The Week Ahead on Wall Street
Today, watch for May’s consumer confidence index. Investors will be paying close attention given the recent focus on the retail sector and inflation’s perceived impact on Americans’ spending habits. The Conference Board’s index edged down in April, but remained high by historical standards. May’s national home price index is also due from S&P Case-Shiller and the FHFA, which track the change in single-family home prices, year-over-year.
Tomorrow, April’s Job Openings and Labor Turnover Survey or JOLTS is set for release. In March a record number of people quit their jobs, while job openings rose to roughly 11.6 million, an all-time high. Economists have described this as the “Great Resignation.” April’s construction spending is scheduled to be published as well, after the number rose in March, but less than expected. Also, keep an eye out for S&P Global’s manufacturing PMI, and ISM’s manufacturing index, both of which track this month’s activity.
Thursday, weekly jobless claims are due. Claims for the week ending May 21 checked in 8,000 lower. Unemployment claims are down near pre-pandemic levels observed in 2019, when the labor market was also tight. ADP’s employment report for May will shed further insight into the job market, while April’s factory orders are also scheduled to be published.
Friday, the labor market remains front and center. May’s unemployment rate and nonfarm payrolls will be released. In April the unemployment rate checked in at 3.6%, which was unchanged month-over-month. The economy added 428,000 jobs in April, exceeding expectations. May’s labor-force participation rate and average hourly earnings are also on the calendar.
Today, Salesforce (CRM) will announce earnings. Last week it was reported that the cloud-based software company had joined with Microsoft (MSFT) to invest $300 million in the US-based First Movers Coalition, which focuses on new technology aimed at reducing carbon dioxide in the air.
Tomorrow, information technology firm Hewlett Packard Enterprise (HPE) will hand in its latest report card. Earlier this month the company renewed its commitment to projects in Europe, where a new factory will develop artificial intelligence and high-performance computing systems aimed at improving the region’s supply chain.
Thursday, athletic apparel company Lululemon (LULU) will share its first-quarter fiscal 2022 earnings data. While the retailer faces headwinds in the form of higher fuel and labor costs as well as declining consumer confidence, a favorable report from Morgan Stanley (MS) last week argued Lululemon is “well-positioned” to ride out inflation. That same day Hormel Foods (HRL) is scheduled to report earnings, after the company’s board of directors authorized a 26 cents per share dividend last week, to be paid in mid-August.
The Week Ahead at SoFi
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