The Week Ahead on Wall Street



Economic Data Points


Today, there are no major economic reports scheduled.

Tomorrow, the NFIB Small-Business Index for May, April wholesale inventories, and April job openings reports are published. In March, job openings fell to the lowest level seen in nearly three years. April’s figures are expected to be much worse given it was the first full month of nationwide lockdowns and millions of people were let go or furloughed.

On Wednesday, the Consumer Price Index and Core CPI reports for May will be released. In April, the CPI was down 0.8% and core CPI was down 0.4%, registering its biggest drop since records began in 1957. The Federal Open Market Committee, or FOMC, is also scheduled to make an announcement, followed by a press conference with Chairman of the Federal Reserve, Jerome Powell.

On Thursday, the Producer Price Index for May will be released. In April, it was down 1.3% from the previous month—the largest decrease since the index started in December 2009. The initial jobless claims report will also be published. Last week’s report showed another 1.88 million Americans filed for unemployment insurance, which was more than the 1.78 million claims economists were expecting. Moreover, continuing claims, which represent those already receiving unemployment benefits, increased to over 21 million. Thankfully, the initial claims reports are slowing week-over-week, but they are still extremely high and highlight the headwinds ahead for a short-term economic recovery.

On Friday, the reports to keep an eye out for include the Import Price Index and Consumer Sentiment Index. The Import Price Index saw a 2.6% decline last month due to plummeting fuel prices. The University of Michigan’s Consumer Sentiment Index was 73.7 for May. It climbed from 71.8 in April and can be attributed to stimulus payments from the government in May.

Earnings to Watch


StitchFix (SFIX) will report its latest results today. Recently, the styling company announced it will be laying off 1,400 employees in California as it grapples with fallout from COVID-19. However, analyst Dana Telsey said “the crisis hasn’t been all bad news for the firm,” and reiterated an Outperform rating and boosted her price target on the stock to $29. According to Telsey, highly engaged clients showed “continued commitment” during the initial stages of the lockdown, which could bode well for the company.

Tomorrow, investors are looking forward to Chewy Inc.’s (CHWY) earnings report. Chewy is the largest online pet store with 12.7 million active users. And since the lockdowns caused many consumers to turn to online for their shopping needs, the numbers will be interesting to see. The company did $4.85 billion in net sales during 2019.

Tiffany and Co. (TIF) will release earnings on Wednesday. In November 2019, Louis Vuitton Owner LVMH (LVMH) decided to scoop up the American jeweler for $16.2 billion. However, that was before COVID-19. Now, the biggest luxury brand acquisition ever may be on shaky ground after recent reports said LVMH CEO Bernard Arnault is looking for Tiffany & Co. to lower its price. Investors will be looking for more color on the status of this merger.

Thursday, workout apparel giant Lululemon (LULU) will share its earnings report. The company’s stock continued to climb during the course of the pandemic, reaching all-time highs at the end of May. However, some analysts believe the stock has been overbought and earnings may not reflect a huge success—especially because the company has not offered much information on their quarterly performance during the pandemic.

Nathan’s Famous (NATH) will serve up its report on Friday. Since the start of the pandemic in March, the company’s sales are up more than 50%. Competitors like Feltman’s of Coney Island have seen a whopping 100% increase in sales as well.


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.
SOSS60801


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 SoFi.com. 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