Wall Street week ahead: Spotlight on Fed rate decision, jobs data, earnings from Apple, Meta Platforms, Amazon

Next week, the focus of Wall Street investors will be on the US Federal Reserve’s monetary policy decision and Chair Jerome Powell’s press conference.

The central bank is widely expected to hold the interest rate steady.

Among the earnings, the four companies from the ‘Magnificent 7’ -- Microsoft, Meta Platforms, Apple, and Amazon -- will also acquire the investors’ attention.

The week ahead will also see some important economic data such as non-farm payrolls data for July and the S&P US manufacturing PMI report for July.

Economic events

On July 30 (Tuesday), two separate reports on consumer confidence for July and job openings for June will be released.

On July 31 (Wednesday), the Federal Open Market Committee (FOMC) is slated to announce interest rate decision, followed by Fed Chair Powell’s press conference.

The same day will also see separate reports on ADP employment for July, Employment Cost Index for second quarter, and Chicago Business Barometer (PMI) for July.

August 1 (Thursday) will see separate reports on US productivity for second quarter, S&P US manufacturing PMI for July, and ISM manufacturing for July.

On August 2 (Friday), data on US employment for July and unemployment rate for July will be released.

Earnings

Following companies are due to report second quarter earnings in the week ahead — McDonald's, ON Semiconductor, Welltower, Microsoft, Procter & Gamble, Merck, Advanced Micro Devices, Pfizer, Starbucks, S&P Global, Meta Platforms, Mastercard, Qualcomm, Western Digital Corporation, Arm Holdings, Boeing, eBay, Altria, Marriott International, Amazon, Apple, Intel, Block, DoorDash, Cigna, ConocoPhillips, Anheuser-Busch InBev, Roblox, DraftKings, Church & Dwight, Chevron, and Exxon Mobil.

US markets last week

US stock indices closed higher on Friday on strong buying in Big Tech shares.

The S&P 500 gained 61.06 points, or 1.11%, to end at 5,460.28 points, while the Nasdaq Composite gained 176.16 points, or 1.03%, to 17,357.88. The Dow Jones Industrial Average rose 658.54 points, or 1.66%, to 40,593.61.

The yield on the 10-year Treasury fell to 4.19% from 4.25%.

The US dollar fell to 153.74 Japanese yen from 153.81. The euro rose to $1.0857 from $1.0848.

Brent crude for September delivery fell $1.24 to $81.13 per barrel on Friday. Benchmark US crude oil for September delivery fell $1.12 to $77.16 per barrel.

Gold for August delivery rose $27.50 to $2,381 per ounce. Silver for September delivery rose 4 cents to $28.02 per ounce.