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August 24, 2022

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Financial knowledge in latest weeks has remained resilient, regardless of consultants saying rate of interest hikes and Federal Reserve stability sheet reductions will result in job cuts and decrease productiveness. The S&P 500 Index has rebounded 15% from its June lows, and key technical indicators have elevated market contributors’ confidence in latest weeks {that a} sustained restoration may very well be on the playing cards.

Over the previous week, 90% of S&P 500 shares traded above their 50-day transferring averages. As well as, the ‘breadth’ of the market has additionally improved, with the variety of shares reaching new 52-week highs exceeding the variety of new weekly lows for the primary time this yr. The week forward is filled with key occasions and knowledge, together with the annual financial coverage symposium, PCE knowledge, and Q2 earnings stories that may decide the place the markets head subsequent.

Annual Symposium on Financial Coverage

The Federal Reserve is holding its Annual Financial Coverage Symposium in Jackson Gap on Thursday. The occasion will carry collectively main central bankers, economists and different market contributors from world wide to debate points that will have an effect on the financial system and financial coverage. This yr’s speech, titled “Reassessing Constraints within the Economic system and Politics,” will concentrate on components together with 4 a long time’ excessive inflation, latest price hikes and future recession dangers. Fed Chairman Jerome Powell is about to talk on Friday, and market contributors will likely be paying shut consideration to gauge the route of upcoming rate of interest hikes. Merchants are pricing in a 54.5% likelihood of a 50bp rise and a forty five.5% likelihood of a 0.75% rise on the subsequent assembly.

private consumption expenditure

The Bureau of Financial Evaluation will publish the private consumption expenditures (PCE) worth index for the month of July on Friday. The PCE worth index, which measures adjustments within the worth of products and providers for family consumption, is the Federal Reserve’s most well-liked methodology of measuring inflation.

PCE Month-to-month Variation, Supply: BEA

June’s PCE report confirmed costs rose 1% month-on-month and 6.8% yr over yr, which is the very best in additional than 4 a long time. Nonetheless, with the latest cooling in vitality costs, PCE progress is predicted to average considerably in July, which is able to show to be a lift to the markets.

Earnings season continues

The businesses will proceed to report their second quarter leads to the approaching week. Key earnings releases from software-as-a-service corporations like Salesforce and Intuit will assist gauge enterprise spending, whereas stories from Nvidia and Advance Auto Components will give markets readability on provide chain points. Lastly, stories from Greenback Tree and Greenback Basic will present how inflation is affecting the common shopper.

S&P 500 chart

Backside line

As financial knowledge continues to be sturdy, equities have remained resilient regardless of an aggressive Federal Reserve. The week forward is filled with inflation knowledge and a key assembly amongst Federal Reserve members, which is able to probably information the place markets head within the quick time period.

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Stock Market Updates: Annual Fed Meeting, PCE Data Will Drive Markets in The Week Ahead

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