Tuesday's Market Minute: A Busy Holiday-Shortened Week Ahead

Tuesday's Market Minute: A Busy Holiday-Shortened Week Ahead

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Let’s take a market minute to get ahead of a handful of focal points for investors and traders. First up, we have crude oil; the WTI futures contract traded to just shy of $120 overnight as the E.U. nears a ban on Russian oil. The move up in energies feeds directly into the inflation pressures we’ve been feeling, not only at the pumps but at the checkout lanes as well. The E.U. this morning reported CPI for May increased a record amount: +8.1% Y/Y. President Biden will be meeting with Fed Chair Jerome Powell at the White House to discuss inflation.


There’s also a packed calendar of events that could move markets. We have some housing data and Consumer Confidence to kick things off today. Tomorrow, there’s some manufacturing figures to keep an eye on; Thursday, the attention will shift to labor conditions here in the U.S. with the ADP Employment report and Jobless Claims, in addition to Productivity and Costs. Lastly, on Friday we have the monthly jobs report, where the focus will be on wages, the unemployment rate, participation, and jobs added. Analysts are looking for non-farm payrolls to increase by roughly 325K.


In terms of companies reporting quarterly results this week, keep an eye on retailers and tech names like Salesforce CRM, GameStop GME, NetApp NTAP, CrowdStrike CRWD, MongoDB MDB, Hormel HRL, RH RH, and Lululemon LULU, to name a few.


Finally, we begin the week with the indices trying to rally off year-lows from two weeks ago. The S&P 500 mini contract traded down to 3,807.50 and is now back to key resistance up around 4,100 near the April lows. Keep an eye on how price responds to this closely-watched level; if the bears are still in charge off the January all-time high up around 4,808 I’d expect them to step up as they have in the past. Big week ahead, stay on your toes.

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