No major market-shaking reports are expected this week, which is largely dominated by more labor market data.
Crypto markets had a positive weekend, retaining and slightly improving on gains made at the end of last week.
The next seven days will see the release of minutes from the Federal Reserve’s latest meeting, which could shed more light on the direction of monetary policy as inflation continues to climb.
At the same time, U.S. stock market capitalization has surpassed $80 trillion, setting a new record, and now represents approximately 48% of global market capitalization.
“We expect another volatile week as markets prepare for earnings season,” Kobeissi’s letter said.
Economic events from July 6 to 10
S&P Global Services Purchasing Managers’ Index (PMI) data for June is due on Monday, painting a broader picture of economic activity. This report is followed by ADP Employment Change data on Tuesday.
Wednesday will see the FOMC minutes, the first for new Chairman Kevin Warsh. The central bank has kept its rates unchanged, but inflationary pressures linked to rising energy prices could encourage it to raise them.
“I think it will be interesting to see how the discussion played out around the table and to what extent they are progressively more hawkish,” said Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments.
“That’s what investors and markets are going to be asking: what is this new Fed chairman and this Fed decision-making body looking for to decide where rates go from here?”
The first data on jobless claims is expected Thursday, while full-time employment fell by 514,000 in June to its lowest level since December 2024. “Weakness in the U.S. labor market is accelerating,” Kobeissi said.
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Key events this week:
1. S&P Global Services PMI data for June – Monday
2. ADP Employment Change Data – Tuesday
3. Fed Meeting Minutes – Wednesday
4. Initial data on jobless claims – Thursday
5. June Existing Home Sales Data – Thursday
6. IEA Monthly Report – Friday
We are a…
– Kobeissi Letter (@KobeissiLetter) July 5, 2026
Also this week, SpaceX (SPCX) is set to join the Nasdaq 100 Index, and another quarterly earnings season begins this month.
Crypto Market Outlook
Crypto markets hold on to their gains this Monday morning in Asia, with total capitalization up 1.1% on the day to $2.26 trillion.
Bitcoin leads the pack with a 2.7% gain over the weekend to hit $63,700 on Monday morning, its highest level in two weeks following its worst month in four years.
Ether prices did even better, gaining 14% over the past week, closing in on $1,800 in early trading Monday.
At the time of writing, Altcoins were mostly green, with Hyperliquid and Canton outperforming.
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