It will be a holiday-shortened trading week with a handful of major earnings reports, economic data releases, and two days of Congressional testimony from Federal Reserve chairman Jerome Powell. U.S. stock and bond markets will be closed on Monday in observance of Juneteenth National Independence Day.
Once Wall Street returns,
FedEx
reports on Tuesday, followed by
Darden Restaurants,
FactSet, and
Accenture
on Thursday, then
CarMax
on Friday.
There will be plenty of data out this week on the state of the U.S. housing market. On Monday, the National Association of Home Builders releases its Housing Market Index for June. The Census Bureau publishes residential construction data for May on Tuesday and the National Association of Realtors reports existing-home sales for May on Thursday.
The Conference Board will also release its Leading Economic Index for May on Thursday.
Fed chairman Powell will deliver semiannual testimony before the House Financial Services Committee on Wednesday and before the Senate Banking Committee on Thursday.
The Bank of England will announce a monetary-policy decision on Thursday, with markets pricing in a 13th-straight interest-rate increase.
Monday 6/19
Equity and fixed-income markets are closed in observance of Juneteenth National Independence Day.
Raytheon Technologies
hosts an investor meeting in Paris coinciding with the Paris Air Show.
The National Association of Home Builders releases its Housing Market Index for June. Consensus estimate is for a neutral 50 reading, matching the May data. The index has increased for five consecutive months and reached the midpoint mark of 50 for the first time since July of 2022, as limited existing inventory has lifted home-builders’ confidence.
Tuesday 6/20
FedEx reports fourth-quarter fiscal-2023 results.
The Census Bureau releases residential construction data for May. Economists forecast a seasonally adjusted annual rate of 1.4 million housing starts, roughly even with April.
Wednesday 6/21
Fed Chairman Jerome Powell appears before the House Financial Services Committee for the Fed’s semiannual monetary-policy report. Powell will then testify before the Senate Banking Committee on Thursday.
Dollar Tree
hosts its 2023 investor conference in Norfolk, Va.
Equinix holds its 2023 analyst day.
Thursday 6/22
Accenture, Darden Restaurants, and FactSet hold conference calls to discuss earnings.
NRG Energy
hosts its 2023 investor day.
The Bank of England announces its monetary-policy decision. The central bank is all but assured of raising its base rate for a 13th consecutive meeting, most likely by a quarter of a percentage point to 4.75%. The United Kingdom has one of the highest rates of inflation among developed countries, and traders are expecting at least four more interest-rate hikes by the end of the year after the coming meeting.
The Conference Board releases its Leading Economic Index for May. The index is expected to decline 0.4% month over month and has fallen for 13 straight months. The Conference Board continues to predict a mild recession beginning in mid-2023, despite stronger-than-expected economic data in recent weeks that have pushed the S&P 500 index to its highest level since April of 2022.
The National Association of Realtors reports existing-home sales for May. The consensus call is for a seasonally adjusted annual rate of 4.25 million homes sold, slightly fewer than in April. After declining for 12 straight months through this January, existing-home sales have rebounded, although they remain well below historical levels.
Friday 6/23
CarMax releases first-quarter fiscal-2024 results
DexCom holds its 2023 investor day.
Write to Nicholas Jasinski at [email protected]
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