A Few Focal Points for the Week Ahead

But first, a quick look back at last week. The S&P 500 had its best week since June, the Nasdaq closed the week up by almost 9% and had its best two-day run since 2008. The move up came in reaction to softer-than-expected CPI data, which sent treasuries rallying off recent lows and the TNX back below 4% on expectations that the Fed may be able to slow the pace of rate hikes into the end of the year. 

This morning, investors and traders are focusing on U.S. President Joe Biden meeting with Chinese President Xi Jinping in Indonesia on the sidelines of the G20 meeting. Both sides have framed discussions as an opportunity to calm existing tensions. 

Crude oil begins the week at $87 a barrel; this morning OPEC cut their oil demand forecast and warned of “considerable uncertainties” facing oil supply. We have 10-year yields below 3.9%, supportive of the move up in the indices, all of which is weighing on the U.S. dollar—it’s back to 106.

Keep an eye on earnings and economic data this week. We have the Producer Price Index figures due out tomorrow, Retail Sales Wednesday, some housing figures, and Fed speakers to stay on top of. As far as quarterly results, the focus will be on all retailers and tech. Keep an eye on Walmart WMT, Home Depot HD, Advance Auto Parts AAP, Target TGT, Lowe’s LOW, TJX Companies TJX, Kohl’s KSS, and tech names like Nvidia NVDA, Cisco CSCO, Palo Alto PANW, and JD.com JD are just a few at the top of the list of names to watch. 

So, as always, lots to stay dialed in on!

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