For financial markets, this week is the kind of week that, on the surface, might seem like a good time to catch your breath. There aren’t any real headline-grabbing economic releases or major earnings announcements on the calendar. Things aren’t always as they seem, however. Relatively few scheduled events don't necessarily indicate a period of calm. It's precisely in these moments that it’s crucial for investors to acknowledge, and even embrace, the unknown. Times like these can sometimes lead to thinner trading volumes. Fewer catalysts often mean less urgency for traders to take big positions. But there’s a catch: Lower liquidity can be a double-edged sword. While it might mean a more subdued market if all remains quiet, it can also amplify the impact of any unexpected developments. That’s a major risk considering the current market backdrop, given persistent uncertainty on inflation, interest rates, and broader economic growth. Add in a complex and dynamic geopolitical landscape marked by trade upheaval and military conflicts, and you have a recipe for potential, if unscheduled, volatility.

Economic and Earnings Calendar

Monday

•   April Leading Economic Index: This is an index composed of various economic indicators that have historically led changes in the broader economy.

•   Fedspeak: Atlanta Fed President Raphael Bostic will give opening remarks at the regional Fed’s annual Financial Markets Conference. Fed Vice Chair Phillip Jefferson will give a keynote speech at the Atlanta Fed conference, followed by a discussion moderated by Bostic. New York Fed President John Williams will participate in a moderated discussion at a Mortgage Bankers Association event. Dallas Fed President Lorie Logan will deliver remarks and moderate a panel titled The Increasing Role of Nonbank Institutions in the Treasury and Money Markets at the Atlanta Fed conference.

Tuesday

•   May Philadelphia Fed Non-Manufacturing Activity: The Philadelphia Fed’s survey of services executives in the region on business conditions and their outlook.

•   Fedspeak: Bostic will deliver welcome remarks at the Atlanta Fed conference. Richmond Fed President Tom Barkin will deliver a speech at the regional Fed’s Investing in Rural America Conference. Boston Fed President Susan Collins will host a Fed Listens event and give remarks. St. Louis Fed President Alberto Musalem will discuss the economy and monetary policy at the Economic Club of Minnesota. San Francisco Fed President Mary Daly and Cleveland Fed President Beth Hammack will participate in a panel discussion at the Atlanta Fed conference, moderated by Bostic.

•   Earnings: Home Depot (HD), Keysight Technologies (KEYS), Palo Alto Networks (PANW)

Wednesday

•   Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•   Fedspeak: Barkin and Fed Governor Michelle Bowman will participate in a Fed Listens event.

•   Earnings: Lowe's Companies (LOW), Medtronic (MDT), Target (TGT), TJX Companies (TJX)

Thursday

•   April Chicago Fed National Activity Index: This is a monthly index put together that incorporates 85 indicators from four categories: production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories.

•   May S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.

•   April Existing Home Sales: Most home transactions in any given month tend to come from the existing market, and as a result set the tone for the broader housing market.

•   May Kansas City Fed Manufacturing Activity: The Kansas City Fed’s survey of manufacturing executives in the region on business conditions and their outlook.

•   Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.

•   Fedspeak: Williams will deliver keynote remarks at a NY Fed event.

•   Earnings: Analog Devices (ADI), Autodesk (ADSK), Copart (CPRT), Deckers Outdoor (DECK), Intuit (INTU), Ralph Lauren (RL), Ross Stores (ROST), Workday (WDAY), Williams-Sonoma (WSM)

Friday

•   April New Home Sales: While only a minority of home transactions in any given month come from new constructions, these home prices tend to be more cyclical and give insight into developing trends.

•   May Kansas City Fed Non-Manufacturing Activity: The Kansas City Fed’s survey of services executives in the region on business conditions and their outlook.

•   Fedspeak: San Francisco and Richmond Fed Presidents Mary Daly and Thomas Barkin will deliver commencement speeches.  

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