Week Ahead on Wall Street

By: James Flippin · June 26, 2023 · Reading Time: 4 minutes

Investing in India

Micron, the computer memory and computer data storage company, recently announced it’s investing $825 million into a new chip factory in India.

Notably, Micron is not alone in its decision to invest in the South Asian nation. Fellow tech companies Apple (AAPL), Alphabet (GOOGL), and Tesla (TSLA) have all doubled down on expansion in India, eyeing the country as the next big growth market.

The first phase of Micron’s new facility will be operational in late 2024, with the second half of the project starting later in the decade. Together, the memory chip company expects these two phases to create approximately 5,000 new jobs.

Investors will look to see if these developments are primed to pay off when Micron reports earnings on Wednesday. Here’s what else to watch in the week ahead on Wall Street.

Economic Data

Today, the Federal Reserve Bank of Dallas will release its manufacturing index for June. This metric measures productivity within the Lone Star State. It sank by 5.7 points in May, the lowest decrease since the pandemic.

Tomorrow, investors will get insight into the state of real estate in the US, with the release of both the home price index and the number of new home sales in May. In April, sales of new homes unexpectedly grew 4.1% to 683,000, the highest figure seen in more than a year.

On Wednesday, Jerome Powell, chair of the Federal Reserve, will follow up last week’s testimony to the US House and Senate with another scheduled speech. The Fed Chair will offer further insight into the central bank’s decision to not raise interest rates in June. In his testimonies, Powell suggested further hikes might be seen throughout the year, but added the speed of said rate hikes is “not very important now.” Investors will also get an update to the average 30-year fixed-rate mortgage. It currently sits at 6.73%.

On Thursday, there will be a flurry of reports — jobless claims, pending home sales, and the US GDP growth rate for the second quarter. The US GDP grew by an annualized 1.3% in Q1.

On Friday, the Fed’s favored inflation metric, the core PCE index, will be released for May. In April, this inflation metric — which excludes food and energy prices — rose 0.4% on a monthly basis. Given the Fed’s newly pronounced data-driven approach to policy decisions, the May PCE reading could foreshadow the central bank’s next move.


Today, Carnival Cruise Line (CCL) will report. The major cruise operator is still struggling to recover from the pandemic and posted just a fraction of pre-pandemic annual revenue in 2020, 2021, and 2022. But with travel restrictions in the rearview and a busy summer season forecast, investors may be expecting sunny skies ahead.

Tomorrow, Walgreens Boots Alliance (WBA) will report earnings. With retail theft and shrinkage marring the pharmacist’s earnings calls in recent years, it may mention its new anti-theft store design. A Chicago Walgreens has been revamped to have only two aisles, with most high-price items stocked behind a staffed counter. Unmanned aircraft system company AeroVironment (AVAV) will also hand in its report card.

On Wednesday, General Mills (GIS) is set to report earnings. Grocery prices were hit especially hard by inflation, so investors will look to see if the cereal giant gets a boost as inflation continues to abate. Meanwhile, serial snackers might tune in simply for an update on the company’s new line of Häagen-Dazs ice-cream-inspired yogurt, or its latest addition to its line of Monster Cereals, Carmella Creeper.

On Thursday, Nike (NKE) is set to report earnings. The sneaker icon will likely discuss its improving inventory levels. Meanwhile, payroll provider Paychex (PAYX) will share whether this past quarter was as successful as Q1, for which it posted revenue of $1.38 billion, up 8% year-over-year.

On Friday, alcohol conglomerate Constellation Brands (STZ) will round out the week. It is sure to tout Modelo’s rise to become America’s best selling beer over the past few weeks.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision. 
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content. 
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners. 

TLS 1.2 Encrypted
Equal Housing Lender