The Week Ahead on Wall Street
Economic Data
Today, the National Association of Home Builders releases its index for May. The metric measures builder sentiment for single-family homes and is viewed as an important US housing market indicator. A number above 50 means there is a favorable outlook for housing sales. It was 83 in April, driven by low interest rates and a lack of existing homes for sale. Also Monday, Empire State Manufacturing Index results for May are released.
Tomorrow, housing starts for April will be published. This index measures new residential construction projects. Housing starts climbed 19.4% in March to a seasonally adjusted annual rate of 1.739 million units. With inventory tight for existing homes, consumers are turning to new construction.
On Wednesday, the Federal Open Market Committee (FOMC) Meeting Minutes will be released. This is a report of the Fed’s policy-setting meeting held several weeks prior. Investors will be looking for any commentary about inflation and interest rates along with remarks about the general state of the US economy.
On Thursday, initial and continuing jobless claims are released. First time claims for unemployment benefits fell to a new pandemic low of just 473,000 last week. Initial claim figures have been declining steadily in recent weeks.
On Friday, existing home sales for April will be released. Existing home sales were a seasonally adjusted 6.01 million in March, with sales in all regions declining. The declines came as prices for homes hit record highs in March.
Earnings Reports
Lordstown Motors (RIDE) reports quarterly earnings today. The electric vehicle startup has had difficulties reaching its goal of delivering electric pickup trucks by September. A prototype caught fire in February and another was forced to drop out of a 280-mile off-road race. The Securities and Exchange Commission is also investigating the company, so investors will be tuning in for a handful of updates from the Lordstown, Ohio-based company.
Tomorrow, be on the lookout for Home Depot’s (HD) earnings. The home improvement retailer is expected to report strong year-over-year growth of more than 40%. Home Depot has benefited from pandemic stimulus checks and a DIY boom. It will be interesting to hear what Home Depot has to say about demand heading into the summer months.
On Wednesday, Target (TGT) reports its quarterly results. The retailer has been busy as vaccinations are driving more people into its stores. Target gained $9 billion in market share last year. As consumer habits change, the retailer is rolling out new brands and starting other initiatives to keep up this momentum.
Be on the lookout for an earnings report from Ross Stores (ROST) on Thursday. The discount retailer’s sales plummeted during the pandemic as a result of store shutdowns. With pandemic restrictions easing and consumers venturing out again, investors will want to learn if Ross Stores is benefiting.
On Friday, Foot Locker (FL) reports quarterly earnings. Foot Locker is expected to have benefited from increases in consumer spending both in stores and through ecommerce. During the pandemic, customers were eager to buy workout clothes and shoes. Analysts will be interested to see if these trends continue.
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 Adviser
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.
SOSS21051701
All your finances.
All in one app.
App Store rating
