Weekly Market Wrap: 2 More Rates Hikes Coming Up?

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For subscribers of our “Daily Trading Signals”, we now also include a “Weekly Market Report”, where we provide a weekly deep-dive on the market, including fundamentals, technicals, economics, and portfolio management:

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Market Recap & Upcoming Week

Last week, the Federal Reserve raised the Fed Funds rate for the tenth time, resulting in the highest prime rate in almost two decades. The U.S. debt continues to grow, limiting access to capital and damaging the credit rating.

However, the inflation rate in the U.S. softened in May, providing some relief and reducing pressure on the Federal Reserve to continue raising interest rates.

Meanwhile, the People’s Bank of China (PBOC) cut lending rates due to the struggles of the post-Covid recovery, marked by decreased lending and economic credit growth.

The market transitioned into a bull phase, with the S&P 500 entering a bull market and positive investor sentiment prevailing.

The Federal Reserve halted interest rate increases for now but signaled the possibility of two more hikes by year-end.

Looking ahead, investors will closely monitor the Federal Reserve’s decisions, inflation trends, and the ongoing economic recovery to navigate market dynamics and anticipate future monetary policy adjustments.

This week, investors should pay attention to the housing market updates, including building permits, housing starts, and the NAHB’s Housing Market Index. These indicators will provide valuable insights into the health and momentum of the housing sector.

Federal Reserve Chair Jerome Powell’s testimony before Congress will also be a significant event, as it could provide clues about the central bank’s monetary policy direction.

Additionally, the release of S&P Global’s Purchasing Managers’ Index for June will offer valuable data on the overall economic activity and sentiment.

In the corporate landscape, keep an eye on the earnings reports from companies such as FedEx, Accenture, Darden Restaurants, and BlackBerry. These reports will shed light on the financial performance of these companies and provide indications of industry trends. The market will be keen to assess the impact of recent developments and economic conditions on their results.

Overall, this week presents a range of key economic indicators and corporate updates that will shape market sentiments and provide valuable insights into the housing market, economy, and corporate performance.

Daily Trading Signals (Highlights)

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