Monday's Market Minute: The Waiting Is The Hardest Part

This week’s primary focus for investors and traders is the Fed announcement at 2 p.m. ET on Wednesday afternoon following the two-day policy meeting that begins Tuesday, and then the Non-Farm Payrolls report due on Friday. Expectations are for a 25-bps rate increase, and market participants will look for further insight about the June meeting and how concerned Fed officials are about the status of regional banks. The hike, if we get one, will be the 10th consecutive increase since March of last year.

 But it's not just about the Fed this week; we also have some closely watched economic data and earnings. Let's begin with some companies to watch that are reporting quarterly results. This week we have SoFi Technologies (SOFI), Chegg (CHGG), Uber (UBER), Pfizer (PFE), Marriot (MAR), Marathon Oil (MRO), AMD Inc. (AMD), Ford (F), CVS Health (CVS), Etsy Inc. (ETSY), Qualcomm (QCOM), Apple (AAPL), Shopify (SHOP), and DraftKings (DKNG) to name a few at the top of the list that stood out but there are many more to watch.

 In terms of data due out here in the U.S., keep an eye on the ISM Manufacturing Index and Construction Spending data today. Tuesday, we have Factory Orders and JOLTS. Wednesday, it's all about the Fed announcement and the Q &A to follow. Thursday, we'll be looking out for the Productivity and Costs report, the Challenger Job-Cut report, and Jobless Claims. Lastly on Friday, just as the dust settles from the Fed, we'll stir it all up again with the Non-Farm Payrolls due at 8:30 a.m. ET. So, there’s lots to stay on top of this week. 

Finally, it's not just the FOMC and the data, we also have the European Central Bank interest rate decision on Thursday and the Bank of England’s decision on May 11, so keep an eye on the U.S. Dollar; it's on the lows of the year and is inching its way down through the middle of range from last year, so further weakness could bolster gold prices and further feed inflation fears by driving other commodities like crude oil higher.

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