Weekly Market Wrap: Will We See More Rate Hikes Next Week?

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Market Recap & Upcoming Week

Last week was marked by significant geopolitical and financial events that could have substantial implications in various sectors. On the international political front, Moscow’s withdrawal from humanitarian cooperation at the United Nations and its decision to shut down a Syrian aid route could raise concerns over regional stability.

Meanwhile, in the tech sector, Tesla finally started production of the much-anticipated Cybertruck at its Texas factory. For its earnings, Tesla reported a 20% increase in profit, attributing it to price cuts and higher deliveries, but its share price took a beating. Notably, Ford also slashed the price of its F-150 Lightning Electric Truck by up to $10,000.

The UK took a significant step towards globalization by joining the £12 trillion Indo-Pacific Trade Bloc.

In terms of financial markets, China’s debt sector has been caught in ambiguity and financial squeeze, and the global wheat prices are surging due to Russia’s withdrawal from the grain deal.

ARK Investment Management’s Cathie Wood decreased her stake in Twitter by 47%, but still remains optimistic about the company’s future prospects. In the corporate world, tech giants Microsoft and Meta have collaborated to offer new AI software for businesses. Netflix’s crackdown on password sharing has led to a surge in new subscribers, reflecting changes in consumer behavior.

Elsewhere, hiring patterns have indicated a possible looming recession, even as companies continue to recruit heavily. Notably, the semiconductor industry is experiencing a downturn, with TSMC reporting a profit drop for the first time in four years.

On the monetary front, Turkey raised its key interest rate to combat soaring inflation, while UK borrowing costs decreased following lower-than-expected inflation, making a Bank of England interest rate hike less likely in August.

As we step into the next week, the major focus will be the two-day policy meeting convened by Federal Reserve officials, commencing on Tuesday. The highly anticipated interest rate decision, due on Wednesday, will potentially impact financial markets significantly.

Concurrently, earnings season is escalating with a vast array of major corporations slated to release their reports. Giants from the tech industry like Microsoft, Meta Platforms, and Google’s parent company, Alphabet, will be in the limelight, along with influential entities like Visa, Mastercard, Texas Instruments, Coca Cola Company, McDonald’s, Boeing, AT&T, Verizon, Ford Motor Company, Chevron, and ExxonMobil.

The economic calendar of the week remains densely packed. Thursday will see the unveiling of the advance estimate for the second-quarter gross domestic product (GDP). To follow, on Friday, we have the release of the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation measure, which will provide insights into the current inflation scenario.

Moreover, the latest updates on home prices, including new and pending home sales for June, are also on the schedule, which could bring further attention to the state of the housing market.

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