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The Week Ahead on Wall Street



Economic Data


The Empire State Manufacturing Index for June is released this morning. The monthly survey aggregates data in the manufacturing space in the New York state region and is closely watched by investors who are looking to get a sense of general business conditions.

May retail sales figures are due tomorrow. In April, retail sales plunged by 16.4%, which was much worse than the 12.3% drop that was expected. The drop was driven by shutdowns, pay cuts, and rising unemployment. That said, May was a month of slow reopenings, therefore the figure may show a rebound. May industrial production and the Home Builders’ Index for June are a couple other reports to keep an eye on.

Housing starts and building permits for May are released on Wednesday. In April, housing starts fell 30.2% and building permits were down 20.8%. The MBA Mortgage Applications Index is also published. Last week, the gauge jumped 5% and is now 13% higher from where it was a year ago. The figure has steadily gone up, despite rising rates and depressed economic conditions.

The Philly Fed Manufacturing Index for June and leading economic indicators for May are due on Thursday. The release to watch will be the weekly initial jobless claims report. Last week the report showed that another 1.5 million people filed for unemployment, which was less than the 1.6 million expected claims. The figure has fallen for 10 straight weeks. It’s still historically high, however, and will pose a threat to a quick near-term economic recovery if the pace is maintained.

The week ends with the Q1 current account deficit, which is published Friday morning. The measurement highlights a country’s trade balance. A deficit indicates that imports outweigh exports and in 4Q 2019, the number came in at -$109.8 billion according to the US Bureau of Economic Analysis.

Earnings


Tata Motors (TTM) reports before the bell this morning. It’s been a tough stretch for automakers across the world. For example, new car sales in the UK plunged by 97% in April and 89% in May. Plants in the US and abroad have been closed. At the beginning of June, Tata Motors, an Indian multinational automotive manufacturing company, reported that demand was gradually starting to improve. That said, today investors are hoping the company will shed light on the headwinds it faced over the past quarter and provide an outlook for the remainder of the year.

Tomorrow, Oracle (ORCL) is scheduled to report after the bell. Last week, Fortune Business Insights said that the team collaboration software market is poised to grow to $18.3 billion by 2026, representing a compound annual growth rate (CAGR) of 10.3%. Corporate information technology companies such as Oracle look to be well-positioned to capture a portion of this growth.

ABM Industries (ABM) is a name to watch on Wednesday. The integrated facility solutions provider oversees janitorial, parking, and energy segments—the first of which provides a range of cleaning services for commercial office buildings. ABM could be integral to helping the world get back to work, especially as it relates to data centers, educational institutions, government buildings, health facilities, and retail stores.

Carnival Corp. (CCL) is scheduled to report its latest results on Thursday. Carnival, along with other cruise companies, has been crushed by the coronavirus, but its stocks rallied at the beginning of the month as investors bet on cyclical names to benefit from reopening the economy. Kroger (KR) and Darden Restaurants Inc (DRI) will be a few other names to watch.

CarMax (KMX) reports before the bell on Friday. As with other companies, the used car retailer saw its stock plummet in mid-March. Since then it’s rebounded as investors believe more people might stay away from public transportation and opt for driving due to fears of contracting coronavirus.


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