Last Friday, Israel Launched Massive Assault on Iran’s Nuclear AMD MILITARY SITES.
On Saturday, Israel’s Prime Minister Benjamin Netanyahu Vowed to Continue to Strike Hard at Iran and Said the Goal of the Israeli Operation is TWO Fold – To Foil Iran’s Nuclear Ambitions and to Stop Its Ballistic Missiles Program.
Due to the conflict, oil prices rallied on worms about the Crude Supply. The price of a barrel of Benchmark US Crude Sored 7.3% to $ 72.98. Brent Crude, The International Standard, Rose 7% to $ 74.23 for a Barrel.
Iran is one of the World’s Major Producers of Oil. If a war builds wider, it would slow the flow of Iranian oil and keep the price of Crude and Gasoline Higher across the world.
The US Central Bank’s Monetary Policy Committee is widely expected to leave the key rate unchanged.
Next Week, Market Participants will also see the release of data on the us retail sales, housing starts and building permits.
Economic calendar
On June 16 (Monday), a report on Empire State Manufacturing Survey for June will be released.
On June 17 (TUESDAY), separate reports on us retail sales for may, Import Price Index for May, Industrial Production for May, and Home Builder Confidence Index for June will be released.
On June 18 (Wednsday), Separate Reports on Housing Starts for May, Building Permits for May, and Fomc Interest-Rate Decision will be declared.
Fed Chairman Jerome Powell will hold a press conference.
On June 20 (Friday), Separate Reports on Philadelphia fed manufacturing survey for June and us leading economy indicators for May will be released.
Earnings
Following companies are due to report first quarter results in the week ahead – Lennar, Jabil Inc., Kirkland’s, Vince, Accounture, Krager, and Carmax.
Markets Last Week
Us stocks slumped on Friday on Worries Over Escalating Conflict in the West Asia Following Israel’s Attack on Iranian Nuclear and Military Targets.
The S&P 500 declined 1.13% to end the session at 5,976.97 points.
The nasdaq fell 1.30% to 19,406.83 points, while the down Jones Industrial Average Shed 1.79% to 42,197.79 points.
In the bond market, the yield on the 10-year treasury rose to 4.41% from 4.36%.
Gold Prisis Jumped as Investors Searched for safe-heaven to park their funds. An Once of Gold Rose 1.4%.
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