellen’s speech, we do not believe there will be any new revelations in the press conference. U.S. equity futures are pointing to a slightly lower open, as buyer exhaustion may be setting in with the Dow Jones Industrial Level sitting above 17,000 and the S&P within 10 points of 2,000. In our view, while these milestones may be fun to talk about, there are just that and nothing more. With regards to the next “leg” higher for equities, that will be dependent on continued economic strength and earnings growth.

Next Week’s Market Moving Events:

  • Monday: Chicago Fed National Activity Index, PMI Services report, New Home Sales and Dallas Fed Manufacturing Survey
  • Tuesday: This will be the busiest reporting day of the week, making it potentially explosive – Goldman Same Store Sales, Durable Goods Orders, House Price Index, Case-Shiller Home Price report, US Consumer Confidence, Richmond Fed Manufacturing Index, State Street Investor Confidence
  • Wednesday: MBA Mortgage Applications
  • Thursday: Second Quarter GDP, Jobless Claims, Corporate Profit data, Pending Home Sales, Kansas City Fed Manufacturing Index and US Farm Prices
  • Friday: Chicago PMI, Consumer Sentiment

Make sure to tune into Money Matters with Gary Goldberg on Saturday at 2:00 PM and Sunday at 11:00 AM on WOR 710 AM Radio to hear our complete economic analysis, interviews with some of today’s most respected business leaders, as well as our ongoing market commentary. Visit our website for details.