Wall Street Braces for CPI Data, Powell’s Congressional Testimony

Wall Street investors will be closely monitoring several key economic reports in the coming week.

Highlights include the release of the June Consumer Price Index (CPI), which will provide insight into consumer inflation trends. In addition, Federal Reserve Chairman Jerome Powell is scheduled to testify before the U.S. Congress, where his remarks could indicate the future direction of the Fed’s monetary policy.

This week will also be the start of the second-quarter earnings season, with big names like PepsiCo, Citigroup, JPMorgan Chase, Wells Fargo, and Delta Air Lines all set to release their earnings.

Key dates and reports:

• Monday, July 8: Consumer Credit Report for May.
• Tuesday, July 9: Powell testifies before the Senate.
• Wednesday, July 10: Powell testifies before the House of Representatives.
• July 11 (Thursday): Consumer Price Index (CPI) report for June.
• July 12 (Friday): Producer Price Index (PPI) for June and preliminary consumer sentiment report for July.

Latest market performance:

U.S. stocks closed higher last week on optimism about potential interest rate cuts following weak labor market data. The Dow Jones Industrial Average rose, the S&P 500 gained and the Nasdaq Composite also rose.

Other market indicators:

• The yield on 10-year Treasury bonds fell.
• The US dollar weakened against the Japanese yen and strengthened against the euro.
• Oil prices fell, with Brent and US crude oil falling.
• Precious metals rose, with gold and silver prices rising.

Overall, the coming week will bring significant economic updates and corporate earnings reports that could impact market trends.