Week Ahead on Wall Street

By: James Flippin · June 20, 2023 · Reading Time: 3 minutes

Not-Quite-Done Deal

FedEx (FDX) has been inching closer to an agreement with its pilot union.

The company and its delivery pilots have agreed on a tentative new contract. Among the benefits included are a 30% pay bump, major improvements to the pilot pension program, and a retroactive recovery payment plan for the 18 months in which the contract was open for amendment.

Notably, FedEx’s primary competitor UPS (UPS) is in a similar negotiation with its Teamsters Union. The union is currently considering a strike to demand better pay and AC in delivery trucks.

FedEx is set to report earnings today. Tune in to receive the full update on how these negotiations are playing out. And check out the following key data and reports in the coming week as well.

Economic Data

Today, multiple housing reports will be released, including housing starts and building permits. In May, housing starts posted a surprise 2.2% increase month-over-month. But building permits showed a second-straight month of decline, speaking to still-subdued housing demand.

Tomorrow will feature two Fed President speeches from Chicago’s Austan Goolsbee and Cleveland’s Loretta Mester, offering further insight into the central bank’s decision to place a pause on rate hikes for June. There will also be an update to the 30-year fixed-rate mortgage, which currently sits at 6.77%.

On Thursday, Jerome Powell will give testimony on why the Fed decided not to raise rates in June. Powell’s remarks are sure to be dissected, as the Chair of the Federal Reserve typically offers hints as to the tenor of Fed policy moving forward. Investors will look for clues as to whether the central bank intends to hold the fed funds rate steady at 5%-5.25% for the rest of the year.

On Friday, in addition to a few more Fed speeches, the S&P Global (SPGI) US composite for June will be released. In May, this business activity metric signaled the fastest expansion seen in more than a year, mainly driven by the service sector.


Tomorrow, Winnebago Industries (WGO) will provide its quarterly report. The legacy RV manufacturer may speak on its recent acquisition of the lithium-ion battery maker, Lithionics Battery. Intended to advance the company’s “overall electrical ecosystem,” the acquisition could foreshadow a similar pivot to VW’s (VWAPY) recently announced EV reboot of its iconic Minibus.

On Thursday, Olive Garden-owner Darden Restaurants (DRI) will keep the discussion of acquisitions going as it discusses its recently-completed acquisition of Ruth’s Chris Steak House owner, Ruth’s Hospitality Group. Additionally, consulting firm Accenture (ACN) will update investors on its plans to invest $3 billion into AI over the next three years.

On Friday, CarMax (KMX) will round out the week with an update on its business. Notably, the car reseller’s revenue decreased by 26% last quarter to $5.7 billion. However, following a frenzy of used car buying during the pandemic and historically high prices in the secondary market, it makes for a tough year-over-year comparison.

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