Monday

Economic Releases To Keep On Watch:

On Monday, a few key economic indicators to watch include the consumer inflation expectations for June, which will be released at 11 AM and are estimated to come in at 3%, down from May's 3.2%. Following this, the 3-month and 6-month bill auctions are scheduled for 11:30 AM. Later in the afternoon, at 3 PM, we will see the consumer credit change for May. In April, consumer credit increased by $6.4 billion, falling short of the expected $11 billion. For May, analysts anticipate a $5.9 billion increase.

Stocks To Watch: $QQQ, $SPY, $DIA

Tuesday

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Tuesday brings a series of key economic events, starting with the NFIB business optimism index for June at 6 AM. This index, which measures the sentiment among small business owners, reached a five-month high of 90.5 in May and is expected to rise to 91 in June.

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Market participants will watch closely for indications on the Fed’s next potential move as Powell is set to deliver his semi-annual testimony before the Senate Banking Committee. In his last testimony in early March, Powell indicated that the rate cut cycle might begin in 2024, contingent on ongoing signs of disinflation. After presenting his prepared remarks, Powell will answer questions from committee members, which could influence the markets. Additionally, keep an eye out for remarks from Fed's Bowman, who is scheduled to speak at 1:30 PM.

Later in the day, we have the 52-week bill auction at 11:30 AM and the 3-year note auction at 1 PM. The day will conclude with the release of the API crude oil stock change data at 4:30 PM.

Stocks To Watch: $CL, $QQQ, $SPY, $DIA

Wednesday

Notable data releases to watch. At 10 AM, the month-over-month change in wholesale inventories for May will be announced, providing insights into business expectations and supply chain dynamics. Following this, at 10:30 AM, the Energy Information Administration (EIA) will release its report on crude oil and gasoline stock changes, which could impact energy markets and prices. The day's financial activities will conclude with two important Treasury auctions: the 17-week bill auction at 11:30 AM and the 10-year note auction at 1 PM. These auctions may offer indications of investor sentiment and expectations regarding interest rates and inflation

Stocks To Watch: $QQQ, $SPY, $DIA

Thursday

Earnings To Watch

Thursday promises to be a busy day, starting with pre-market earnings reports from PepsiCo and Delta Airlines. PepsiCo previously exceeded expectations with earnings of $1.61 per share and sales of $18.25 billion, while maintaining its FY 2024 EPS guidance at $8.15. Analysts are now looking for $22.75 billion in revenue for Q2 2024. Delta Airlines showed significant improvement in Q1 2024, with earnings of 6 cents per share compared to a 57-cent loss in Q1 2023. Delta's Q2 EPS forecast of $2.20 to $2.50 surpasses the analyst estimate of $2.23, and the airline projects up to 7% revenue growth, though its Q1 revenue of $12.56 billion slightly missed expectations. Analysts are now watching for $16.22 billion in Q2 revenue.

Conagra Brands will also report before the bell.

Data To Watch

The economic data release schedule is equally packed, beginning with the inflation rate, core inflation rate, and CPI for June at 8:30 AM. May's core inflation rate rose by 0.2% month-over-month, marking the slowest growth in seven months, while the year-over-year core inflation was 3.4%, the lowest in over three years. The consumer price index increased by 3.3% year-over-year, below the 3.5% estimate, with the month-over-month inflation rate remaining flat. Initial and continuing jobless claims will also be released at 8:30 AM. Later, at 10:30 AM, the EIA natural gas stocks change will be reported, followed by comments from Fed’s Bostic at 11:30 AM, alongside the 4-week and 8-week bill auctions. At noon, the 15-year and 30-year mortgage rates will be announced.

Stocks To Watch: $PEP, $DAL, $CAG, $QQQ, $SPY

Friday

Q2 Earnings Season!

Friday morning kicks off the Q2 2024 earnings season with reports from major banks, including JPMorgan and Wells Fargo. Both banks increased their dividends at the end of Q2 2024, with JPMorgan also announcing a $30 billion buyback program. Despite exceeding Q1 2024 earnings estimates, both banks fell short on net interest income; Wells Fargo reported an 8% decrease, while JPMorgan projected flat net interest income for 2024. Analysts expect JPMorgan to report $40.86 billion in revenue and Wells Fargo $20.2 billion. Citigroup is also reporting on Friday morning, with anticipated Q2 2024 revenue of $20 billion.

Other companies reporting before the bell include Bank of New York Mellon, industrial supplier Fastenal, and Swedish telecom giant Ericsson.

Additionally, at 8:30 AM, the PPI prints for June will be released. Analysts expect a 0.2% month-over-month increase, compared to a 0.2% decrease in May, with a year-over-year change estimated at 1.6%, down from 2.2% in May. The core PPI and PPI excluding food, energy, and trade for June will also be reported.

At 10:00 AM, the preliminary Michigan consumer sentiment print for July will be released. The final June reading was 68.2, surpassing estimates of 65.8 and the preliminary print of 65.6. The preliminary Michigan inflation expectations, five-year inflation expectations, consumer expectations, and consumer conditions for July will also be available.

Stocks To Watch: $JPM, $WFC, $BNY, $XLF, $SPY