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S&P climbs into bull market territory, with Fed in focus next week
The past week proved to be another victory for the bulls, as the market rally extended beyond the major players in the technology sector. The S & P 500 is officially in bull market territory, closing up more than 20% from its October 2022 low. Next week will see more updates on the state of US inflation, with the Consumer Price Index (CPI) and Producer Price Index (PPI) on Tuesday and Wednesday, respectively. The Federal Reserve, meanwhile, begins its two-day June meeting on Tuesday, with investors largely expecting the central bank to halt rate hikes. Of course, that could change depending on the CPI and PPI data. Regardless, investors expect the Fed̵[ads1]7;s commentary to remain somewhat hawkish, providing guidance for future rate hikes. The market currently expects the bank to raise the reference rate in July. At the same time, the club will hold its monthly June meeting on Wednesday. As always, we welcome questions from members. On Thursday, we get another look at the state of the consumer when the government releases its monthly report on retail sales for May. At the same time, the Fed will release its industrial production and capacity report for the previous month on Thursday, highlighting the state of US manufacturing. Here’s the full rundown of key economic data to watch for in the week ahead: Monday, June 12 After the Clock: Oracle (ORCL) Tuesday, June 13 8:30 AM ET: CPI Wednesday, June 14 8:30 AM ET: PPI 14 :00 ET: Federal Open Market Committee Meeting After the Clock: Lennar (LEN) Thursday June 15 8:30 AM ET: Weekly Initial Jobless Claims 8:30 AM ET: Retail Trade 9:15 AM ET: Capacity Utilization & Industrial Production Before the Clock: Kroger (KR) , Jabil (JBL) After the clock: Adobe (ADBE) Review Factory orders for April and May ISM services purchasing managers’ index both came in below expectations last week. On Thursday, initial jobless claims rose by 28,000 for the week ended June 3, to 261,000, well above the 235,000 expected by the market. Trades for the week of June 5 Tuesday We sold 25 shares of Advanced Micro Devices (AMD). Jim Cramer’s Charitable Trust now owns 265 shares of AMD, reducing its weight in the portfolio to 1.25%. From Friday’s settlement, the US dollar index is trading around the 103 level. Gold is still around $1,970 an ounce. West Texas Intermediate crude hovers around the region in the low $70s a barrel. The interest rate on the 10-year treasury is around 3.7%. (See here for a complete list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive an exchange alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a share in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE INVESTMENT CLUB INFORMATION ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION EXISTS OR IS CREATED BY YOUR ACKNOWLEDGMENT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR REWARDS ARE GUARANTEED.
People walk past the Wall Street Bull in the financial district on March 7, 2023 in New York City.
Spencer Platt | Getty Images
The past week proved to be another victory for the bulls, as the market rally extended beyond the major players in the technology sector. The S&P 500 is officially in bull market territory, closing up over 20% from its October 2022 low.
