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Market Review:
Semi-Annual Monetary Policy Report
The next two days Jerome Powell will be testifying before committees in congress. Today he will be before the House Financial Services Committee and tomorrow he will be before the Senate Banking Committee.
The testimony is a two-part event. A prepared statement will be released, and then read before the committee. This part we get some clarifications based on last week's press conference. It may provide us with insights into the FOMC's plan of action.
The second part is a question and answer session with members of the committee "asking questions". The questions are not known beforehand and can provide volatility to our markets.
Join us tonight for the Midweek market update at 8:00pm ET.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
June 23 Manufacturing PMI
June 23 Services PMI
June 27 Consumer Confidence
June 29 GDP (Final)
July 3 ISM Manufacturing PMI
Key Numbers Opens: Above or Below
4458.00 is the open of the Week
4430.25 is the open
4188.50 is the open of the Month
4127.00 is the open of the 2nd Quarter
3895.00 is the open of 2023
What's Hot and Not!
Reporting before the bell tomorrow.
Darden Restaurants, Inc (DRI) opened the year at 139.74. They opened the quarter at 154.00 and the month at 159.95. DRI began this week at 166.07. They have generally been trending higher. At the last earnings report DRI had a surprising positive quarter. In large part DRI's earnings speak to the resiliency of the consumer. If they are still profitable, despite inflationary pressures this becomes a statement.
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