What To Expect in the Markets This Week

What To Expect in the Markets This Week

Upcoming: PCE inflation, GDP revisions, Nvidia shareholder meeting and earnings reports from Micron, FedEx and Nike

<p>David Paul Morris/Bloomberg/Getty Images</p><p> Nvidia CEO Jensen Huang speaks at chipmaker’s trade show ://media.zenfs.com/en/investopedia_245/3193bd20dda09d631290f4cf019e09a7″/></p><p>David Paul Morris/Bloomberg/Getty Images</p><p> Nvidia CEO Jensen Huang speaks at chipmaker’s trade show ://media.zenfs.com/en/investopedia_245/3193bd20dda09d631290f4cf019e09a7″ class=”caas-img”/></p></div></div></div><div class=

David Paul Morris/Bloomberg/Getty Images

Nvidia CEO Jensen Huang speaks at the chipmaker’s GPU technology conference in San Jose, California, March 19, 2024.

Key takeaways

  • The Federal Reserve’s preferred measure of inflation, the Personal Consumer Expenditures (PCE) index, will be released Friday. Inflation data and a host of other indicators during the week will be closely watched in hopes that continued indications of sluggish economic activity could prompt the Fed to cut interest rates.

  • Investors will get more insight into the artificial intelligence landscape as investor darling Nvidia holds its shareholder meeting and Micron Technology reports earnings.

  • Other notable profits on the schedule this week include Nike, FedEx and Walgreens.

Market watchers are looking for more signals that inflation is falling, hoping that a continued decline in price pressures will prompt the Federal Reserve to cut interest rates. They will get a key reading on Friday with the May release Personal consumption expenditures (PCE) index, which is the Fed’s preferred inflation indicator.

Investors will also receive updates on the artificial intelligence market when Nvidia (NVDA) hosts its annual shareholder meeting, Micron Technology (IN) publishes revenue and Salesforce (RCMP) holds its general meeting.

Nike (OF), FedEx Corp (FDX), Walgreens Boots Alliance (WBA), General mills (GIS) and Levi Strauss & Co. (LEVI) are among the other companies expected to report quarterly financial results this week.

Monday June 24

Tuesday June 25

  • S&P CoreLogic Case-Shiller Housing Price Index (April)

  • Consumer confidence (June)

  • Federal Reserve Governors. Michelle Bowman and Lisa D. Cook deliver remarks

  • FedEx Corp (FDX) and Carnival Corp (CCL) declare income

Wednesday June 26

  • New home sales (May)

  • NVIDIA (NVDA) annual meeting of shareholders

  • Micron technology (IN), Paychex, Inc. (PAYX), General Mills, Inc. (GIS), Jefferies Financial Group (I F) and Levi Strauss & Co. (LEVI) declare income

Thursday June 27

  • Initial Unemployment Claims (week ending June 22)

  • Advanced international merchandise trade (May)

  • Advanced stocks of wholesalers (May)

  • Advanced retail stocks (May)

  • Pending Home Sales (May)

  • Durable goods orders (May)

  • Gross domestic product – third revision (Q1)

  • Selling power (RCMP) shareholders meeting

  • Nike, Inc.OF), Walgreens Boots Alliance (WBA) and McCormick & Company (MKC) declare income

Friday June 28

  • Personal consumption expenditure (PCE) price index (May)

  • Consumer sentiment (June)

  • Chicago Business Barometer (June)

  • Richmond Fed President Tom Barkin delivers speech

Monitor PCE for signs of improving inflation

Market watchers will be watching for several data releases this week to see if they indicate a continued slowdown in economic activity and easing inflationary pressures.

Friday’s release of the personal consumption expenditures (PCE) index for May will be particularly closely watched because it is the Fed’s preferred inflation indicator. Central bankers want to see more signs of falling inflation before cutting interest rates, which are at their highest level in two decades.

The April PCE reading showed prices increased by 2.7% over one year, in line with expectations, but still above the Federal Reserve’s 2% target. Since then, consumer price index (CPI) inflation for May has been more moderate. raises hopes that inflation will continue to calm.

On Thursday, the third revision of gross domestic product (GDP) for the first quarter will be released. Most recent revisions economic growth lowered to 1.3%.

Nvidia Shareholders Meeting, Micron Profits, FedEx and Nike Highlight Corporate Calendar

Investors will hear from some of the leading companies in the growing AI market this week.

Nvidia executives will host the chipmaker’s annual shareholder meeting on Wednesday. The meeting comes as the chipmaker rise in share price increased its market value to more than 3,000 billion dollars as the company capitalizes on interest in its AI products.

Market watchers will hear from another chipmaker this week when Micron Technology releases its quarterly earnings report on Wednesday, following a Bank of America upgrade on optimism for its AI products. AI will also likely be a topic at Salesforce’s shareholder meeting on Thursday. The software company provided forecasts that were worse than expected for the second quarter, despite the focus on growth through AI products.

Shipping giant FedEx will report earnings on Tuesday after announcing a $5 billion share buyback program during its last quarterly report. Shoemaker Nike’s earnings report released Thursday follows weak forecasts for the last quartereven as the company prepares a marketing blitz during the upcoming Summer Olympics.

Read the original article on Investopedia.

Source Reference

Latest stories