phone and market graph

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.


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.

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.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. 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.

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store SoFi Android App, Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

TLS 1.2 Encrypted
Equal Housing Lender