July 3, 2016 The Week Ahead
What a difference a week makes. The S&P 500 has gained more than 5% over the last 4 trading sessions, as it’s inching closer to yearly highs. With that said, the VIX on Friday closed at 14.77, that’s 42% off last Friday’s close of 25.76. Some believe the threat of contagion after Brexit was overestimated as it appears that the EU and UK plan on working closely together to assure some type of order.
Interestingly, Gold, often recognized as a safe haven also saw futures prices rise this week, nearly 2% and closing around 1340… which isn’t too far from the year to date high. Not to mention, US Treasury futures prices also rose more than 2% on the week. They too, are near the yearly highs.
Crude oil futures prices rose more than 3% on the week, at around $49 per barrel.
Outside of the FOMC minutes being released, we’ve got a pretty thin schedule coming up with markets being closed on Monday. With that said, have a happy and safe Independence Day!
Here is what is on tap for this upcoming week:
Key Economic Data:
6 July 2016- International Trade 8:30 AM ET, FOMC Minutes 2:00 PM ET
7 July 2016- Jobless Claims 8:30 AM ET, EIA Petroleum Status Report 11:00 AM ET
8 July 2016- Employment Situation 8:30 AM ET
Key Earnings:
6 July 2016- WBA
7 July 2016- PEP, CUDA, HELE