As an analyst with a background in economics and finance, I closely monitor the weekly economic calendar and market trends. Based on my analysis of the upcoming events, I believe that the Federal Reserve meeting minutes and Nvidia’s earnings report will be the key drivers of the markets this week.
This week in economics features noteworthy developments, including the release of the Federal Reserve’s meeting minutes and an impressive earnings statement from semiconductor industry leader, Nvidia.
As a market analyst, I would note that there are reports emerging on global manufacturing and services indexes, as well as consumer inflation expectations. These data points have the potential to sway market trends somewhat.
Economic Calendar May 20-24
Last week represented a significant milestone as the Dow Jones Industrial Average (DJIA) in the United States surpassed 40,000 points for the initial time. This impressive gain was fueled by encouraging Consumer Price Index (CPI) data that sparked anticipation among investors, suggesting the possibility of an easing economy and potential interest rate reductions from the central bank in the forthcoming months.
As a crypto investor, I’m eagerly anticipating the release of the Federal Reserve FOMC (Federal Open Market Committee) meeting minutes from May, which is scheduled for this coming Wednesday. These minutes could provide valuable insights into the future direction of monetary policy and potentially hint at when the next rate cut might be on the table.
This Thursday, we’ll get a peek at the initial findings from May’s Global Manufacturing Purchasing Managers’ Index (PMI) survey. The PMI serves as an indicator of the health of the manufacturing industry.
On May 23rd, there will be released a report comparable to the PMI for the manufacturing sector, specifically for the services sector. Given that this sector contributes approximately 70% to the entire US economy, receiving an update on its health is essential as it often serves as a harbinger of shifting economic circumstances.
On Friday, I’ll be analyzing the latest data from the University of Michigan’s Consumer Sentiment Index for Michigan. This index offers insights into consumers’ anticipated inflation rates based on a monthly survey of their confidence levels within the national economy.
Key Events This Week:
1. Nvidia reports Q1 2024 earnings – Wednesday
2. Existing Home Sales data – Wednesday
3. Fed Meeting Minutes – Wednesday
4. New Home Sales data – Thursday
5. Durable Goods Orders data – Friday
6. Total of 18 Fed speaker events this week
All eyes are…
— The Kobeissi Letter (@KobeissiLetter) May 19, 2024
As a researcher, I’m eagerly looking forward to the upcoming quarterly revenue report from semiconductor powerhouse Nvidia set for release on Wednesday. The anticipated figures could significantly impact the tech stock market and cryptocurrencies, keeping them in an upward trend.
In their commentary on May 19, The Kobeissi Letter expressed that bulls are hoping for Nvidia’s stock price to reach new record heights, while bears anticipate marking the peak for this tech company.
As a researcher studying financial markets in Asia, I can tell you that on Monday, May 20, these markets experienced an uptick, mirroring the positive trends observed in Wall Street the previous day. Looking ahead in the week, investors in this region are keeping a close eye on several key economic indicators. In Japan, inflation data is set to be released, while South Korea’s central bank is expected to make a decision regarding interest rates.
Crypto Market Impact
As a researcher examining the crypto market landscape this week, I anticipate minimal impact from significant economic events. Consequently, market volatility should remain relatively subdued.
As a crypto investor, I’m thrilled to report that the market value of all cryptocurrencies surged past $2.5 trillion last week, maintaining its upward trend even during the weekend. However, in the past 24 hours, there’s been a slight dip, with the total value declining by approximately 1.2%.
During Asian trading hours on Monday morning, Bitcoin experienced a dip, reaching a low of $66,000 before rebounding to $67,000 by the time of this writing.
Today, Ethereum declined by 1.3%, dropping to a price of $3,078. This came after it hit a weekend peak at $3,142. Most altcoins exhibited losses this morning.
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2024-05-20 08:20