First-quarter earnings season close down this week, but with over a dozen S&P 500 companies left to report. Economists will be closely watching the last Federal Reserve meetings as well as data on consumer earnings and spending, and business investment.
Advance Auto Parts and Zoom Video Communications will be the highlights on Monday, followed by AutoZone (ticker: AZO), Best Buy, and Toll Brothers (ticker: TOL), released on Tuesday. Dick’s Sporting Goods, Nvidia (ticker: NVDA), and Snowflake will report on Wednesday.
Thursday will be loaded with Alibaba Group Holding, Costco Wholesale, Dell Technologies, Dollar General, Dollar Tree, Gap, Macy’s and Ultra Beauty all releasing their reports as well.
This week will also feature several investor days and annual shareholders meetings this week, including JPMorgan Chase on Monday, Chevron, Exxon Mobil, Meta Platforms, Twitter, and United Airlines Holdings (ticker: UAL) on Wednesday.
This week will feature May Manufacturing and Services Purchasing Managers’ indexes on Thursday and the Census Bureau’s durable goods report on Wednesday when it comes to economic data releases. The Bureau of Economic Analysis’ personal income and spending data for April will be released on Friday.
By the end of the week, minutes from the Federal Open Market Committee’s early May monetary policy meeting will be published on Wednesday. The Fed’s benchmark interest rate target was increased by half a percentage point at the meeting, and unveiled plans to reduce the central bank’s balance sheet size.
Advance Auto Parts and Zoom Video Communications both release quarterly results.
Investor day for 2022 hosted by JP Morgan Chase. Shares of the largest U.S banks have dipped this year, underperforming the KBW Bank Index by nearly six percentage points, partially due to concerns of increased spending without clear-cut benefits.
Agilent Technologies, AutoZone, Best Buy, Intuit, Ralph Lauren and Toll Brothers all announce earnings.
The residential sales statistics for the month of April released by the Consensus Bureau. The Consensus Estimate is for a seasonally adjusted annual rate of 750,000 new single-family homes sold, a figure just shy of March’s 763,000.
S&P Global releases its Manufacturing and Services Purchasing Managers Indexes for the month of May. Expectations stood at a 57.8 reading for the manufacturing PMI, while services PMI was witnessed at 57. This compares with 59.2 and 55.6 in April, respectively.
First-quarter results for 2023 released by Nvidia. Shares of the largest U.S semiconductor company have dipped by 43% this year, and this as investors flee high-multiple growth stocks.
Bank of Montreal, Bank of Nova Scotia, Dick’s Sporting Goods, DXC Technology, and Snowflake all release their quarterly results.
Annual shareholder meetings are held by BlackRock, Chevron, Exxon Mobil, Meta Platforms, Twitter, and United Airlines Holdings.
The Federal Open Market Committee releases its minutes from the early- May monetary policy meeting.
The durable goods report released by the Census Bureau. Economists base their forecasts on the fact that orders for manufactured durable goods climbed 0.7% month over month in April, landing at $277 billion.
Alibaba Group Holding, Autodesk, Burlington Stores, Canadian Imperial Bank of Commerce, Costco Wholesale, Dell Technologies, Dollar General, Dollar Tree, Gap, Macy’s, Marvell Technology, Medtronic, Toronto-Dominion Bank, Ultra Beauty, and Workday all discuss earnings via conference call.
The Bureau of Economic Analysis releases report on its second estimate for first-quarter gross domestic product. The consensus estimate is that GDP dropped at a seasonally adjusted annual rate of 1.4, the same as BEA’s advance estimate, which was released in April.
The BEA releases personal income and spending data report for April. Income is expected to have climbed 0.55% month over month. On the other hand, expenditures rose 0.6%. This compares with 0.5% and 1.1% increases, respectively, in March.