We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Will Markets Close Higher for the 1st Week This June?
Read MoreHide Full Article
Friday, June 24, 2022
This trading week, which began with the Juneteenth holiday and closed markets, is currently sizing up to have provided a nice rebound from last week’s post-Fed meeting trough. At this hour, the Dow is +220 points, the Nasdaq is +95 and the S&P 500 +27 points. Should these numbers hold, it would be the first positive week across the board in the month of June.
And just like most days this week, the economic data informing market sentiment has been rather scant, especially ahead of the opening bell. This changes beginning next week, when we’ll see new Durable Goods Orders, Case-Shiller Home Prices, the final Q1 GDP revision, Jobless Claims and PCE Inflation numbers. The following week we’ll see m monthly employment reports from both ADP (ADP - Free Report) and the U.S. government.
After today’s open, however, we’ll get about as much information as we can handle, with a new University of Michigan consumer sentiment survey, 5-year inflation expectations and New Home Sales for May. New Home Sales, by the way, are on a four-month down-streak as of now — and expected to fall slightly further: 587K estimated versus the previous month’s disappointing 591K. They are also well off the 800K+ pace we were seeing back in December and January.
You may recall Existing Home Sales for May were reported earlier in the week, and those were down -3.4% month over month to their lowest levels since June 2020. And because we’re still referring to numbers a month in arrears — and two Fed hikes from where we are currently — home sales numbers can be expected to stay depleted for the near future, as well.
Image: Bigstock
Will Markets Close Higher for the 1st Week This June?
Friday, June 24, 2022
This trading week, which began with the Juneteenth holiday and closed markets, is currently sizing up to have provided a nice rebound from last week’s post-Fed meeting trough. At this hour, the Dow is +220 points, the Nasdaq is +95 and the S&P 500 +27 points. Should these numbers hold, it would be the first positive week across the board in the month of June.
And just like most days this week, the economic data informing market sentiment has been rather scant, especially ahead of the opening bell. This changes beginning next week, when we’ll see new Durable Goods Orders, Case-Shiller Home Prices, the final Q1 GDP revision, Jobless Claims and PCE Inflation numbers. The following week we’ll see m monthly employment reports from both ADP (ADP - Free Report) and the U.S. government.
After today’s open, however, we’ll get about as much information as we can handle, with a new University of Michigan consumer sentiment survey, 5-year inflation expectations and New Home Sales for May. New Home Sales, by the way, are on a four-month down-streak as of now — and expected to fall slightly further: 587K estimated versus the previous month’s disappointing 591K. They are also well off the 800K+ pace we were seeing back in December and January.
You may recall Existing Home Sales for May were reported earlier in the week, and those were down -3.4% month over month to their lowest levels since June 2020. And because we’re still referring to numbers a month in arrears — and two Fed hikes from where we are currently — home sales numbers can be expected to stay depleted for the near future, as well.
Questions or comments about this article and/or its author? Click here>>