Markets Looking For Recession-Related Comments From Fed, Here's The Major Macro Issues For Wednesday

The Nasdaq 100 index settled higher on Tuesday, with shares of Tesla Inc TSLA gaining around 2.5% despite JPMorgan lowering the price target on the stock from $395 to $385.

Below is a look at the major economic reports scheduled for release today.

  • The MBA's index of mortgage application activity for the latest week is scheduled for release at 7:00 a.m. ET.
  • New York Fed President John Williams is set to speak at 9:00 a.m. ET.
  • The services PMI for June is scheduled for release at 9:45 a.m. ET. The final services PMI is likely to hold at the 51.6 flash level for June, compared with May's final reading of 53.4.
  • The ISM services index for June will be released at 10:00 a.m. ET. The ISM services index fell to the weakest level in more than a year to 55.9 in May, with analysts expecting the index declining further to 54.8 in June.
  • The Labor Department's JOLTS report for May is scheduled for release at 10:00 a.m. ET. Analysts expect job openings falling to 11.250 million in May from 11.400 million in April.
  • The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET, with markets looking for some insights related to the upcoming rate increase and comments related to recession from the Fed members.

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