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Market Update 28/8: Jackson Hole and Earnings Schedule.

Summary of Powell's speech at Jackson Hole 2023.

In a statement made on Friday, Jerome Powell, chairman of the U.S. Federal Reserve, said that inflation is still too high and that the central bank is prepared to raise rates further if necessary. 

All three major indexes gained around 0.7%. This marks a turnaround in the S&P 500 and Nasdaq 100 indexes after three weeks of declines. Where there was a 0.7% increase in the Dow Jones Industrial Average, an increase of 0.7% in the S&P 500, and a rise of about 0.9% in the Nasdaq Composite.

Respond of commodities.

In the early hours of this morning, spot gold was trading nearly flat at $1,914.99 per ounce with the U.S. dollar index near its 12-week high. A 0.1% gain was seen in U.S. gold futures at $1,942.40. In contrast, spot silver fell 0.4% to $24.14 and platinum declined 0.2% to $943.12. Palladium edged up by 0.1% to $1,222.86.

Oil

 

In addition, the price of oil futures ended higher Friday after a surge in the dollar that followed a speech made by the Federal Reserve Chair, Jerome Powell, faded as the day progressed. Brent, the benchmark for two-thirds of the world’s oil, settled 1.34%  higher at $84.48 a barrel. West Texas Intermediate, the gauge that tracks US crude, closed up 0.99% at $79.83 a barrel.

This week, there will be a number of economic data releases that will provide an even sharper focus on the economic health of the country, particularly the core PCE inflation report and the non-farm payroll report. These reports will give investors and analysts a better understanding of how the economy is doing, allowing them to make more informed decisions. The implications of these reports could be far-reaching, as they could affect the stock market, consumer spending, and the Federal Reserve’s monetary policy.

This Week Earning’s Announcement

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Monday, August 28: HEICO Co. (HEI)

 

Tuesday, August 29: Bank of Montreal (BMO), Best Buy Co., Inc. (BBY), Hewlett Packard Enterprise (HPE), HP Inc. (HPQ), Nio Inc – (NIO), PDD Holdings Inc. (PDD), The Bank of Nova Scotia (BNS), The J. M. Smucker Company (SJM), ZTO Express (Cayman) Inc. (ZTO)

 

Wednesday, August 30: Chewy, Inc. (CHWY), CrowdStrike Holdings, Inc. (CRWD), Okta, Inc. (OKTA), Prudential plc (PUK), Pure Storage, Inc. (PSTG), Salesforce, Inc. (CRM), The Cooper Companies, Inc. (COO), Veeva Systems Inc. (VEEV)

 

Thursday, August 31: Broadcom Inc. (AVGO), Campbell Soup (CPB), Canadian Imperial Bank of Commerce (CM), Dell Technologies Inc. (DELL), Dollar General Co. (DG), Hormel Foods Co. (HRL), KE Holdings Inc. (BEKE), Lululemon Athletica Inc. (LULU), MongoDB, Inc. (MDB), Samsara Inc. (IOT), VMware, Inc. (VMW)


Friday, September 1: Centrais Elétricas Brasileiras S.A. – Eletrobrás (EBR)

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