Wall Street week ahead: All eyes on Federal Reserve’s interest rate decision and jobs data
US stocks rose on Friday on Big Tech earnings. REUTERS
In the week ahead on Wall Street, all eyes will be on the Federal Reserve’s interest rate decision and the jobs data for April.
Investors will also closely watch Fed Chairman Jerome Powell’s press conference for insights on the US central bank’s future monetary policy path.
The Fed is widely expected to hold interest rates steady.
The week will also see other economic data such as auto sales and ISM manufacturing, and earnings reports from a wide range of companies including Amazon, Apple, Pfizer, Coca-Cola, McDonald’s, and Starbucks.
Economic events
On April 30 (Tuesday), reports on employment cost index for first quarter (Q1) and consumer confidence for April will be unveiled.
On May 1 (Wednesday), data on ADP employment for April, auto sales for April, and ISM manufacturing for April will be released.
On the same day, FOMC (Federal Open Market Committee) interest rate decision will be announced, followed by Fed Chair Jerome Powell’s press conference.
On May 2 (Thursday), US trade deficit data for March and factory orders data for the same month are slated to be declared.
May 3 (Friday) will see the release of US employment report for April and ISM services data fpr April.
Earnings
Following companies are due to report quarterly earnings in the week ahead— NXP Semiconductors, ON Semiconductor, MicroStrategy, Domino’s Pizza, Chegg, Medifast, Amazon, Eli Lilly, Coca-Cola, AMD, McDonald’s, Starbucks, PayPal, Caesars Entertainment, Mondelez International, Super Micro Computer, Lemonade, CVS Health, Qualcomm, Pfizer, Kraft Heinz, Mastercard, Marriott International, DoorDash, MetLife, MGM Resorts, eBay, DuPont, Apple, Shell, CononoPhillips, Amgen, Booking Holdings, Fortinet, Hershey, Cheniere Energy, and Magna International.
US markets last week
US stocks rose on Friday on Big Tech earnings. The Dow Jones Industrial Average rose 153.86 points, or 0.40 per cent, to 38,239.66, the S&P 500 gained 51.54 points, or 1.02 per cent, to 5,099.96 and the Nasdaq Composite gained 316.14 points, or 2.03 per cent, to 15,927.90.
The US dollar rose to 157.74 yen from 155.61 Japanese yen. The euro fell to $1.0705 from $1.0727.
The yield on the 10-year Treasury fell to 4.66 per cent on Friday from 4.71 per cent on Thursday. The 2-year Treasury yield was steady.
Benchmark US crude oil for June delivery rose 28 cents to $83.85 per barrel on Friday. Brent crude for June delivery added 49 cents to $89.50 per barrel.
Gold for June delivery gained $4.70 to $2,347.20 per ounce. Silver for May delivery fell 10 cents to $27.25 per ounce.