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What will affect the dynamics of the market today? | June 23, 2022

June, 23 2022
watermark Economic news

Yesterday, the US stock market showed modest growth after the head of the US Federal Reserve Jerome Powell told the Senate that the regulator has the necessary tools to curb inflation. At the same time, the chairman noted that a recession in the US economy is one of the possible results. 

Powell is scheduled to address the House of Representatives today to discuss a number of issues as part of the semi-annual report to Congress. 

Before his speech, you should pay attention to a number of important publications that may have an impact on the dynamics of the market on Thursday.

  1. Applications for unemployment benefits in the United States

The report on initial applications for unemployment benefits will be published at 12:30 GMT. Analysts expect that the number of applications will be 227 thousand, which roughly corresponds to the level of the previous week. As you know, employment is one of the main barometers of the health of the economy for the Fed.

  1. Manufacturing PMI

Statistics on production activity for June will be published at 13:45 GMT. Analysts expect the manufacturing PMI, reflecting business conditions in the US, to be 56, slightly lower than 57 in the previous month.

  1. FedEx Revenue

FedEx Corporation's earnings report will also be released on Thursday, and experts expect the global logistics leader to report earnings per share of $6.87 on revenue of $24.5 billion.

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