Wall Street week ahead: Investors’ major focus on US Federal Reserve’s last policy meet of 2023

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On Wall Street in the week ahead, investors’ major focus will be on the US Federal Reserve’s last monetary policy meeting of 2023. 

Investors widely expect the FOMC (Federal Open Market Committee) to hold interest rates steady at its meeting. The FOMC interest rate decision will be announced on December 13 and Fed Chairman Jerome Powell’s press conference will be held later in the day.

In the week ahead, investors will also eye other economic data that include the consumer price index, producer price index, retail sales and industrial production.

December 12 will see the consumer price index (CPI) data for November and the CPI year over year data.

On December 13, the producer price index (PPI) data for November will be released.

US retail sales data for November will be released on December 14 and industrial production data for November will be released on December 15.

Earnings

Following companies are due to declare their quarter results in the week ahead – Casey’s General Stores, Oracle, Johnson Controls International, Adobe, ABM Industries,Costco, Jabil, Lennar, and Darden Restaurants.

Key Event The semiconductor giant Intel will organise ‘AI Everywhere’ event. The event will include the launch of 5th Gen Intel Xeon processors for data centers and Intel Core Ultra processors for laptops.

US stocks

On Friday, the US stocks closed higher following a stronger-than-expected report on the US job market.

The S&P 500 climbed 0.41% to end the session at 4,604.37 points. The Nasdaq gained 0.45% to 14,403.97 points. The Dow Jones Industrial Average rose 0.36% to 36,247.87 points.

The US dollar rose to 144.98 yen from 143.45 Japanese. The euro fell to $1.0758 from $1.0799.

The yield on the 10-year treasury rose to 4.22% from 4.15%.

US crude oil benchmark for January delivery rose $1.89 to $71.23 per barrel. Brent crude for February delivery rose $1.79 to $75.84 per barrel on Friday.

Natural gas for January delivery fell 1 cent to $2.58 per 1,000 cubic feet.

Gold for February delivery fell $31.90 to $2,014.50 per ounce. Silver for March delivery fell 78 cents to $23.28 per ounce.

In overseas stock markets, indices were mostly higher in Europe and mixed in Asia. 

 

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Published: 10 Dec 2023, 10:59 PM IST

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