Monday's Market Minute: Busy Week Ahead

Let's begin our look ahead with a quick look back, as the U.S. indices are under pressure ahead of the cash open today with dust settling from Friday's jobs report. At 263K, the report topped expectations for 250K and solidified investors’ concerns that the Fed will raise rates in an aggressive fashion to combat inflation. The higher-than-expected number sent the indices lower but they are still holding above the lows from last week. Keep an eye on S&P 500 futures at 3,571 should we get back to the yearly lows. 

This week, the focus is going to be on economic data and earnings. At the top of the list, we have CPI and PPI, but don't forget about the Fed minutes, the NFIB, Retail Sales, and weekly Jobless Claims.

The first look at companies reporting quarterly results will come from banks and a couple of big tech names. Citigroup (C), Wells Fargo (WFC), Morgan Stanley (MS), PNC (PNC), Fastenal (FAST), Progressive (PGR), Delta (DAL), and Blackrock (BLK) will all open their books and provide further insight as to how companies are handling this strong U.S. Dollar and higher rate environment. 

Lastly, don't lose sight of crude oil back to $90 to begin the fourth quarter high as it feeds directly into the inflationary pressures the Fed is being forced deal with. We begin the week with the WTI Crude back to August levels. AAA reports the national average for a gallon of gas is at $3.91, up from a month ago at $3.72, and well above last year’s price of $3.26.

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