stock market ticker

The Week Ahead on Wall Street

Economic Data

Today, the Institute for Supply Management releases results of the ISM Manufacturing Index for May. The index measures the level of production in the US economy from month to month. In April Manufacturing PMI came in at 60.7%, marking the 11th month in a row of growth. Construction spending for April is also out Tuesday.

On Wednesday, seasonally adjusted, annualized sales of motor vehicles for May are released. The data point measures demand for new vehicles and trucks. April’s sales were a record 18.1 million. Demand for new cars and trucks in the US are currently outstripping supply. The Beige Book is also released Wednesday.

On Thursday, initial and continuing jobless claims for the previous week are released. With vaccinations widely available and pandemic restrictions easing, initial unemployment numbers have been steadily declining.

On Friday, the Labor Department releases nonfarm payroll numbers for May. This data point tracks the number of workers in the US excluding farm, government, proprietors, and nonprofit workers. In April the number grew by just 266,000, which was much lower than economists had expected. Factory orders are also due Friday.

Earnings Reports

Today, Zoom (ZM) reports quarterly earnings. Discussions about Zoom fatigue have been prominent recently. Both HSBC (HSBC) and Citi (C) have instituted Zoom-free days where employees aren’t required to be on video calls. TikTok and Salesforce (CRM) have also put limits on video calls. As the economy reopens and some people begin to return to offices, it will be interesting to see what role Zoom plays in the post-pandemic workplace.

Be on the lookout for quarterly earnings from PVH (PVH) on Wednesday. The US clothing company which owns Van Heusen, Tommy Hilfiger, and Calvin Klein, saw revenue fall 28% for 2020 as extended lockdowns hurt sales. Investors will be eager to learn whether PVH has benefited from stimulus checks and reopening trends.

On Thursday, Lululemon Athletica (LULU) reports quarterly earnings. The fitness apparel company is testing a new website which lets shoppers buy and sell used Lululemon clothing. This is one of several green initiatives the company has started. It has also launched a new line with lower-impact dyes which use less water, carbon, and synthetic chemicals. It will be interesting to see whether Lululemon’s sustainability efforts are resonating with customers.

Also Thursday, Slack Technologies (WORK) reports quarterly earnings. The workplace communication company being acquired by Salesforce (CRM) is facing intense competition from Google (GOOGL) and Microsoft (MSFT). Earlier this month Slack purchased Woven, the popular calendar app, to give it an edge over its rivals.

The Week Ahead at SoFi

Get tips on executing a job strategy that gets results and helps you chart your progress. Plus, tune in to Your Next Dollar—live on LinkedIn, Twitter, and Zoom. RSVP in the SoFi app!


Things are changing daily within the financial world. Sign up for the SoFi Daily Newsletter to get the latest news updates in your inbox every weekday.

Sign up

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 Meg Richardson Meg Richardson is a writer specializing in markets, technology, and personal finance. She loves breaking down seemingly complex ideas and making them readable and interesting for everyone. She holds an MFA in writing from Columbia University. When she is not writing about finance, she enjoys running in Central Park and drawing cartoons.

TLS 1.2 Encrypted
Equal Housing Lender