June 12, 2016 The Week Ahead

The S&P 500 closed the week relatively flat, however; earlier gains in the week were erased over the last two trading sessions as the S&P 500 lost more than 1%. With that said, volume was generally weak as the market awaits a week laced with heavy data. Most importantly, the FOMC announcement on Wednesday.

It’s expected that given the last jobs report, the Fed will not make any changes. However, market participants will be close attention to the language used as well the upcoming forecasts.

The VIX on Friday closed at 17.03, a massive jump from last Friday, indicating that traders are more uncertain how the market will react to the upcoming data.

Crude oil futures traded above $50 for three straight days this week but sold off over 4% the last two trading sessions to close a tad above $49 per barrel.

Here is what is on tap for this upcoming week:

Key Economic Data:
14 June 2016- Retail Sales 8:30 AM ET
15 June 2016- PPI 8:30 AM ET, Industrial Production 9:15 AM ET, EIA Petroleum Status 10:30 AM ET, FOMC Meeting Announcement 2:00 PM ET, FOMC Forecasts 2:00 PM ET, Fed Chair Press Conference 2:30 PM ET
16 June 2016- Consumer Price Index 8:30 AM ET, Jobless Claims 8:30 AM ET, Philly Fed Business Outlook Survey 8:30 AM ET
17 June 2016- Housing Starts 8:30 AM ET

Key Earnings:
14 June 2016- BOBE, LAKE
15 June 2016- JBL
16 June 2016- KR, FNSR

Key Events:
13 June 2016- Apple Worldwide Developers Conference (runs till 6/17); JPMorgan Global China Summit (runs till 6/15), Stifel Industrials Conference
14 June 2016- Citigroup Industrials Conference (runs till 6/15); Credit Suisse Semi Supply Chain Conference (runs till 6/15); Morgan Stanley Financial Services Conference (runs till 6/15); Piper Consumer Conference (runs till 6/15); RBC Global Mining & Materials Conference (runs till 6/15); Wells Fargo Food/Retail Symposium (runs till 6/15); William Blair 36th Annual Growth Stock Conference (runs till 6/16)