This will be an important week for both economic data releases and major corporate earnings reports. On the economic front, the headliners are the latest reads on inflation, GDP growth, consumer spending, and the housing market. Meanwhile, a number of bellwether companies across different sectors will provide fresh insights into business conditions.
Here are the key events on this week's calendar:
Earnings:
• Tuesday: Carnival (CCL), FedEx (FDX)
• Wednesday: General Mills (GIS), Micron Technology (MU), Jefferies Financial (JEF), Levi Strauss (LEVI), Paychex (PAYX)
• Thursday: Nike (NKE), McCormick (MKC), Walgreens Boots Alliance (WBA)
Economic Reports:
• Tuesday: Consumer Confidence Index for June, FHFA House Price Index for April
• Wednesday: New Home Sales for May
• Thursday: Q1 2024 GDP Third Estimate, Durable Goods Orders for May, Pending Home Sales Index for May
• Friday: Personal Consumption Expenditures (PCE) Price Index for May, Chicago PMI for June
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The PCE report on Friday will be heavily scrutinized, as it includes the Fed's preferred measures of inflation. Economists forecast the headline and core PCE price indexes both rose 2.6% year-over-year in May. That would mark a moderation from April's 2.8% annual increase in core PCE.
The Q1 GDP third estimate on Thursday is expected to show the economy expanded at a 1.3% annualized rate to start the year, unchanged from the prior reading. The GDP number along with durable goods orders will offer clues on business investment trends.
On the housing front, new home sales for May hit on Wednesday, followed by pending home sales on Thursday. These reports will provide updates on whether higher mortgage rates continue cooling housing market activity. Existing home prices for April are also released on Tuesday.
Rounding out the economic calendar, the Chicago PMI for June on Friday will give a gauge of regional manufacturing conditions. The index is projected to rebound slightly after hitting the lowest level since May 2020.
With inflation and economic growth data guiding the Federal Reserve's interest rate decisions, any major surprises in the releases above could shift market expectations for Fed policy. Similarly, corporate profit reports and financial outlooks will move individual stock prices.
Stay tuned for key themes and market reactions as all these high-profile events unfold. Let me know if you have any other questions!
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