A reading on inflation and the start of second quarter earnings reports will greet investors after a holiday-shortened week that saw stocks close near record highs., investors will be closely watching the release of June's Consumer Price Index on Thursday as the case builds that the Federal Reserve could be set to cut interest rates in September.
"Economic conditions are cooling and that makes the trade-offs different for the Fed," Dutta added, "Powell should use July to set up a September cut." "We expect the June CPI report to be another confidence builder following the undeniably good May report," Bank of America US economist Stephen Juneau wrote in a research note previewing the release.) will be in particular focus over the next few weeks; 40% of the S&P 500 companies set to report over that period will be from the sector, according FactSet.
With the market trading near record levels ahead of this reporting period, Kostin and other strategists are cautious about how much upside investors can expect if results top Wall Street expectations. "Markets likely need to see raises coupled with solid execution driven beats to sustain recent gains or push higher from here," Chronert wrote in a weekly research note on Friday. "The concern is while fundamental trends are positive and consensus estimates are attainable, valuations suggest the buy-side will demand more."
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