This week's earnings reports will have implications for both the old and new economies.
At a Glance
• The news: Shipping titan FedEx (FDX) and memory chip darling Micron Technology (MU) are the two big bellwether companies reporting quarterly earnings results.
• The context: The reports will update investors on the health of the global economy — and the AI capex spending bender.
• Your move: Their results and earnings guidance could influence not only their own stock prices, but industry counterparts and competitors. Missing expectations could lead to sharply negative reactions.
FedEx's shipping volumes serve as a read on business and consumer demand, making it an important bellwether for the global economy. Given the ongoing oil supply disruptions, investors will be especially tuned into how higher fuel prices are impacting its business.
Then we'll hear from Micron, a crucial link in the AI data center supply chain. Investors will be on the lookout for insight into longer-term demand for its memory products, which are used in data center platforms such as Nvidia's Vera Rubin.
Micron is the fourth-best performing S&P 500 stock of 2026 after SanDisk (SNDK), Western Digital (WDC), and Seagate (STX). Despite fantastical growth, expectations are high. If it doesn't beat earnings and growth expectations, the disappointment could hit the rest of tech. On the other hand, a blowout report could give AI-sensitive stocks the fuel they need to keep going.
On the Docket
Tuesday
• June Philadelphia Fed Services Activity: The Philadelphia Fed's survey of executives in the region's services industry sheds light on business conditions and outlook.
• June S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.
• June Richmond Fed Manufacturing Activity: The Richmond Fed surveys manufacturing executives in the region on business conditions and their outlook.
• June Richmond Fed Services Activity: The Richmond Fed surveys executives in the region's services industry on business conditions and their outlook.
• Earnings: FedEx (FDX), Carnival (CCL)
Wednesday
• May New Home Sales: While new homes are a minority of overall home sales, they tend to be more cyclical and give insight into developing trends.
• May Personal Income and Spending: Consumer spending accounts for about two-thirds of economic growth in the U.S.
• Earnings: Micron Technology (MU), Paychex (PAYX)
Thursday
• May Chicago Fed National Activity Index: This monthly index incorporates 85 indicators from four categories: production and income; employment, unemployment, and hours; personal consumption and housing; and sales, orders, and inventories.
• May Personal Consumption Expenditures Price Index: The Fed says this inflation metric is the best measure of price changes.
• May Factory and Durable Goods Orders: These metrics give insight into underlying trends for leading cyclical indicators.
• 1Q GDP Third Estimate: The primary measure of economic activity, Gross Domestic Product (GDP) is measured as total expenditure on U.S. goods and services.
• June Kansas City Fed Manufacturing Activity: The Kansas City Fed surveys manufacturing executives in the region on business conditions and their outlook.
• Fedspeak: New York Fed President John Williams will give keynote remarks at Crane's Money Fund Symposium, followed by audience Q&A. Chicago Fed President Austan Goolsbee will discuss factors affecting monetary policy at the Chicago Council on Global Affairs, followed by moderated Q&A.
• Earnings: Darden Restaurants (DRI), Fedex Freight Holding Co (FDXF), McCormick & Company (MKC)
Friday
• May Wholesale and Retail Inventories: Wholesalers and retailers often operate as intermediaries for the sale of manufactured products, serving as a key part of the goods supply chain.
• May Wholesale Inventories and Sales: Same as above.
• June University of Michigan Consumer Sentiment: Consumer feelings about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.
• June Kansas City Fed Services Activity: The Kansas City Fed surveys executives in the region's services industry on business conditions and their outlook.
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