Author: Zac Martin, Investment Associate
Week Ending June 28th – Runners’ Lows
- Consumer Confidence for June decreased slightly; however, results were still above analyst expectations. The consumers’ views of the labor market continue to buoy the index; however, positive future income and business expectations continue to wain.
- The final read for Q1 GDP came in slightly ahead of expectations with a quarter over quarter increase of 1.4%. This was due to an increase of services consumption and fixed investment. Additionally, inventories continued to decline while state & local government spending increased.
- Earnings: Volatile moves from last week’s earnings. FedEx reported a return of demand with volumes expected to recover. On the other end, Nike reported lower revenue, seeing lower demand across all markets. Finally, Micron announced results above expectations; however, highlighted a significant ramp in FY25 CapEx.
The week ahead:
- ISM Manufacturing PMI (7/1)
- JOLTS Report (7/2)
- ISM Services PMI, FOMC Meeting Minutes & Factory Orders (7/3)
- Nonfarm Payrolls & Unemployment (7/5)
- Earnings: STZ (7/3)
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