The Federal Reserve will release the minutes from the FOMC meeting on Wednesday.
The services sector will likewise get a comparable PMI report on May 23.
The minutes from last week’s Federal Reserve meeting and Nvidia’s massive earnings release will be the economic highlights. Markets might be somewhat swayed by news on consumer inflation predictions and global manufacturing and services indices.
A first occurred last week when the DJIA, the U.S. stock market index, surpassed the 40,000 mark. Positive consumer price index (CPI) data stoked speculation that the US economy is slowing and that the Federal Reserve may reduce interest rates in the near future, which in turn bolstered stock prices.
Key Data Releasing This Week
This week on Wednesday, the Federal Reserve will release the minutes from the FOMC meeting that took place in May. These could provide more details on future monetary policy and an estimated timeframe for rate cuts. The preliminary report for May’s Global Manufacturing PMI, which captures the state of the manufacturing sector’s business, will be revealed on Thursday.
The services sector will likewise get a comparable PMI report on May 23. Over 70% of the US GDP comes from the services sector, making this a critical leading indicator for gauging economic change.
Moreover, the Michigan Consumer Sentiment Index for May, which gauges predictions for inflation, will be released on Friday. Monthly surveys of consumer confidence levels in the nation are shown in these reports.
Furthermore, on Wednesday, semiconductor behemoth Nvidia is expected to release its much-anticipated quarterly sales report, which may maintain the upward momentum of tech stocks and cryptocurrency. Volatility is anticipated to stay modest in the crypto market with the current bull run likely holding strong throughout the week.
Highlighted Crypto News Today:
ETH Price Analysis: Will it Hit $4K By the End of May?