Dow Jones, Nasdaq, S&P 500 weekly preview: June CPI data, Q2 season in focus
rose to a new high on Friday, achieving a record close as the latest jobs report fueled hopes for Federal Reserve rate cuts.climbed 0.90% to end at 18,352.76. Both indexes hit all-time highs during the session and ended at record levels, with the S&P 500 marking its 34th record close of 2024. TheLabor data released on Friday morning showed a 206,000 increase in nonfarm payrolls for June, but the unemployment rate edged up to 4.1%, slightly higher than economists' expectations of 4%.
The key macro events this week include Powell’s testimony, as he speaks before the Senate on Tuesday and the House on Wednesday. “We expect that headline CPI rose 0.1% in June and core CPI registered a “high” 0.2% gain,” they said. The new earnings period will kick off with reports from JPMorgan and other major financial institutions.
Moreover, the cap-weighted index is expected to outperform the equal-weighted benchmark by an average of 3.2% throughout 2024.
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