Wall Street week ahead: All eyes on trade developments as 90-day US deadline set to expire
Wall Street week ahead: The economic calendar in the week ahead wiil be fairly light, with the main event being the release of the Federal Reserve's monetary policy committee meeting held in May
Spotlight in the week ahead will be on trade developments as a 90-day deadline, imposed by the United States on other countries to sign trade agreements, will expire on July 9 (Wednesday).
On Friday, US President Donald Trump said he will not extend the deadline and start sending letters to trading partners, specifying tariff rates they would face on exports to the US.
The economic calendar in the week ahead wiil be fairly light, with the main event being the release of the Federal Reserve's monetary policy committee meeting held in May.
The earnings calendar next week wiil also be light with few companies slated to declare their second quarter results. US carrier Delta Air Lines will be the main highlight of the week.
Energy stocks are likely to grab investors’ attention as the OPEC has agreed to raise oil production even more rapidly than expected in August.
At a video conference on Saturday, eight key alliance members agreed to raise supply by 548,000 barrels a day.
The group led by Saudi Arabia is seeking to capitalize on strong summer demand.
Economic Calendar
On July 8 (Tuesday), data on NFIB Optimism Index for June and consumer credit for May will be released.
On July 9 (Wednesday), minutes of Fed's May FOMC (Federal Open Market Committee) meeting will be released.
On July 11 (Friday), monthly US federal budget will be released.
Earnings
Following companies are due to report second quarter results in the week ahead — Penguin Solutions, Delta Air Lines, Conagra Brands, and Levi Strauss.
Markets Last Week
US stock indices rallied on Thursday to close at record highs on positive labor data.
The S&P 500 gained 51.94 points, or 0.83%, to 6,279.36 and the Nasdaq Composite gained 207.97 points, or 1.02%, to 20,601.10. The Dow Jones Industrial Average rose 344.11 points, or 0.77%, to 44,828.53.
For the week, the S&P 500 gained 1.72%, the Nasdaq rose 1.62%, and the Dow climbed 2.3%.
Labor department data showed non-farm payrolls rose by 147,000 jobs in June.
On Friday, the stock exchanges were closed to mark the US Independence Day.
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