US stock and bond markets will be closed Monday for June 16. There will be a handful of earnings reports, annual shareholder meetings and economic data releases when investors return this week.
Companies reporting quarterly results will include
will both hold annual general meetings on Tuesday.
The highlight of the week’s economic data will be the S&P Global Manufacturing and Services Purchasing Managers’ Indexes for June, which will be released on Thursday. Both should remain in solid expansion territory, but far from their previous levels in the economic cycle.
Data released this week will also include several indicators of the U.S. housing market: the National Association of Realtors reports existing home sales for May on Tuesday, the Mortgage Bankers Association releases its weekly applications survey on Wednesday, and the Census Bureau reports from new data on residential sales. for May on Friday.
Equities and fixed income securities the markets are closed on the occasion of the national holiday of June 16.
Homebuilder Lennar reports results for the second quarter of fiscal 2022.
Activision Blizzard, Mastercard and
hold their annual general meetings.
The Federal Reserve Bank of Chicago publishes its national activity index for the month of May. The consensus estimate is for a reading of 0.41, slightly lower than April’s 0.47. The index has had a positive reading every month since September last year, which correlates with the economy expanding at a faster rate than its historical average.
The national association of Realtors reports existing home sales for the month of May. Economists forecast a seasonally adjusted annual rate of 5.37 million homes sold, down 240,000 from April. April’s figure was the lowest since June 2020 as record house prices and the highest 30-year fixed mortgage rates since 2008 sharply reduced home sales.
mortgage bankers The Association releases its weekly applications survey, a leading indicator of real estate and mortgage financing activity, for the week ending June 17. The index recently hit a 22-year low as refinancing demand fell 75% year-over-year.
FedEx releases earnings after market close. Shares of the global cargo carrier jumped 11.2% last week after announcing a 53% dividend hike and adding two independent directors to its board.
BlackBerry, Darden restaurants and
FactSet Research Systems
hold conference calls to discuss quarterly results.
The Ministry of Labor reports the first jobless claims for the week ending June 18. Applications have averaged 218,500 over the past four weeks, roughly equal to pre-pandemic levels after hitting a 54-year low in March. This, along with announced layoffs in the technology and housing sectors, suggest that a historically strong labor market is weakening.
S&P Global News Releases its manufacturing and services purchasing managers’ indices for June. Expectations are for a reading of 56.3 for the manufacturing
and a reading of 54 for the Services PMI. That compares to 57 and 53.4, respectively, in May.
CarMax announces its results for the first quarter of fiscal 2023.
The Census Bureau reports new residential sales data for May. The consensus estimate is that sales of new single-family homes will hit a seasonally adjusted annual rate of 590,000, roughly equal to the April figure. New home sales, which make up around 10% of the housing market, are down more than 40% from the post-financial crisis peak reached in August 2020.
Write to Nicholas Jasinski at [email protected]