The coming week’s economic focus will be on the Federal Reserve meeting minutes and a significant earnings report from semiconductor giant Nvidia. Reports on global manufacturing and services indexes, as well as consumer inflation expectations, could also influence market dynamics.

Economic Calendar May 20-24

Last week, the U.S. Dow Jones Industrial Average (DJIA) surpassed the 40,000 mark for the first time, driven by favorable CPI report figures. This has fueled speculation that the U.S. economy is cooling and that the Federal Reserve might cut rates in the upcoming months.

On Wednesday, the minutes from the Federal Reserve FOMC May meeting will be released, potentially providing further insights into future monetary policy and a possible rate-cut timeline.

Thursday will see the release of May’s Global Manufacturing PMI preliminary report, which reflects business conditions in the manufacturing sector.

On May 23, a similar PMI report for the services sector will be released. This is a vital indicator since the services sector accounts for over 70% of the total US GDP, offering signals for changing economic conditions.

Friday brings May’s Michigan Consumer Sentiment Index, which measures inflation expectations, based on monthly consumer confidence surveys.

Additionally, Wednesday will feature a highly anticipated quarterly revenue report from Nvidia, which could impact tech stocks and crypto markets. As noted by the Kobeissi Letter, “Bulls want Nvidia to extend the run into record highs, and bears want Nvidia to mark the top.”

Asian markets saw gains on Monday, May 20, following Wall Street’s upward movement. Regional investors are also awaiting their own economic data, with particular attention on Japan’s inflation data and South Korea’s rates decision.

Crypto Market Impact

With no major economic events expected this week, significant impacts on crypto markets are unlikely, and volatility may remain low.

Crypto markets saw gains last week, with total capitalization exceeding $2.5 trillion and maintaining those gains over the weekend. However, a slight dip occurred in the past 24 hours, with a 1.2% decline.

Bitcoin fell to an intraday low of $66,000 but rebounded to $67,000 during Monday morning’s Asian trading session. Ethereum dropped 1.3% to $3,078 after reaching a weekend high of $3,142. Most altcoins were in the red on Monday morning.