US stock market has been a real rollercoaster for a few months now, and it has been drilling down again and again. On Wednesday the stock market reacted positively to the 0.75 points rate hike, the SNP500 rallied 500 points after the announcement, but right after one day it slid down even more, as investors weighted in inflation. For the week, the Dow and Nasdaq declined 4.8%, while the S&P 500 contracted 5.8%. Crude Oil on the other hand slid also this week as the demand for oil is falling.
Market next week.
The trading day for the next week will be 4 days, as the US is celebrating federal holiday Juneteenth and it falls on Monday. There will be a few important earnings releases from FedEx and CarMax, other than that UK and Japan will release and update regarding their inflation numbers.
Next week we can expect a slight rebound in our opinion, as the FED chairman Powell will testify before Congress on Wednesday and Thursday, and this will have to affect the market in a positive view. The market has been drilling for a few weeks now, and a relief rally is bound to happen the next week, at least that’s what we think. Slightly bullish for next week.
