The week saw mixed economic data, with consumer confidence slipping, core PCE holding steady, and a surprise dip in GDP growth, while tech and semiconductor stocks surged on strong earnings commentary and AI optimism.
Key Economic Releases
- CB Consumer Confidence (92.8) 📈 measures consumer optimism; sharp rebound signals higher retail demand and bullish equities.
- Core PCE Price Index m/m (0.3%) stable, aligning with forecasts, easing Fed cut concerns.
- Prelim GDP q/q (0.7% vs 2.0% forecast) suggests weak rebound; market may react cautiously.
- GDP Price Index q/q (3.8% vs 3.6% forecast) shows inflationary pressure, hinting at tighter policy.
- Unemployment Claims (211K forecast) indicate mild labor market stability; watch wage trends.
- New Home Sales (661K forecast) suggest stronger housing demand, supporting equities.
Market Movers
- Micron Technology (MU) up 0.19%, leading gainers.
- Nokia (NOK) up 0.06%, modest gain.
- Marvell Technology (MRVL) up 0.06%, third gainer.
Losers: - Tractor Supply (TSCO) down 0.0576%, slight decline. - D-Wave Quantum (QBTS) down 0.0537%. - Ferrari (RACE) down 0.0526%.
What to Watch
- Upcoming Fed meeting on June 18, with near‑certain 3.50‑3.75% policy rate.
- Next month's CPI and PMI data likely to influence rate outlook.
- Earnings season: Costco, Royal Bank of Canada, and Marvell Technology reports.