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Wall Street’s major averages opened on an indecisive note on Friday, as President Donald Trump will decide about a U.S. strike on Iran within two weeks, while investors weighed the Federal Reserve’s rate decision. Trump is expected to decide within two weeks on a possible U.S. strike on Iran amid the latter’s conflict with Israel. Investors took some relief from this after talks of the U.S. entering the tensions hurt sentiments. Wall Street on Wednesday erased modest gains to end little changed, after Federal Reserve Chair Jerome Powell said uncertainty stemming from tariffs continued to call for a “wait-and-see” approach to monetary policy actions. The Fed left its policy rate at 4.25%-4.50% on Wednesday for a fourth straight meeting.
Amidst escalating tensions in the Middle East and investors trying to gauge the latest Fed decision, markets will keep a close eye on economic events scheduled for next week. Monday will include reports on Global Composite PMI, Existing Home Sales, while the House Price Index, and Richmond Fed Manufacturing Index will get published on Tuesday. Reports on MBA Mortgage Applications and New Home Sales are scheduled on Wednesday, while Thursday will see Core PCE Prices, GDP, and Jobless Claims. The week will end with reports on Personal Income, Personal Spending, PCE Price Index, and Core PCE Price Index.
FedEx (FDX), Carnival Corp (CCL), BlackBerry (BB), Micron (MU), Nike (NKE), Walgreens Boots (WBA), Paychex (PAYX), and Daktronics (DAKT) will report earnings next week.
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Earnings spotlight: Monday, June 23: FactSet Research (FDS), Commercial
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