Monday's Market Minute: This Week's Market Preview

We have a few things to keep an eye on this week that could move markets. First, in terms of economic data, it's a very busy week: we have Leading Indicators, the Dallas Fed Manufacturing Survey, and the Chicago Fed National Activity Index. Tuesday, Fed Chairman Jerome Powell begins his two-day semiannual testimony on Capitol Hill. We also have some housing data, Consumer Confidence, and the Richmond Fed. Things will heat up some as we head into the middle to end of the week, with the focus on Durable Goods Orders, GDP, and some more housing data. We end the week with a look at Personal Income and Spending — and to be clear, all the data points listed above have the potential to move markets.

We also have a few companies reporting quarterly results to keep an eye on as well, with results from DoorDash Inc DASH, Airbnb Inc ABNB, Home Depot Inc HD, Lowe’s Companies Inc LOW, Best Buy Co Inc BBY, Macy’s Inc M and L Brands Inc LB, all of which will provide further insight into how consumers are responding to ongoing pandemic conditions. Don't lose sight of how rates on the rise here in the U.S. could impact and slow some of the existing trends, such as U.S. Indices bid and steadily pushing to new all-time highs. Copper should be watched (it’s at levels we haven’t seen since 2011) and so far showing no sign that rates inching higher have derailed the trend up yet; overnight we got above four dollars. Many argue rates on the rise could slow the trends we’ve seen in housing markets and the strength there tied to historically low rates. Lastly, gasoline: RBOB Gasoline futures traded to levels we haven’t seen since July of 2019, as more people are on the roads driving and ultimately, one could argue, spending.

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