Fed Rate Decision Takes Centre Stage As Earnings Draws To A Close

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Wall Street’s major market averages are higher on Friday as traders gear up for the highly anticipated SpaceX (SPCX) initial public offering. SpaceX priced its IPO at $135 per share, raising roughly $75 billion in what is set to become the largest IPO ever, with a valuation of about $1.77 trillion.

The economic calendar is relatively lighter for the holiday-shortened week, with markets closed on June 19 in observance of the Juneteenth National Independence Day. The Federal Reserve’s June 16–17 meeting will take center stage in an otherwise quiet week.

Import and export price indexes along with housing starts for May are due on Tuesday. The Fed’s interest rate decision is expected on Wednesday alongside the retail sales data for May. The FOMC will hold its press conference on Thursday, with the Philadelphia Fed Manufacturing Index for Jun and initial jobless claims numbers also expected on the same day.

As the earnings season draws to a close, only a few companies are expected to report their results in the coming week, including Canopy Growth (CGC), Accenture (ACN), and Kroger (KR).

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Earnings spotlight: Monday: Canopy Growth (CGC). See the full earnings calendar.

Earnings spotlight: Thursday: Accenture (ACN) and Kroger (KR). See the full earnings calendar.

Volatility watch: Sandisk (SNDK) and AST Spacemobile (ASTS) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include Inno Holdings (INHD), STAK (STAK), and AmeriTrust Financial Tec (AMTFF