Fed Meeting, Powell Press Conference On Tap
Plus, June 21 is quadruple-witching Friday
While June has been relatively quiet by Wall Street's standards, the action will heat up next week. Investors have the Federal Open Market Committee (FOMC) meeting to look forward to, plus a press conference from Fed Chair Jerome Powell, who alluded to an interest rate cut earlier in the month. However, CME Group's FedWatch tool suggests the market is expecting a cut at the July meeting, with just a 20.8% probability of lowered rates this month. Toward the end of the week, there will be remarks from a couple other Fed officials, plus, quadruple witching on Friday.
And if that's not enough, Kroger (KR), Adobe (ADBE), and Canopy Growth (CGC) all step into the earnings confessional. On the geopolitical front, Wall Street will likely remain focused on any updates on trade. The G-20 summit in Osaka, Japan, looms at the end of the month, and President Donald Trump has promised higher tariffs on Chinese imports if President Xi Jinping does not meet with him there. And as for Mexico, Wall Street is keen for details on an alleged "secret" deal with Mexico that Trump has been touting.
Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.
On Monday, June 17, the week will kick off with the Empire State manufacturing survey, the National Association of Home Builders (NAHB) housing market index, and Treasury International Capital (TIC) data. There are no earnings to report.
The Fed meeting kicks off Tuesday, June 18. Housing starts will also be released. Adobe Systems (ADBE) steps into the earnings confessional.
Wednesday, June 19, is highlighted by the Fed's interest rate decision, set for 2:00 p.m. ET. It will be followed by a press conference from Fed Chair Jerome Powell. Weekly crude inventories and data on MBA mortgage applications are also on tap. Quarterly earnings reports are expected from American Outdoor Brands (AOBC), Barnes & Noble (BKS), and Oracle (ORCL).
Weekly jobless claims are slated for Thursday, June 20. There will also be the Philadelphia Fed business outlook survey and the Fed balance sheet. On the earnings front, Darden Restaurants (DRI), Kroger (KR), and Red Hat (RHT) will report.
It's a busy close to the week on Friday, June 21. In addition to quadruple witching, Markit's flash composite purchasing managers index (PMI), the Baker-Hughes rig count, and existing home sales data are all on tap. Plus, Fed Governor Lael Brainard and Cleveland Fed President Loretta Mester will speak. Canopy Growth (CGC) and CarMax (KMX) close out the week on the earnings front.