Wall Street week ahead: Spotlight on Federal Reserve’s last interest rate decision of 2024 | Stock Market News
Source: Live Mint
The spotlight on Wall Street in the week ahead will be on the US Federal Reserve’s last monetary policy decision of this year. The central bank is widely expected to cut interest rates for a third time since September.
Besides Fed decision, market participants will have a lot of economic data including retail sales, Q3 GDP growth, personal income, and PCE (Personal Consumption Expenditures) index.
Among the earnings, some big companies are scheduled to announce their quarter results, including Micron Technology, FedEx, Accenture, and Nike.
Economic calendar
On December 16 (Monday), separate reports on Empire State manufacturing survey for December, S&P flash US services PMI and S&P flash manufacturing PMI for December will be released.
On December 17 (Tuesday), separate reports on US retail sales for November, industrial production for November, and home builder confidence index for December will be released.
On December 18 (Wednesday), FOMC interest rate decision will be declared and Fed Chair Jerome Powell’s press conference is also scheduled.
On December 19 (Thursday), data on GDP (second revision) Q3 and existing home sales for November will be unveiled.
On December 20 (Friday), separate reports on personal income (nominal) and personal spending (nominal) for November, PCE index for November, and consumer sentiment (final) for December will be released.
Earnings
Following companies are due to report third quarter earnings in the week ahead — Heico, Amentum Holdings, Worthington Enterprises, Micron Technology, Lennar, General Mills, Jabil, Toro, Accenture, Nike, Cintas, FedEx, Paychex, and Winnebago.
Markets last week
US stocks closed subdued on Friday. The Dow Jones Industrial Average fell 86.06 points, or 0.20%, to 43,828.06, the S&P 500 lost 0.16 point to 6,051.09 and the Nasdaq Composite gained 23.88 points, or 0.12%, to 19,926.72.
The yield on the 10-year Treasury rose to 4.40% from 4.34%.
Oil prices climbed about 2% on Friday, on expectations that additional sanctions on Russia and Iran could tighten supplies.
Brent futures rose $1.08, or 1.5%, to settle at $74.49 a barrel. US West Texas Intermediate crude rose $1.27, or 1.8%, to settle at $71.29.
