Bitcoin (BTC) in Focus as Wall Street Awaits Fed’s Preferred Inflation Gauge

<ul>
    <li>This week on Wall Street, investors are focusing on the US Federal Reserve’s preferred inflation gauge, the core personal consumption expenditure (PCE) price index, and major earnings reports from companies like Dell, Best Buy, and Costco.</li>
    <li>The core PCE data has significant potential to influence market movements.</li>
    <li>Additionally, the US stock markets will be closed on Monday in observance of Memorial Day.</li>
</ul>
<p><strong>Stay updated with the latest financial insights and market trends as Wall Street gears up for a pivotal week focusing on the Fed's core PCE index and major earnings reports.</strong></p>
<h2><strong>Economic Events</strong></h2>
<p>On May 28 (Tuesday), the S&P Case-Shiller home price index for 20 cities for March will be released, alongside consumer confidence data for May.</p>
<h3><strong>Midweek Data Releases</strong></h3>
<p>On May 30 (Thursday), the first revised GDP data for the first quarter will be released, providing insights into the economic growth trajectory. May 31 (Friday) will see the release of personal income data for April and the core PCE index data for April, which are crucial for gauging inflation trends.</p>
<h2><strong>Earnings</strong></h2>
<p>The following companies are due to report quarterly earnings in the week ahead: Box, CAVA Group, Bank of Nova Scotia, Salesforce, DICK'S Sporting Goods, Agilent, Chewy, HP Inc., Pure Storage, Capri Holdings, Okta, C3.ai, Abercrombie & Fitch, Best Buy, Birkenstock, Royal Bank of Canada, Dollar General, Foot Locker, Costco, Gap, Marvell, Dell, NetApp, Nordstrom, Genesco, and Frontline.</p>
<h2><strong>CoinDesk Consensus</strong></h2>
<p>A high-profile cryptocurrency event named CoinDesk Consensus will be held on Wednesday. The event aims to address challenges in the crypto industry through hard-hitting conversations with visionary speakers and hands-on workshops.</p>
<h2><strong>US Markets Last Week</strong></h2>
<p>US stocks rose on Friday on reports of improving consumer outlook on inflation. The Dow Jones Industrial Average rose 4.33 points, or 0.01 percent, to 39,069.59. The S&P 500 gained 36.88 points, or 0.70 percent, to 5,304.72, and the Nasdaq Composite advanced 184.76 points, or 1.10 percent, to 16,920.79.</p>
<p>For the week, the Dow dropped 2.34 percent, the S&P edged up 0.03 percent, and the Nasdaq gained 1.41 percent. The US dollar rose to 157.00 yen from 156.91 Japanese yen. The euro surged to $1.0850 from $1.0805. The yield on the 10-year Treasury slipped to 4.46 percent from 4.48 percent, while the 2-year yield held steady at 4.94 percent. Brent crude for July delivery rose 76 cents to $82.12 per barrel, and the benchmark US crude oil for July delivery gained 85 cents to $77.72 per barrel. Gold for June delivery fell $2.70 to $2,334.50 per ounce, and silver for July delivery added 4 cents to $30.50 per ounce.</p>
<h3><strong>Conclusion</strong></h3>
<p>As Wall Street navigates through a week filled with crucial economic data releases and significant earnings reports, investors will be keenly observing the core PCE index for any signs of inflationary pressures. The outcomes of these events will likely set the tone for market movements in the near term.</p>