stock market ticker

The Week Ahead on Wall Street

Economic Data

Pending home sales for May are released this morning. In April, the index, which measures signed contracts on existing homes, tumbled more than projected to 21.8%. However, The National Association of REALTORS® stated that demand is bouncing back so May’s figures could show a rebound.

Tomorrow, the Case-Shiller Home Price Index for April, Chicago PMI, and Consumer Confidence Index for June are reports to keep an eye on. In May, American consumers’ confidence gained steam, helping the index tick up to 86.6 from 85.7 in April. The slow reopening of some locations has helped lift spirits, but there are still nerves surrounding the increase in coronavirus infections across the country.

On Wednesday, all eyes will be on the ADP employment report and minutes from the Federal Reserve. Payrolls plunged by 2.76 million in May, following April’s historic 19.6 million loss. May’s numbers were much better than the 8.75 million loss economists were expecting though, so investors will be looking to see if another surprise is on the way.

On Thursday, the nonfarm payroll report for June will be published. 2.5 million jobs were added in May, handily beating Wall Street estimates which were calling for a loss of 8.3 million. The unemployment rate, average hourly earnings, and initial jobless claims reports are also released along with the trade deficit and factory orders.

There are no reports scheduled for Friday as it is a holiday ahead of July 4th in the United States.


Micron Technology Inc. (MU) is scheduled to report after the bell today. Last week, BMO Capital Markets downgraded the stock from outperform to market perform. Analyst Ambrish Srivastava said he is seeing the price of memory chips fall given changing purchase patterns for data center equipment. This could spell trouble for Micron.

FedEx Corp (FDX) reports its latest results tomorrow. The e-commerce boom taking place as a result of the coronavirus could have a positive impact on the delivery company. Additionally, with many passenger planes grounded—most of which would normally carry freight—cargo carriers are stepping in to fill the void. Last week, FedEx’s stock price target was raised to $145 from $115 by J.P. Morgan. FedEx also maintained an Outperform rating by Credit Suisse.

General Mills Inc. (GIS) reports before the bell on Wednesday. In mid-June, Bernstein downgraded the consumer foods giant amid reopening efforts across the country. But, an uptick in coronavirus infections which could cause consumers to stay and prepare more meals at home.

Thursday is relatively light on the earnings front. The Lindsay Corporation (LNN) is scheduled to report before the bell. Based out of Omaha, Nebraska, the company is involved in the agricultural irrigation and infrastructure sector. With all the supply chain disruptions, farmers, and the products that allow them to maintain their operations as they work to feed the country, have been in the spotlight. This may make Lindsay an interesting company to watch.

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