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Business News/ Markets / Stock Markets/  Wall Street week ahead: Investors’ focus on Fed preferred inflation gauge - core PCE index
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Wall Street week ahead: Investors’ focus on Fed preferred inflation gauge - core PCE index

The US Federal Reserve’s preferred inflation gauge - the core personal consumption expenditure (PCE) price index for April will be released on May 31 (Friday)

US stocks rose on Friday on reports of improving consumer outlook on inflation. APPremium
US stocks rose on Friday on reports of improving consumer outlook on inflation. AP

In the holiday-shortened week ahead on Wall Street, focus of investors will be on the US Federal Reserve’s preferred inflation gauge - the core personal consumption expenditure (PCE) price index, and few major earnings that include Dell, Best Buy, and Costco.

The core PCE data has the potential to influence the markets.

The US stock markets will remain closed on Monday on the occasion of Memorial Day.

Economic events

On May 28 (Tuesday), a report on the S&P Case-Shiller home price index of 20 cities for March will be released. Consumer confidence data for May will also be unveiled.

ALSO READ: Oil records longest losing streak in 5 months, Brent drops 2% at $82; here's why

On May 30 (Thursday), first revised GDP (gross domestic product) data for the first quarter will be released.

May 31 (Friday) will see the release of personal income data for April and core PCE (personal consumption expenditure) index data for April.

Earnings

Following companies are due to report quarterly earnings in the week ahead— Box, CAVA Group, Bank of Nova Scotia, Salesforce, DICK'S Sporting Goods, Agilent, Chewy, HP Inc., Pure Storage, Capri Holdings, Okta, C3.ai, Abercrombie & Fitch, Best Buy, Birkenstock, Royal Bank of Canada, Dollar General, Foot Locker, Costco, Gap, Marvell, Dell, NetApp, Nordstrom, Genesco, and Frontline.

CoinDesk Consensus

A high profile cryptocurrency event named CoinDesk Consensus will be held on Wednesday.

The event, aimed at solving crypto industry challenges, will see hard-hitting conversations with visionary speakers and hands-on workshops.

ALSO READ: Yellow metal sees correction; short and long-term outlook remains positive

US markets last week

US stocks rose on Friday on reports of improving consumer outlook on inflation.

The Dow Jones Industrial Average rose 4.33 points, or 0.01 per cent, to 39,069.59. The S&P 500 gained 36.88 points, or 0.70 per cent, at 5,304.72 and the Nasdaq Composite advanced 184.76 points, or 1.10 per cent, to 16,920.79.

For the week, the Dow dropped 2.34 per cent, the S&P edged up 0.03 per cent and the Nasdaq gained 1.41 per cent.

The US dollar rose to 157.00 yen from 156.91 Japanese yen. The euro surged to $1.0850 from $1.0805.

The yield on the 10-year Treasury slipped to 4.46 per cent from 4.48 per cent. The 2-year yield was holding steady at 4.94 per cent.

Brent crude for July delivery rose 76 cents to $82.12 per barrel on Friday. The benchmark US crude oil for July delivery gained 85 cents to $77.72 per barrel.

Gold for June delivery fell $2.70 to $2,334.50 per ounce. Silver for July delivery added 4 cents to $30.50 per ounce.

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Published: 26 May 2024, 09:33 PM IST
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