President Donald Trump holds a campaign rally in Dallas, October 17, 2019.
Jonathan Ernst | Reuters
Progress in trade talks and a steady, but accomodative Fed policy have eased the way for the stock market's rally to new highs, and both will be in the forefront when President Donald Trump and Jerome Powell speak at separate events in the week ahead.
Against a backdrop of a stabilizing global economy, stocks have hit new highs and bond yields have pushed higher, particularly in the past week with a 23 basis point surge in the 10-year Treasury yield. Yields move opposite price, and the 10-year rose to end the week at 1.94%, its highest closing level since Aug. 1, the day Trump threatened another round of tariffs on China.
Trump speaks to the Economic Club of New York during a Tuesday luncheon, and investors are hoping for clarity on a possible trade deal. The Fed chairman speaks Wednesday to the Congressional Joint Economic Committee, and he also appears before the House Budget Committee Thursday.
There are a few key economic reports, including CPI on Wednesday and retail sales and industrial production on Friday. The Empire State manufacturing survey Friday could provide a fresh look at the manufacturing sector in the New York region. Just a few major earnings are expected in the week ahead, including Cisco Wednesday and Walmart and NVIDIA on Thursday.
The House of Representatives also holds impeachment hearings before the public for the first time in the coming week, but the markets have so far ignored...