U.S stock and bond markets remain closed on Monday on the observance of Juneteenth. This week will feature a handful of earnings reports, annual shareholders meetings, and economic data releases when the market re-opens.
Quarterly earnings reports can be expected from Lennar (ticker: LEN) on Tuesday, FedEx (ticker: FDX), BlackBerry and Darden Restaurants on Thursday; plus CarMax on Friday. Activision Blizzard (ticker: ATVI) and Master Card will hold annual shareholder meetings on Tuesday.
This week features economic data highlights from several U.S housing market indicators:
The National Association of Realtors releases a report on existing home sales for May on Tuesday.
Wednesday will have the Mortgage Bankers Association release its weekly application surveys.
The Census Bureau releases its report on new residential sales data for May on Friday.
Equity and bond markets closed in observance of the Juneteenth national holiday.
Home builder, Lennar, releases second-quarter fiscal 2022 results.
Activision Blizzard, Mastercard, and MetLife all hold their annual shareholder meetings.
National Activity Index for May released by the Federal Reserve Bank of Chicago. Consensus estimate is set for a 0.41 reading, slightly lower than the April figure of 0.47. The index has had a positive reading since the start of September last year, which matches the economy expanding at a faster rate than its historical average.
The National Association of Realtors release report on existing- home sales for May. According to economists, a seasonally adjusted rate of 5.37 million homes sold is expected- 240,000 less than in April. The April figure was the lowest since June 2020- the result of record-high home prices and the highest 30-year fixed mortgage rates since 2008, which has all drastically affected home sales.
The weekly applications survey is released by the Mortgage Bankers Association- a leading indicator of housing and mortgage financing activity- for the week ending June 17. The index hit a 22-year low owing to the fact that refinancing demand dropped as much as 75% year over year.
FedEx releases earnings report after the market closes. Shares of the freight carrier climbed 11.2% in the previous week following its announcement of a 53% dividend hike and its addition of two independent directors to its board.
Shareholder conference calls to discuss quarterly earnings organized by Accenture (ticker: ACN), BlackBerry, Darden Restaurants, and FactSet Research Systems.
The initial jobless claims report for the week ending June 18 is released by the Department of Labour. The average figure of claims stands at 218,500 over the past four weeks, about the same as pre-pandemic levels after hitting a 54-year low in March. This, coupled with the announcement of layoffs in the tech and housing sectors, suggests that the labour market is weakening.
S&P Global releases its Manufacturing and Services Purchasing Manager’s indexes for June. Expectations stand at a 56.3 reading for the Manufacturing PMI and a 54 reading for the services PMI.
First-quarter earnings report released by CarMax.
New residential sales data for May released by The Census Bureau. The consensus estimate represents sales of new single-family homes to hit a seasonally adjusted annual rate of 590,000- roughly level with the April figure. New-home sales, which make up about 10% of the housing market, are in a slump by more than 40% from the post-financial crisis peak reached in August 2020.