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Simultaneously, the energy sector saw a moderate upward trend with West Texas Intermediate, the U.S. standard for crude oil futures, climbing by 0.3% to $91 a barrel. The international standard, Brent crude, mirrored this trend with a slight increase of 0.1% to $94.03 a barrel.
Several companies are scheduled to release their earnings this week. Stitch Fix (NASDAQ:SFIX) is set to announce on Monday; AutoZone (NYSE:AZO) on Tuesday; FedEx (NYSE:FDX) General Mills (NYSE:GIS) and KB Home (NYSE:KBH) on Wednesday; and Darden Restaurants (NYSE:DRI) and FactSet Research Systems on Thursday.
The week also brings several key economic developments. Monday will see the National Association of Home Builders release the Housing Market Index for September. Tuesday’s agenda includes the Census Bureau unveiling residential construction data for August, and Maplebear, parent company of Instacart, is anticipated to initiate trading on the Nasdaq Exchange under the ticker “CART.”
The FOMC will conclude its two-day meeting on Wednesday, announcing its monetary-policy decision. Futures markets have primarily forecasted no change in the fed-funds rate, currently standing between 5.25% and 5.50%.
Thursday will see several significant economic releases including existing-home sales data for August by the National Association of Realtors; the Leading Economic Index for August by the Conference Board; and initial claims for unemployment benefits for the week ending Sunday by the Labor Department. Additionally, the Bank of England is expected to raise its target interest rate by 0.25% to 5.5%.
To round off the week, S&P Global is set to disclose its Manufacturing and Services Purchasing Managers’ Indexes for September on Friday. The same day, the Bank of Japan is anticipated to maintain its rate at negative 0.1%.
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