Last week proved to be another victory for the bulls as the market rally extended beyond the big players in the technology sector. The S&P 500 is officially in bull market territory, closing over 20% above its October 2022 low. There will be several updates on the US inflation picture next week, with the Consumer Price Index (CPI) and Producer Price Index (PPI) on Tuesday and Wednesday respectively to be published. The Federal Reserve, meanwhile, begins its two-day June meeting on Tuesday, with investors widely expecting the central bank to suspend rate hikes. This can of course change depending on the CPI and PPI data. Notwithstanding, investors expect the Fed’s commentary to remain somewhat hawkish and hint at future rate hikes. The market is currently assuming that the bank will raise interest rates in July. At the same time, the club will hold its June monthly meeting on Wednesday. As always, we welcome questions from members. On Thursday we will take another look at the state of the consumer when the government releases its monthly retail sales report for May. At the same time, on Thursday the Fed will release its industrial production and capacity report for the last month, which will highlight the state of US manufacturing. Here’s the full rundown of the top economic data to watch for over the coming week: Monday, June 12 After the bell: Oracle (ORCL) Tuesday, June 13 at 8:30am ET: CPI Wednesday, June 14 June, 8:30 a.m. ET: PPI 2:00 p.m. ET: Federal Reserve Open Market Committee Meeting After the bell: Lennar (LEN) Thursday, June 15 8:30 a.m. ET: Weekly Initial Jobless Claims 8:30 a.m. ET: Retail Sales 9:15 am ET: Capacity Utilization & Industrial Production Before the bell: Kroger (KR), Jabil (JBL) After the bell: Adobe (ADBE) Review April factory orders and May’s ISM Services PMI were flat for the past week both fell short of expectations. On Thursday, initial jobless claims for the week ended June 3 rose 28k to 261k, well above the 235k the market was expecting. Deals for the week of June 5 on Tuesday We sold 25 shares of Advanced Micro Devices (AMD). Jim Cramer’s Charitable Trust now owns 265 shares of AMD, reducing its weight in the portfolio to 1.25%. At the time of Friday’s reckoning, the US Dollar Index is trading around the 103 mark. Gold stays around $1,970 an ounce. West Texas Intermediate crude is in the low $70s per barrel range. The yield on the 10-year government bond is around 3.7%. (For a full list of Jim Cramer’s Charitable Trust stocks, click here.) As a CNBC Investing Club subscriber with Jim Cramer, you’ll receive trade alerts before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. THE RECEIVING OF YOUR INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB SHALL HAVE NO FOCUS OBLIGATION OR DUTY. NO PARTICULAR RESULTS OR PROFITS ARE GUARANTEED.
People walk past the Wall Street Bull in New York City’s financial district on March 7, 2023.
Spencer Platt | Getty Images
Last week proved to be another victory for the bulls as the market rally extended beyond the big players in the technology sector. The S&P 500 is officially in bull market territory, closing over 20% above its October 2022 low.