Wall Street Breakfast: The Week Ahead (2024)

Wall Street Breakfast

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Wall Street Breakfast: The Week Ahead (2)

It's a big test this week to see what holds the most sway on the markets. Is it the Fed or AI? The Federal Reserve's June decisions arrives, along with its updated projections for the path of interest rates, inflation and economic growth.

The Fed statement and Chairman Jerome Powell's press conference are due on Wednesday. With the market pricing in a near certainty of no move on rates, the dot plot will be the main focus coming off the strong May jobs figures. The markets are now pricing in only one quarter-point cut in 2024, with the odds of a September quarter-point cut falling to 50/50.

Before the bell on Wednesday, the market gets the May CPI figures. Economists forecast a 0.3% month-over-month increase in the core inflation rate and a drop in the annual rate to +3.5% from +3.6%. A significantly hotter or cooler number could see some volatile repositioning, especially in bonds, ahead of the afternoon Fed release.

But on the AI front, focus will be squarely on Apple's (AAPL) WWDC event. Apple kicks off its annual developers conference on Monday with a keynote address that is perhaps the tech giant's most widely anticipated speech since the iPhone was introduced nearly 17 years ago. Analysts say it's a pivotal moment as the company starts a "new AI driven chapter."

And Tesla (TSLA) shareholders will meet on Thursday during the company's annual meeting to vote on twelve proposals. The proposals include the high-profile proposal of ratifying Elon Musk's compensation under the CEO pay package that was previously approved at a special meeting in 2018.

The earnings schedule for next week includes reports from Oracle (ORCL), Broadcom (AVGO), and Adobe (ADBE). ZEEKR Intelligent (ZK) will also publish its first earnings report as a publicly traded company.

Earnings spotlight: Monday, June 10 - Yext (YEXT), Calavo Growers (CVGW), and FuelCell Energy (FCEL). See the full earnings calendar.

Earnings spotlight: Tuesday, June 11 - Oracle (ORCL), Casey's General Stores (CASY), ZEEKR (ZK), and Rubrik (RBRK). See the full earnings calendar.

Earnings spotlight: Wednesday, June 12 - Broadcom (AVGO), Dave & Buster's Entertainment (PLAY), and Oxford Industries (OXM). See the full earnings calendar.

Earnings spotlight: Thursday, June 13 - Signet Jewelers (SIG), Adobe (ADBE), and RH (RH). See the full earnings calendar.

Volatility watch: Options trading volume has moved much higher on Nvidia (NVDA) ahead of shares trading at their split-adjusted price on Monday. The most overbought stocks per their 14-day relative strength index include MicroAlgo (MLGO), Brinker (EAT), KNOT Offshore (KNOP). The most oversold stocks per their 14-day Relative Strength Index include MongoDB (MDB), DLocal (DLO), and Nerdy (NRDY). Short interest is still sky-high on SunPower (SPWR) and The Children's Place (PLCE) heading into next week's action.

IPO watch: Tempus AI (TEM) is expected to price its IPO and start trading next week. The company is focused on the use of AI in healthcare, providing data and analytics tools for precision medicine. Tempus AI is offering 11.1M shares in an expected range of $35 to $37 per share. Commercial-stage biopharma firm Telix Pharmaceuticals (TLX) is also going public next week. The post-IPO quiet periods expire on Armlogi Holding (BTOC), JIADE (JDZG), Raytech Holding (RAY), and Super Hi (HDL) to free up analysts to post ratings.

Investor events: The event calendar in the week ahead includes more than just the attention-grabbing Apple and Tesla events. Amazon (AMZN) will hold its three-day AWS re:Inforce conference. AWS re:Inforce 2024 will cover the following tracks: data protection, identity and access management, threat detection and incident response, network and infrastructure security, generative AI, governance, risk and compliance, and application security. The conference is a way to explore and gain competence in AWS security services. Qorvo (NASDAQ:QRVO), Stellantis (STLA), Harmonic (HLIT), and Ryder System (NYSE:R) also have key investor events scheduled.

In Case You Missed It ...

GameStop sinks 20% on earnings miss, stock sale plan

Bank of Canada cuts rates for the first time in four years

Elon Musk's $56B Tesla pay package irks world's largest sovereign wealth fund

NBA TV rights deals could be worth $76B over 11 years

Euros 2024: Sports betting and apparel names, beer stocks and German GDP are all in play

Nvidia 10-1 stock split becomes official

Super Micro gains after it unveils 'large-scale' AI data center in Japan

Viking Therapeutics gains on additional data for NASH drug

Wall Street Breakfast

Wall Street Breakfast, Seeking Alpha's flagship daily business news summary, is a one-page summary that gives you a rapid overview of the day's key financial news. It is designed for easy readability on the site or by email (including mobile devices), and is published before 7:30 AM ET every market day. Wall Street Breakfast's readership of over 3.4 million includes many from the investment banking and fund management industries. Sign up here to receive the Wall Street Breakfast in your inbox every business day.Check out our Podcast RSS feed

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Wall Street Breakfast: The Week Ahead (2024)


What is the stock market doing today? ›

US Markets
S&P 5005,431.6-2.14
4 more rows

Why does the stock exchange close? ›

There are a couple of reasons why the stock market closes, and many of them involve four aspects: volatility, tradition, sleep, and n risks. As you can imagine, a threadlike volume can lead to major risk, since most institutions will be closed and most retail traders are sleeping, so, there will be low liquidity.

Is it bad to invest in the stock market right now? ›

Nobody can say for certain how long this bear market will last or whether stock prices will fall further before they recover. It's extremely likely, though, that the market will perform well over the long term. Because investing is a long-term strategy, there really isn't a bad time to invest.

What is trending in the stock market today? ›

Trending Stocks
HDFC Bank 14/06 |HDBK1,596.90 +16.15+1.02
Garden Reach 14/06 |GRSE1,630.00 +94.95+6.19
Bharat Heavy Electricals 14/06 |BHEL305.70 +1.75+0.58
Power Finance 14/06 |PWFC509.00 +5.45+1.08
ITC 14/06 |ITC431.15 +0.85+0.20
25 more rows

What is the 10 am rule in stock trading? ›

Traders that follow the 10 a.m. rule think a stock's price trajectory is relatively set for the day by the end of that half-hour. For example, if a stock closed at $40 the previous day, opened at $42 the next, and reached $43 by 10 a.m., this would indicate that the stock is likely to remain above $42 by market close.

Why not to buy stocks after-hours? ›

During after-hours trading, there's less of a market for any stock being traded. This can lead to higher price volatility and lower liquidity, which can increase risk.

Do stock prices change when the market is closed? ›

Companies can release news after the market is closed and shift investors' sentiment. Shifting investor sentiment can change a stock's price without trades occurring. After-hours trading (AHT) impacts the stock price between the closing and opening bells.

Is the market getting better? ›

So far, the S&P 500 is on track for above-average gains in 2024. The index has historically followed up a solid first-half performance with additional gains in the second half.

What is the YTD stock market return? ›

YTD return is the amount of profit (or loss) realized by an investment since the first trading day of the current calendar year. YTD calculations are commonly used by investors and analysts to assess the performance of a portfolio or to compare the recent performance of a number of stocks.

Is the US stock market closed tomorrow? ›

The US stock market opens at 9:30 a.m. ET and closes at 4:00 p.m. ET, Monday through Friday. It's closed on the weekends.

What are the futures doing today? ›

DOW JONES Futures38,582.00-68.00
NASDAQ 100 Futures19,696.2588.50
S&P 500 Futures5,435.75-0.50

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