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U.S. stocks opened higher Thursday after June’s weaker-than-expected nonfarm payrolls report tempered expectations for further Federal Reserve rate hikes. The U.S. economy added 57,000 jobs in June, falling short of the 115,000 increase economists surveyed by Dow Jones had expected. The unemployment rate, however, unexpectedly declined to 4.2%, versus forecasts for it to hold at 4.3%.
The economic calendar is relatively light for the coming week. On Monday, S&P Global’s PMI data for June will be released alongside ISM Non-Manufacturing Prices and PMI numbers for June. The FOMC will release the minutes of its meeting on Wednesday. This will be followed by initial jobless claims and existing home sales data for June on Thursday.
PepsiCo (PEP) and Delta Air Lines (DAL) are the major companies reporting their results next week.
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Earnings spotlight: Wednesday: Levi Strauss (LEVI). See the full earnings calendar.
Earnings spotlight: Thursday: PepsiCo. See the full earnings calendar.
Earnings spotlight: Friday: Delta Air Lines (DAL). See the full earnings calendar.
Volatility watch: SpaceX (SPCX) and Palantir (PLTR) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include Churchill Capital Corp. XI (CCXI), Inno Holdings (INHD), and Nuvectis Pharma (NVCT). The most oversold stocks per their 14-day Relative Strength Index include SITE Centers (SITC), Hertz Global (HTZ), and LyondellBasell (LYB).
IPO watch: IPOs expected to price and begin trading during the week include SK hynix (SKHY). The quiet period ends on SpaceX (SPCX) to free up analysts to
