Markets Are Gearing Up For Another Gauntlet Of News Flow

June 28, 2021 09:45 AM
Stock Market Update for Traders

Stock Market Update for Traders

Last Week's Close

E-mini S&P 500 (September): Settled at 4271.25, up 15.25 on Friday and 117.75 on the week

E-mini Nasdaq-100 (September): Settled at 14,339, down 15.25 on Friday and up 304.00 on the week

The S&P and Nasdaq are clinging to last week’s record-setting gains as they gear up for another gauntlet of news flow.

The economic calendar culminates with Nonfarm Payroll on Friday. The Federal Reserve pivoted to a more hawkish narrative, but are hinging their path to job creation over the next few months. There’s a deluge of Manufacturing data from the U.S., Europe, and China leading into Friday. 

Although there’s no major economic data to start the week, Fed speak will usher us in: NY Fed President John Williams spoke at 8:00 a.m. CT and Fed Governor Randal Quarles speaks at 1:10 p.m. CT. Policy comments from committee members characterized much of last week and will do the same throughout this one. 

The Covid-19 Delta Variant is also grabbing headlines. Just as the summer travel season kicks into high gear, Covid-19 cases are again climbing in the UK and Australia due to this contagious new strain. The U.S. Dollar and Treasuries are incurring a safe-haven bid, but equity markets remain underpinned by last week’s momentum and what’s still seen as a patient Federal Reserve.

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