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This upcoming week will feature earnings reports from 9 S&P 500 companies, including Nike (NKE)—a Dow 30 component—and Micron Technology (MU), a leading semiconductor stock. A key macro focus will be Fed Chair Jerome Powell’s testimony before Congress on Tuesday as part of the central bank’s semiannual economic report.
Today marks both this month’s Options Expiration (OE) Day and the quarterly quadruple witching, involving the expiration of options and futures contracts totaling $6.5 trillion USD in notional value. Investors should roll over positions in a timely manner.
The Federal Reserve has decided to maintain the current interest rate at 4.25–4.5%. The dot plot continues to indicate two rate cuts this year, unchanged from previous projections. However, the number of projected cuts for next year and the year after has each been reduced by one.
Equity Index Futures:
Over the weekend, Israel and Iran continued to attack each other. But it seems Iran does not want to expand the war, so the risk of a wider conflict is low. Oil and gold prices jumped but then pulled back. Stock index futures are moderately higher before the open, and most stocks are up.
Six S&P 500 companies will report earnings this week. The main focus is the Fed’s interest rate decision on Wednesday afternoon. U.S. markets will be closed on Thursday for Juneteenth.
Israel launched a precision strike on Iran. Global markets fell overnight, while gold and oil prices rose. U.S. stock futures opened sharply lower. But the Middle East is far from the U.S., so the psychological impact is bigger than the actual economic effect. U.S. markets still follow their own logic.
Important level to Watch: 21876
May’s CPI rose at a slower monthly pace. The annual rate moved up to 2.4% (previously 2.3%). Core CPI rose 2.8% year-over-year. Both were better than market expectations.
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Today’s case reminds us:
China and the US are holding trade talks in London. AAPL kicks off WWDC today. Index futures are slightly higher before the open. SPY is still near the key breakout level mentioned two weeks ago. Watch the $600 area at the open—if it breaks quickly, the index could push toward new highs. The intraday pivot is still around $595, and if it pulls back, watch $590 for support.
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