Wall Street next week: Investors seeks forthcoming Federal Reserve’s interest rate decision

In order to gain insight into the future monetary policy trajectory of the US central bank, investors will also be keenly monitoring Fed Chairman Jerome Powell’s news conference.

Business

By Sneha Sengupta On Apr 28, 2024

Wall Street will be focusing on the Federal Reserve’s interest rate decision as well as the April jobs report this coming week.

Interest rate stability is largely anticipated from the Fed. A wide range of businesses, including Amazon, Apple, Pfizer, Coca-Cola, McDonald’s, and Starbucks, will release their earnings results this week, along with other economic indicators like auto sales and ISM manufacturing.

Economic happenings

The Federal Open Market Committee’s (FOMC) interest rate decision will be made public on the same day as Fed Chair Jerome Powell’s news conference.

Reports on consumer confidence for April and the employment cost index for the first quarter (Q1) will be released on Tuesday, April 30. Data on April’s auto sales, ISM manufacturing, and ADP employment will be made public on Wednesday, May 1.

The ISM services statistics for April and the US employment report for April will be released on Friday, May 3. Data on industrial orders and the US trade imbalance for the month of March will be released on Thursday, May 2.

Quarterly earnings

NXP Semiconductors, ON Semiconductor, MicroStrategy, Domino’s Pizza, Chegg, Amazon, Eli Lilly, Coca-Cola, AMD, McDonald’s, Starbucks, PayPal, Caesars Entertainment, Mondelez International, Super Micro Computer, Lemonade, CVS Health, Qualcomm, Pfizer, Kraft Heinz, Mastercard, Marriott International, DoorDash, MGM Resorts, eBay, DuPont, Apple, Shell, CononoPhillips, Amgen, Booking Holdings, Fortinet, Hershey, Cheniere Energy, and Magna International are among the businesses scheduled to release their quarterly earnings this coming week.

US markets previously

On Friday, the benchmark US crude oil for June delivery increased by 28 cents to $83.85 a barrel.

Due to big tech earnings on Friday, US markets witnessed surge in earnings. The S&P 500 climbed 51.54 points, or 1.02 percent, to 5,099.96, the Nasdaq Composite gained 316.14 points, or 2.03 percent, to 15,927.90, and the Dow Jones Industrial Average increased by 153.86 points, or 0.40 percent, to 38,239.66.

From 155.61 Japanese yen to 157.74 yen, the US dollar increased. The euro dropped from $1.0727 to $1.0705.

The 10-year Treasury’s yield decreased from 4.71 percent on Thursday to 4.66 percent on Friday. The yield on the 2-year Treasury was stable.

A barrel of Brent crude for June delivery increased by 49 cents to $89.50. An ounce of gold for June delivery increased by $4.70 to $2,347.20. The price of silver for May delivery dropped by 10 cents to $27.25.