- Home
- >
- Daily Accents
- >
- Top 3 things you need to know about the market on Tuesday
Top 3 things you need to know about the market on Tuesday
Rating:
Loading...1. Bank earnings in focus, JNJ in the mix
The market's focus is set to remain tuned to bank earnings, after Citigroup reported a weak-looking set of underlying numbers that were flattered by a one-off gain.
JPMorgan , Wells Fargo and Goldman Sachs release earnings before the opening bell.
Johnson & Johnson will also report its latest quarterly numbers ahead of the open under the shadow of thousands of lawsuits claiming the company’s talcum powder caused ovarian cancer.
Overall, consensus forecasts are assuming a 3% decline in earnings from S&P 500 companies, according to Factset data.
2. Retail sales, industrial output, Fed speakers on tap
Retail sales and industrial output make up the top-tier U.S. economic data on Tuesday, while speeches from several Federal Reserve members also be scrutinized for insights into the Fed’s thinking on policy ahead of a widely-expected rate cut at the end of the month.
Both data points are forecast to have registered meager growth in June in a marked slowdown from May. Evidence of weakness would make it easier for the Fed to justify a rate cut.
While Fed Governor Michelle Bowman will kick off a "Fed Listens" outreach event at 15:30 (GMT +3) that will include appearances from several policymakers throughout the day, Fed Chairman Jerome Powell will likely steal the spotlight at 20:00 (GMT +3) at a separate event where he will speak on “Aspects of Monetary Policy in the Post-Crisis Era.”
3. U.S. stocks cautious near record highs
After the S&P ended a day earlier at a record closing high, U.S. futures were little changed ahead of earnings and economic data.
In Europe, individual stock markets were mixed with the pan-European Stoxx 600 trading flat.
London’s FTSE 100 was slightly higher after a solid employment report showed the jobless rate sticking at its lowest level since 1975 and wages, excluding bonuses, rising at the fastest pace in more than a decade.
Germany’s DAX was restrained as a ZEW survey of financial market experts indicated a worse-than-expected deterioration on the current state and outlook for the euro zone’s largest economy.
Trader Milko Zashev Read more:
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
