First-quarter earnings season winds down this week, but with more than a dozen S&P 500 companies left to report. Economists will be watching the latest Federal Reserve meeting minutes and data on consumer earnings and spending and business investment.
Advance Auto Parts and Zoom Video Communications will be Monday’s highlights, followed by AutoZone , Best Buy , and Toll Brothers on Tuesday. Dick’s Sporting Goods , Nvidia , and Snowflake report on Wednesday.
Thursday will be busy: Alibaba Group Holding, Costco Wholesale, Dell Technologies , Dollar General , Dollar Tree , Gap , Macy’s , and Ulta Beauty all report.
There will also be several investor days and annual shareholders meetings this week, including from JPMorgan Chase on Monday and Chevron , Exxon Mobil , Meta Platforms , Twitter , and United Airlines Holdings on Wednesday.
Economic-data releases this week will include May Manufacturing and Services Purchasing Managers’ indexes on Tuesday and the Census Bureau’s durable goods report on Wednesday. The Bureau of Economic Analysis’ personal income and spending data for April will be released on Friday.
Finally, minutes from the Federal Open Market Committee’s early-May monetary-policy meeting will be published on Wednesday. Officials increased the Fed’s benchmark interest rate target by half a percentage point at that meeting and unveiled plans to begin reducing the size of the central bank’s balance sheet.
Monday 5/23
Advance Auto Parts and Zoom Video Communications report quarterly results.
JPMorgan Chase hosts its 2022 investor day. Shares of the largest U.S. bank are down 26% this year, underperforming the KBW Bank Index by six percentage points, in part due to concerns of increased spending without clear-cut benefits.
Tuesday 5/24
Agilent Technologies , AutoZone, Best Buy, Intuit , Ralph Lauren, and Toll Brothers announce earnings.
The Census Bureau reports residential sales statistics for April. The consensus estimate is for a seasonally adjusted annual rate of 750,000 new single-family homes sold, slightly less than March’s 763,000.
S&P Global releases both its Manufacturing and Services Purchasing Managers’ indexes for May. Expectations are for a 57.8 reading for the Manufacturing PMI, while the Services PMI is seen coming in at 57. This compares with 59.2 and 55.6, respectively, in April.
Wednesday 5/25
Nvidia reports first-quarter fiscal-2023 results. Shares of the largest U.S. semiconductor company by market value are down 43% this year, as investors have fled high-multiple growth stocks.
Bank of Montreal, Bank of Nova Scotia, Dick’s Sporting Goods, DXC Technology, and Snowflake release quarterly results.
BlackRock , Chevron, Exxon Mobil, Meta Platforms, Twitter, and United Airlines Holdings hold their annual shareholder meetings.
The Federal Open Market Committee releases minutes from its early-May monetary-policy meeting.
The Census Bureau releases the durable goods report. Economists forecast that orders for manufactured durable goods rose 0.7%, month over month, in April, to $277 billion.
Thursday 5/26
Alibaba Group Holding, Autodesk, Burlington Stores , Canadian Imperial Bank of Commerce , Costco Wholesale, Dell Technologies, Dollar General, Dollar Tree, Gap, Macy’s, Marvell Technology , Medtronic , Toronto-Dominion Bank , Ulta Beauty, and Workday hold conference calls to discuss earnings.
The Bureau of Economic Analysis reports its second estimate for first-quarter gross domestic product. The consensus estimate is that GDP declined at a seasonally adjusted annual rate of 1.4%, unchanged from the BEA’s advance estimate, released in late April.
Friday 5/27
The BEA reports personal income and spending data for April. Income is expected to have risen 0.55%, month over month, while personal expenditures likely rose 0.6%. This compares with increases of 0.5% and 1.1%, respectively, in March.
Write to Nicholas Jasinski at [email protected]
