The week ahead will be relatively quiet on the earnings calendar. Highlights will include J.M Smucker on Tuesday, Campbell Soup on Wednesday, and DocuSign, NIO and Vail Resorts on Thursday.
On Monday, Pfizer also hosts an investor meeting, and Advanced Micro Devices hosts a financial analyst day on Thursday.
The latest U.S inflation reading will be the economic-data highlight of the week, which will be released on Friday. The Bureau of Labour Statistics’ Consumer Price Index is expected to rise 0.7% in May, representing an 8.2% year-over-year increase. The core CPI climbed by 0.4% last month and 6% from the year before; this excludes food and energy components.
On Friday, the University of Michigan’s Consumer Sentiment index for June will be released. Finally, the European Central Bank will announce a monetary-policy decision on Thursday.
Coupa Software (ticker: COUP) and Gitlab (ticker: GTLB) report quarterly results. Pfizer (ticker: PFE) hosts investor meeting with the agenda being a discussion on expanding access and affordability to the company’s drugs and vaccines.
Casey’s General Stores (ticker: CASY), Guidewire Software (ticker: GWRE), J.M. Smucker, and Smartsheet announce earnings.
Consumer credit data for April released by The Federal Reserve. The consensus estimate is for total consumer debt to climb by $35 billion to a record $4.57 trillion. Within the first quarter, consumer credit gained at a seasonally adjusted rate of 9.7%. Revolving credit, which is primarily credit-card debt and makes up almost a quarter of all consumer debt, shot up by 21.4% in the first three months of the year. As inflation has skyrocketed, consumers have kept retail spending at high levels of borrowing more.
Quarterly results released by Brown-Forman and Campbell Soup.
Meta Platforms, Facebook’s parent company, starts trading under a new ticker, META. This is completion of the company’s rebranding efforts which started last year as the social media giant fulfils promise to focus entirely on metaverse.
DocuSign, NIO, and Vail Resorts all hold conference calls to discuss earnings.
Advanced Micro Devices organises a financial analyst day. It is expected that the company will outline its product road map at the meeting.
Consumer Sentiment Index for June released by the University of Michigan. Economists’ expectations stand at a 58.8 reading, a little higher than the May figure of 58.4. The May figure was the lowest recorded for the index since August 2011, especially as rising inflation tempered consumer spending.
The Bureau of Labour Statistics releases the consumer price index for May. It is expected that the CPI will increase 8.2% year over year, compared to an 8.3% jump in April. The core CPI, which typically excludes volatile food and energy prices, is seen rising 6% after a previous rally of 6.2%. The expectation is that inflation peaked at 8.5% in March, but depending on how quickly it moves back to the Fed’s stated goal of 2% will be the determinant of when there can be a pause in the Fed’s interest-rate hikes.