Hope was raised last week as the labour market showed signs of resilience in June. Creating 206,000 jobs This indicates that economic growth is on track. Although the number of employees in June exceeded expectations, the unemployment rate rose again. The U.S. unemployment rate rose to 4.1% last month, exceeding 4% for the first time since November 2021 (4.1%).
Let’s see what’s in store for investors next week.
Major earnings reports are scheduled for this week
In contrast to last week, investors will see several major earnings reports this week. PepsiCo The company is scheduled to report its quarterly earnings for the fiscal year ending June 2024 before the market opens on Thursday. The Zacks Investment Research consensus estimate for earnings per share (EPS) for the quarter is $2.16, compared to $2.09 for the same quarter last year.
In addition, Delta Airlines The company is scheduled to announce its financial results for the fiscal year ending June 2024. Wall Street analysts expect EPS to be $2.37 for the quarter, while EPS reported for the same quarter last year was $2.68, according to Zacks Investment Research.
Major banks also report their financial results.
Other big banks are due to report their earnings on Friday, including JPMorgan Chase, Wells Fargo, Citigroup, Bank of New York Mellon Corp. and Unity Bancorp. Banks reported better-than-expected results for the last quarter. It boosted the stock market.
Inflation data also to be released
Investors have been anxious about a rate cut from the Federal Reserve following recent modest inflation, with the Consumer Price Index (CPI) data report due for release at 8:30 a.m. ET on Thursday.
Chairman of the Federal Reserve System Jerome Powell said: The central bank has previously said it needs more data before cutting interest rates to ensure that recent weak inflation readings accurately reflect underlying price pressures. How much inflation falls or rises will be worth keeping an eye on as this will determine whether people will get at least one interest rate cut.
