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U.S. inventory and bond markets will probably be closed on Monday in observance of Juneteenth. There will probably be a handful of earnings reviews, annual shareholders conferences, and economic-data releases when buyers return this week.
Corporations reporting quarterly outcomes will embrace
Lennar
on Tuesday;
FedEx
,
BlackBerry
,
and
Darden Eating places
on Thursday; and
CarMax
on Friday.
Activision Blizzard
and
Mastercard
will each maintain annual shareholders conferences on Tuesday.
The economic-data spotlight of the week will probably be S&P International’s Manufacturing and Providers Buying Managers’ Indexes for June, out on Thursday. Each are anticipated to stay in solidly growth territory, however properly off from their ranges earlier within the financial cycle.
The info out this week will even embrace a number of U.S. housing market indicators: The Nationwide Affiliation of Realtors reviews existing-home gross sales for Could on Tuesday, the Mortgage Bankers Affiliation releases its weekly functions survey on Wednesday, and the Census Bureau reviews new residential gross sales information for Could on Friday.
Monday 6/20
Fairness and fixed-income markets are closed in observance of the Juneteenth nationwide vacation.
Tuesday 6/21
Residence builder Lennar reviews second-quarter fiscal-2022 outcomes.
Activision Blizzard, Mastercard, and
MetLife
maintain their annual shareholder conferences.
The Federal Reserve Financial institution of Chicago releases its Nationwide Exercise Index for Could. Consensus estimate is for a 0.41 studying, a bit decrease than April’s 0.47. The index has had a optimistic studying each month since September of final yr, which correlates with the financial system increasing at a sooner clip than its historic common.
The Nationwide Affiliation of Realtors reviews existing-home gross sales for Could. Economists forecast a seasonally adjusted annual charge of 5.37 million properties offered, 240,000 fewer than in April. The April determine was the bottom since June of 2020, as record-high house costs, and the steepest 30-year mounted mortgage charges since 2008, have sharply curtailed house gross sales.
Wednesday 6/22
The Mortgage Bankers Affiliation releases its weekly functions survey, a number one indicator of housing and mortgage financing exercise, for the week ending on June 17. The index not too long ago hit a 22-year low as refinancing demand plummeted as a lot as 75% yr over yr.
Thursday 6/23
FedEx reviews earnings after the market shut. Shares of the worldwide freight provider surged 11.2% this previous week after it introduced a 53% dividend hike and added two unbiased administrators to its board.
Accenture
,
BlackBerry, Darden Eating places, and
FactSet Analysis Methods
maintain convention calls to debate quarterly outcomes.
The Division of Labor reviews preliminary jobless claims for the week ending on June 18. Claims have averaged 218,500 over the previous 4 weeks, roughly equal to prepandemic ranges after hitting a 54-year low in March. This, together with introduced layoffs within the tech and housing sectors, recommend {that a} traditionally robust labor market is weakening.
S&P International releases each its Manufacturing and Providers Buying Managers’ Indexes for June. Expectations are for a 56.3 studying for the Manufacturing
PMI
and a 54 studying for the Providers PMI. This compares with 57 and 53.4, respectively, in Could.
Friday 6/24
CarMax pronounces first-quarter fiscal-2023 earnings.
The Census Bureau reviews new residential gross sales information for Could. Consensus estimate is for gross sales of recent single-family properties to hit a seasonally adjusted annual charge of 590,000, about even with the April determine. New-home gross sales, which make up about 10% of the housing market, are down greater than 40% from the post-financial-crisis peak reached in August 2020.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
