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Weekly Market View

Weekly Market View

Monday, June 24, 2019

THE WEEK THAT WAS

June 24: President Trump announced new sanctions on Iran on Monday in response to the downing of a U.S. drone last week. The sanctions were targeted at Iran’s Supreme Leader Ayatollah Ali Khamenei and his office to deny them access to financial instruments.

June 25: Equity markets in the U.S. saw some losses on Tuesday after comments from top Federal Reserve officials curbed investor optimism about a potential rate cut next month. Federal Reserve Bank of St. Louis President James Bullard said he does not see the need for a 50-basis point (bps) cut right now. The comments from Mr. Bullard – one of the more dovish members on the Federal Open Market Committee (FOMC) – dampened fed fund futures traders’ hopes of a 50-bps move on July 31 at the next FOMC meeting.

June 26: Oil prices jumped on Wednesday to nearly $60 a barrel after the U.S. Energy Information Administration reported that crude oil stockpiles fell by 12.8 million barrels. It was the biggest decline since September 2016.

June 27: Large banks passed their Federal Reserve stress tests on Thursday with all 18 institutions approved to boost dividends. Credit Suisse was the only Wall Street firm that did not sail through the Fed stress test, earning the same designation as Morgan Stanley and Goldman Sachs last year.

June 28: Saudi and cartel officials report that the Organization of the Petroleum Exporting Countries (OPEC) is set to extend its oil production cuts into the second half of 2019 amid concern over Middle East tensions that threaten oil supplies and economic uncertainty in China.

Banking & Economic News

Trump Announces ‘Hard Hitting’ New Sanctions Against Iran
Learn more (June 24, 2019; cnn.com)

Fed’s Bullard Cools Bets on A U.S. 50 Bps Rate-Cut
Learn more (June 18, 2019; reuters.com)

Oil Jumps Near $60 On Biggest US Stockpile Drip Since 2016
Learn more (June 26, 2019; msn.com)

JP Morgan, Goldman and Others Boost Dividends and Buybacks After Passing Fed Stress Test
Learn more (June 26, 2019; cnbc.com)

 

THE WEEK TO COME

July 1 (All times are CT)
  • Institute of Supply Management (ISM) Manufacturing at 9:00 a.m.
  • Construction Spending at 9:00 a.m.
July 2
  • Wards Vehicle Sales – released during the day
July 3
  • Mortgage Bankers Association Mortgage Applications at 6:00 a.m.
  • Challenger Job Cuts at 6:30 a.m.
  • ADP Employment Change at 7:15 a.m.
  • Trade Balance at 7:30 a.m.
  • Initial Jobless Claims at 7:30 a.m.
  • Durables Goods at 9:00 a.m.
  • Factory Orders at 9:00 a.m.
  • ISM Manufacturing Index at 9:00 a.m.
July 4
  • July 4 Holiday – U.S. Markets Closed
July 5
  • Employment Report for June at 7:30 a.m.

 

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