U.S. stock and bond markets will be closed on Monday in observance of Juneteenth. There will be a handful of earnings reports, annual shareholders meetings, and economic-data releases when investors return this week.
Companies reporting quarterly results will include
on Thursday; and
will both hold annual shareholders meetings on Tuesday.
The economic-data highlight of the week will be S&P Global’s Manufacturing and Services Purchasing Managers’ Indexes for June, out on Thursday. Both are expected to remain in solidly expansion territory, but well off from their levels earlier in the economic cycle.
The data out this week will also include several U.S. housing market indicators: The National Association of Realtors reports existing-home sales for May on Tuesday, the Mortgage Bankers Association releases its weekly applications survey on Wednesday, and the Census Bureau reports new residential sales data for May on Friday.
Equity and fixed-income markets are closed in observance of the Juneteenth national holiday.
Home builder Lennar reports second-quarter fiscal-2022 results.
Activision Blizzard, Mastercard, and
hold their annual shareholder meetings.
The Federal Reserve Bank of Chicago releases its National Activity Index for May. Consensus estimate is for a 0.41 reading, a bit lower than April’s 0.47. The index has had a positive reading every month since September of last year, which correlates with the economy expanding at a faster clip than its historical average.
The National Association of Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.37 million homes sold, 240,000 fewer than in April. The April figure was the lowest since June of 2020, as record-high home prices, and the steepest 30-year fixed mortgage rates since 2008, have sharply curtailed home sales.
The Mortgage Bankers Association releases its weekly applications survey, a leading indicator of housing and mortgage financing activity, for the week ending on June 17. The index recently hit a 22-year low as refinancing demand plummeted as much as 75% year over year.
FedEx reports earnings after the market close. Shares of the global freight carrier surged 11.2% this past week after it announced a 53% dividend hike and added two independent directors to its board.
BlackBerry, Darden Restaurants, and
FactSet Research Systems
hold conference calls to discuss quarterly results.
The Department of Labor reports initial jobless claims for the week ending on June 18. Claims have averaged 218,500 over the past four weeks, roughly equal to prepandemic levels after hitting a 54-year low in March. This, along with announced layoffs in the tech and housing sectors, suggest that a historically strong labor market is weakening.
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for June. Expectations are for a 56.3 reading for the Manufacturing
and a 54 reading for the Services PMI. This compares with 57 and 53.4, respectively, in May.
CarMax announces first-quarter fiscal-2023 earnings.
The Census Bureau reports new residential sales data for May. Consensus estimate is for sales of new single-family homes to hit a seasonally adjusted annual rate of 590,000, about even with the April figure. New-home sales, which make up about 10% of the housing market, are down more than 40% from the post-financial-crisis peak reached in August 2020.
Write to Nicholas Jasinski at [email protected]