Weekly Performance of Major Indexes
- S&P 500 ETF (SPY): Closed at $534.01 on June 7, up from $527.37 on May 31, marking a gain of 6.64 points or approximately 1.26%.
- Nasdaq-100 ETF (QQQ): Closed at $462.96 on June 7, up from $450.71 on May 31, marking a gain of 12.25 points or approximately 2.72%.
- Russell 2000 ETF (IWM): Closed at $201.20 on June 7, down from $205.77 on May 31, marking a loss of 4.57 points or approximately -2.22%.
Upcoming Economic Reports
- Core Inflation Rate MoM: Scheduled for release on June 12, 2024, at 12:30 PM. The estimate is 0.3%, unchanged from the previous month.
- Core Inflation Rate YoY: Scheduled for release on June 12, 2024, at 12:30 PM. The estimate is 3.5%, slightly down from the previous 3.6%.
- Consumer Price Index (CPI): Scheduled for release on June 12, 2024, at 12:30 PM. The estimate is 313.91, slightly up from the previous 313.55.
- CPI Seasonally Adjusted: Scheduled for release on June 12, 2024, at 12:30 PM. Previous was 313.207.
- Inflation Rate MoM: Scheduled for release on June 12, 2024, at 12:30 PM. The estimate is 0.2%, down from the previous 0.3%.
Major Corporate Earnings Announcements
- Oracle Corporation (ORCL): Expected to report earnings on June 11, 2024.
- Adobe Inc. (ADBE): Expected to report earnings on June 13, 2024.
- Autodesk Inc. (ADSK): Expected to report earnings on August 21, 2024, which is not within the upcoming week.
Market Outlook
Given the upcoming economic reports, particularly around inflation, and the recent performance of major indexes, I am neutral on the market for the next 30 days. The mixed signals from different sectors and the anticipation of high-impact economic data release suggest a period of potential volatility and market adjustment. Investors should keep a close eye on these developments as they could influence market directions significantly.