WEEKLY MARKET REPORT 📊
• Monday: 5 Fed Speakers; $ZIM $TCOM Earnings; Computex 2025 Conference
• Tuesday: 3 Fed Speakers; $HD $PANW $TOL Earnings
• Wednesday: $TGT $TJX $SNOW $ZM $BIDU $XPEV Earnings; Google I/O Event
• Thursday: Jobless Claims, Mfg., Services PMIs, Existing Home Sales; $DECK $ROST $BJ Earnings
• Friday: New Home Sales
- S&P 500 contracts fell 1.3%, with investors cooling on equities after a five-day winning streak. European and Asian shares also dropped. The yield for 30-year Treasuries surpassed 5%, rising to the highest level since November 2023. The euro rose as much as 1.1%, leading gains against the greenback among major currencies.🔴
- U.S. stock index futures fell on Monday, while Treasury yields rose after ratings agency Moody's downgraded the country's sovereign rating by one notch, bringing forward concerns around the ballooning U.S. debt🟡
- The ratings agency late on Friday downgraded the U.S. sovereign credit rating to "Aa1" from "Aaa", due to concerns about the nation's growing, $36 trillion debt pile🔴
- Worries over the ever-increasing U.S. deficit remained front and center as Trump's sweeping tax-cut bill, which had been stalled for days by Republican infighting over spending cuts, won approval from a key congressional committee on Sunday.🟡
- The quarterly earnings season was in its last leg with more than 90% of S&P 500 companies having already reported.🟢
- Focus is also on the Federal Reserve, with at least five officials, including New York Fed President John Williams, slated to make public remarks throughout the day. 🟡