U.S stock and bond markets will be closed come Monday for Memorial Day. Despite this, there are a few companies releasing their earnings reports later this week, with the economic-data highlight being jobs Friday.
HP and Salesforce.com will release earnings reports on Tuesday, closely followed by Chewy, GameStop (ticker: GME) and Hewlett Packard Enterprise on Wednesday. Thursday will feature earnings from CrowdStrike Holdings, Hormel Foods (ticker: HRL), Lululemon Athletica (ticker: LULU), and Okta.
This week will also feature several annual shareholders’ meetings, including Alphabet, Comcast, and Walmart, all falling on Wednesday, and Netflix, Nvidia, and PayPal Holdings held on Thursday.
It will be a hectic week for economic data. Friday will have the jobs report for May from the Bureau of Labour Statistics. The average forecast set by economists is for a gain of 317,500 nonfarm payrolls and for an unemployment rate of 3.5%.
Other data to expect this week will include the Conference Board’s Consumer Confidence Index for May on Tuesday, closely followed by the ISM’s Manufacturing Purchasing Managers’ Index for May on Wednesday. Services PMI for May will be released on Friday.
Equity and bond markets remain closed for the observance of Memorial Day.
Earnings release by HP Inc. and Salesforce.com
The Institute for Supply Management releases the Chicago Business Barometer for May. The consensus estimate stood at a 56.8 reading, a little above April’s 56.4.
Consumer Confidence Index for May released by The Conference Board. Economists set the forecast at a 4.7% month-over-month drop to 102. This would represent the lowest figure for the index since February 2021. Despite the drop in consumer confidence, retail spending remains unaffected.
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Quarterly earnings are released by Chewy, GameStop, Hewlett Packard Enterprise, NetApp, and PVH, while investor meetings are organized by AmerisourceBergen, LKQ and Paccar (ticker: PCAR).
Annual shareholder meetings are held by Alphabet, Comcast, NXP Semiconductors and Walmart.
Findings from The Job Openings and Labour Turnover Survey are released by The Bureau of Labour Statistics. Expectations stand at 11.4 million job openings on the last business day of April, a slight drop from the 11.55 million reported in March. The labour market remains strained, but many more companies have recently announced layoffs or hiring freezes. Both Amazon.com and Walmart recently announced that they were overstaffed.
The ISM releases its Manufacturing Purchasing Managers’ Index for the month of May. The consensus estimate stood at a reading of 54.8, roughly in tandem with the April figure, which was the lowest since September 2020.
Conference calls to discuss earnings are organized by these companies Cooper Cos., CrowdStrike Holdings, Hormel Foods, Lululemon Athletica, and Okta.
Annual shareholder meetings for Netflix, Nvidia, and PayPal Holdings.
The National Employment Report for May organized by ADP. It is expected that private-sector employment will have increased by 350,000 jobs, following a gain of 247,000 in April. According to ADP, the private sector has contributed 1.1 million net jobs since the beginning of the pandemic.
The BLS releases the jobs reports for May. According to the report, the economy is expected to add 317,500 nonfarm jobs after a gain of 428,000 in April. The unemployment rate is seen dropping down from 3.6% to 3.5%.
Cigna updates its financial outlook at its investor day for 2022 in New York.
ISM releases its Services Purchasing Managers’ Index for May. The reading has been forecast for 56 reading, roughly one point less than the April figure.