The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
American stock indices head south
On Monday, American stock indexes dropped notwithstanding the positive start to the corporate reporting season for the first quarter. Nevertheless, following the results of the whole the previous week, the indicators increased. For example, the Dow Jones Industrial Average gained by 1.8%, Standard & Poor's 500 rallied by up to 2%, while Nasdaq Composite jumped by approximately 2.8%.
Market participants expect that the financial statements of companies for the first quarter are going to become a bright spot against the background of increased geopolitical tensions. Nevertheless, the events around Syria, as well as the trade dispute between America and China remain in the focus of the market's attention and have rather a negative impact on investor sentiment.
According to Chief Investment Officer of the Commonwealth Financial Network, Brad Macmillan expectations about the upcoming reporting season are too high, which could cause a decline in the market.
The index of consumer confidence in the US dived to 97.8 points in April versus March’ level of 101.4 points, which is the maximum level for 14 years, according to preliminary data from the University of Michigan, released on Friday. The consensus forecast of experts suggested a dive to 101 points.
On Friday, the Dow Jones Industrial Average dived by about 0.5% and ended up with 24360.14.
Standard & Poor's 500 went down by approximately 0.29% hitting 2656.3.
Nasdaq Composite went down about 0.47% and accounted for 7106.65.
The financial sub-index of the S&P 500 demonstrated the worst dive among the eleven industry groups – it headed south by 1.6%.
Additionally, JPMorgan Chase, Citigroup as well as Wells Fargo inched down by 2.7%, 1.6% and 3.4% respectively, notwithstanding good results. All three banks stepped up their net revenue in the first quarter, with the figures surpassing the average market estimates.
On Wednesday, September 22, Microsoft will be holding a product launch. The event starts at 18:00 GTM + 3.
Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.