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Morning Matters:

The Week Ahead
by Geoff Garbacz

July 26, 2022

Major stock indexes rose this past week across the board, making it down twelve weeks of the last sixteen weeks that indexes were lower.

1. Geopolitical and Fiscal Events. The key issue remains how the Russian invasion of Ukraine progresses. The FOMC is out with its latest announcement Wednesday afternoon.

2. Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and S&P Case-Shiller, Consumer Confidence, New Home Sales, Durable Orders, Pending Home Sales, Q2 GDP, Personal Income and PCE Core and University of Michigan Consumer Sentiment.

3. Earning Releases. Notable release this upcoming week include CDNS NXPI (Monday), MSFT GOOGL (Tuesday), META TMUS (Wednesday), AAPL AMZN (Thursday) and XOM PG (Friday).

Monday, July 25th

* No events of note for Monday.

Tuesday, July 26th

* May Case-Shiller Home Price Index is due out at 9:00 a.m. EDT and expected to come in at 20.8% from last month at 21.20%. * July Consumer Confidence is due out at 10:00 a.m. EDT and is expected to fall to 96.4 from 98.70. * June New Home Sales is due out at 10:00 a.m. EDT and is expected to fall to 670,000 from 696,000. * The latest NYSE and NASDAQ Short Interest through the 13th of July from the 28th of June is due out after the close. During that period, the S&P 500 fell -0.52%.

Wednesday, July 27th

* June Durable Orders are due out at 8:30 a.m. EDT and expected to come in at -0.50% from 0.70%. * June Pending Home Sales are due out at 10:00 a.m. EDT and are expected to come in at -1.5% from 0.7%. * The latest Federal Reserve Open Market Committee (FOMC) interest rate announcement is due out at 2:00 p.m. EDT and then press conference at 2:30 p.m. EDT.

Thursday, July 28th

* Q2 GDP is due out at 8:30 a.m. EDT and expected to come in at 0.5% from -1.6%.

Friday, July 29th

* June Personal Income is due out at 8:30 a.m. EDT and expected to remain at 0.5%. * June PCE Core is also out at 8:30 a.m. EDT and is expected to rise to 0.6% from 0.3%. * July Chicago PMI is due out at 9:45 a.m. EDT and is expected to rise to 56.2 from 5.6. * July University of Michigan Consumer Sentiment (final) is out at 10:00 a.m. EDT and is expected to remain at 51.10.

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