Amid the escalating Middle East conflict, Wall Street investors will have a plenty of economic data to look forward to in the week ahead.

Tensions in the West Asia deepened after the United States joined Israel in attacking Iran.

The US attacked three nuclear sites in Iran on early Sunday.

In an address to the nation from the White House, US President Donald Trump said that Iran’s key nuclear sites were “completely and fully obliterated”.

In response, Iran’s Foreign Minister Abbas Araghchi stated that the time for diplomacy had passed and that his country had the right to defend itself.

“The warmongering, a lawless administration in Washington is solely and fully responsible for the dangerous consequences and far reaching implications of its act of aggression,” he said at a news briefing in Turkey.

In terms of the US economic data, focus of market participants will be on the Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred inflation gauge, personal income and spending data, and home sales numbers.

Spotlight will also be on US Fed Chair Jerome Powell’s testimony before the House Financial Service Committee on Tuesday and Wednesday.

Economic Calendar

On June 23 (Monday), separate reports on S&P flash US services PMI for June, S&P flash US manufacturing PMI for June, existing home sales for May will be released.

On June 24 (Tuesday), data on S&P Case-Shiller Home Price Index (20 cities) for April and consumer confidence for June will be declared.

US Federal Reserve Chair Jerome Powell is scheduled to testify before the House Financial Service Committee on Tuesday.

On June 25 (Wednesday), data on new home sales for May will be released.

On June 26 (Thursday), separate reports on advanced US trade balance in goods for May and second revision of first quarter Gross Domestic Product (GDP) will be released.

On June 27 (Friday), data on consumer sentiment (final) for June, personal income for May, personal spending for May, and PCE Index for May will be released.

Earnings

Following companies are due to report first quarter results in the week ahead — FactSet Research, Commercial Metals, FedEx, Carnival Corp, BlackBerry, Micron, Paychex, Daktronics, Nike, Walgreens Boots, and Concentrix.

Markets Last Week

US stocks closed mixed on Friday.

The S&P 500 lost 0.21%, while the Nasdaq Composite shed 0.49%. The Dow Jones Industrial Average, however, rose 38.47 points, or 0.09%, to 42,210.13.

In the bond market, the yield on the 10-year Treasury edged down to 4.37% from 4.38%. The 2-year yield fell to 3.90% from 3.94%.

Oil prices fell on Friday as the US imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement.

Brent crude futures ended down $1.84, or 2.33%, to $77.01 a barrel. US West Texas Intermediate crude for July lost 21 cents, or 0.28%, at $74.93.

Brent rose 3.6% on the week, while front-month US crude futures increased 2.7%.