More tariffs were introduced
Wall Street: traders await corporate reports
The financial outcomes of transnational corporations to be uncovered this week, might shed light on whether the trade dispute will have an impact on the US participation in the American stock market, and also how global tensions influence the performance of companies.
The prospect of a full-scale trade war alarmed American companies and investors in the shares after in April the American President Donald Trump rolled out tariffs on imports of steel and aluminum. The comments of the American leader and the reports he posted on Twitter about the unfair behavior of Washington's trading partners definitely hit the market.
In return, China introduced retaliatory tariffs, which stepped up volatility in the stock market.
Over the coming week, over half of the 25 American companies most vulnerable to the threat of a trade conflict are going to uncover their financial outcomes, according to Credit Suisse. Among them are Halliburton Co, 3M Co, Texas Instruments Inc, Boeing Co, Intel Corp as well as Chevron Corp.
In general, more than 180 companies of the S&P 500 index are going to reveal their financial results during the week.
Market participants will pay much attention to the views of corporate leaders as for their dependence on China, which is the world's number two economy, and also a crucial market for many American companies.
Comments of companies on tariffs and trade can potentially cloud the otherwise brilliant season of reporting. The profits of S&P 500 companies in the first quarter are supposed to leap by 20%.
The head of Lam Research, a provider of chip manufacturing equipment, Martin Anstis told that the company hasn’t observed the impact of tariffs yet, although it’s closely watching the probable deterioration in consumer sentiment or changes in the policies of other American companies in the industry.
On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…
On Monday, Wall Street pointed to a steep dive at the open because the trade conflict between China and America took a steep turn for the worse…
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.