Consumer credit data expected to be focus
by Wallace Witkowski
A lack of major catalysts before the Federal Reserve’s June policy meeting and Britain’s referendum on whether to stay in the European Union will likely keep stocks wobbly and range bound in the week ahead, making what data comes out that much more significant.
Stocks finished lower on Friday after a weak jobs report, resulting in a little changed weekly performance that saw the Dow Jones Industrial Average DJIA, -0.18% slip 0.4%, the S&P 500 index SPX, -0.29% virtually unchanged, and the Nasdaq Composite Index COMP, -0.58% advance 0.2%.
Weak job numbers on Friday have essentially taken a June rate increase off the table as was evidenced in the sharp drop in rate expectations on Friday, as measured by Fed-funds futures and illustrated in the chart below from Birinyi Associates.