US equities (^GSPC, ^DJI, ^IXIC) are mixed on Monday morning as the market awaits consumer confidence, GDP, and initial jobless claims data. Personal Consumption Expenditures (PCE) data, the Federal Reserve's preferred measure of inflation, is also slated for release.

Carnival Cruises (CCL), FedEx (FDX), Nike (NKE), Micron (MU), and Levi's (LEVI) will also report quarterly results this week.

Yahoo Finance Anchors Brad Smith and Madison Mills explain what investors should watch for this week and how it may impact the broader market.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Nicholas Jacobino

Video Transcript

Well, our top story this week.

Stock futures.

They are mixed as we enter the final trading week of June, and as Mattie mentioned the final trading week of the first half one H 2024 year right?

Things have been ripping to record highs as we wrap up the second quarter of the year.

We've already seen some of those new record highs hit during the second or the first half.

Second quarter of this year and there.

We're taking a look at the Dow futures here this morning, up by about 2/10 of a percent.

Uh, let's also just rejigger this for a second here, and we'll show you what the S and P 500 futures and the NASDAQ futures are doing.

They were mixed, as we were mentioning just a moment ago here, and even as we're considering all of the movement that we've been tracking here pre market as well, it's a quiet but loud type of trading week here with some of the companies that are gonna be reporting earnings over the course of this week.

Mikron Nike, FedEx paychecks, General Mills.

So you have everything from the high seas and carnival corporation covered all the way into what's on your feet, what you're wearing out there and what's being talked about at the dinner table coming up over the course of this week.

Even some jeans action coming up here.

Yeah, it's interesting because we are definitely nearing the close of earnings season and a little bit of a quiet period when it comes to catalyst for the market.

But you take a look at some of these big names.

A Levi is certainly a Nike, really giving you insight into how the consumer is holding up against record breaking inflation.

You've also got Carnival, this bifurcation between these names, right?

You've got consumer goods and consumer services.

The spending on each has been a critical thing to watch when it comes to consumer health, whether or not people are diving into services even though they're struggling with their finances, we will be able to get a good look at that when it comes to the spending along these things.

And as Brad's mentioning on deck this week, we've got two reads on the consumer with consumer confidence and sentiment.

We're also getting a bunch of housing data as well as GDP for the first quarter.

This will all culminate in Friday's big inflation print that is the personal consumption expenditures index.

Now this is critical because this includes, within it the core PC index.

That is what the Federal Reserve looks at as their quote preferred inflation gauge, giving them the cleanest indication of how the fight against inflation is going.

The street is anticipating 2.6%.

The critical thing to hear there is that number two right.

The Fed wants to be seen 2% inflation.

That is what the record breaking interest rate hike cycle has been gearing towards this entire time.

So if we do see that 2.6% that could be a boom for markets moving forward.

And a question of whether or not a handle is enough for the Fed.

So far, it has not been, but of course, coming into the projections or the projections, at least coming into that print.

As of right now, the first instance where we would see potential cuts coming from the Fed September is what the CMB fed watch tool is looking at right now that sits at about a 60% chance of a cut in September, and then you gotta look out to December for perhaps the next highest probability Among a range of possibilities, Uh, for a 45% cut there in December as well here.