- The U.S. struck three Iranian nuclear facilities over the weekend, prompting President Trump to declare that Iran’s nuclear enrichment facilities had been “obliterated.”
- Uncertainties loom about how Iran might respond, impacting numerous sectors including stocks and cryptocurrencies.
- Oil prices are expected to continue rising amid concerns that supply chains could be disrupted if critical infrastructure is targeted or shipping lanes are blocked.
- Federal Reserve Chair Jerome Powell is scheduled to deliver his periodic testimony to Congress this week, where he will provide updates on the central bank’s views on inflation and the broader economy.
Investors and analysts will closely watch these testimonies, especially as political allies of President Trump may leverage the opportunity to scrutinize Powell regarding the Fed’s decision-making.
The details:
- On Friday, the release of the Personal Consumption Expenditures (PCE) report for May will be a crucial data point, as it is the measure the Fed uses to gauge core inflation.
- Earnings reports from major companies like Nike, FedEx, and Micron Technology are anticipated this week.
- Nike is set to release its earnings on Thursday; the athletic apparel giant had previously warned of revenue and earnings declines, although analysts suggest that recent mergers in the sporting goods sector could bolster sales.
- FedEx, reporting on Tuesday, previously warned of lower projected revenue and profits. Investors look at FedEx’s earnings closely as an indicator of global shipping volumes and, by extension, the health of international trade.
Other economic data and events:
- Monday, June 23: May existing home sales are to be reported.
- Tuesday, June 24: The consumer confidence index for June will be released, and Powell will testify before the House Financial Services Committee.
- Wednesday, June 25: May new home sales data, along with Micron’s and other companies’ earnings, will be published. Powell will testify before the Senate Banking Committee.
- Thursday, June 26: May pending home sales data will be available, alongside Nike’s earnings report.
One more thing: It’s noteworthy that the U.S. is experiencing significant wealth creation, adding around 1,000 new millionaires daily, more than any other country.
The upcoming week promises to be eventful for investors and market watchers, filled with important testimonies, critical data releases, and major corporate earnings reports that could shape financial markets’ trajectory.
