U.S. markets are closed Monday for Memorial Day. Investors will return from the long weekend to a busy week of bricks-and-mortar retailers’ earnings reports. AutoZone goes first on Tuesday, followed by Ralph Lauren on Wednesday. On Thursday, Costco Wholesale, Dollar General, Dollar Tree, Nordstrom, and Ulta Beauty all report. Non-retail highlights this week include HP on Wednesday, and Salesforce. com and Dell Technologies on Thursday.
Economic data out this week includes the Conference Board’s Consumer Confidence Index for May and the Census Bureau’s new residential home sales for April—both on Tuesday.
Thursday will be busy. Releases include April durable goods orders from the Census Bureau, a decent proxy for business investment, and personal income and outlays data for April from the Bureau of Economic Analysis. Spending is seen tumbling 15%, while income is expected to fall 6%, muddled by the competing effects of falling employment and direct checks sent to individuals as part of the CARES act.
Also Thursday, the Department of Labor reports initial jobless claims for the week ending on May 23. Over 38 million people have filed for unemployment benefits since mid-March.
Monday 5/25
U.S. equity and bond markets are closed in observance of Memorial Day.
Tuesday 5/26
AutoZone, Bank of Nova Scotia, and Keysight Technologies report earnings.
The Conference Board releases its Consumer Confidence Index for May. The consensus estimate is for a 87.3 reading, roughly even with April’s 86.9.
The Census Bureau reports new residential home sales for April. Economists forecast a seasonally adjusted annual rate of 480,000 homes sold, 23.4% below March’s 627,000.
The Federal Housing Finance Agency releases its Home Price Index for March. Expectations are for a 0.6% increase in single-family home prices, roughly even with February’s gain.
The Federal Reserve Bank of Dallas releases its Texas Manufacturing Outlook Survey for May. Wall Street sees the index regaining some ground, to minus 61.5 from April’s minus 73.7, the lowest reading in the survey’s 16-year history.
Wednesday 5/27
Amerco, Autodesk, Bank of Montreal, HP Inc., NetApp, Ralph Lauren, and Royal Bank of Canada report quarterly results.
Amazon.com, Chevron, Exxon Mobil, Facebook, and Twitter hold their annual shareholder meetings.
Thursday 5/28
Canadian Imperial Bank of Commerce, Costco Wholesale, Dell Technologies, Dollar General, Dollar Tree Salesforce.com, Toll Brothers, Toronto-Dominion Bank, and Ulta Beauty have conference calls to discuss earnings.
The National Association of Realtors releases its Pending Home Sales Index for April. The consensus estimate is for a 16.4% decline, to 73.7, following a precipitous 20.8% drop in March.
The Bureau of Economic Analysis releases its second estimate of first-quarter gross domestic product. Economists forecast a decline at a seasonally adjusted annual rate of 4.8%, unchanged from the BEA’s advance estimate at the end of April.
The Census Bureau releases April’s durable-goods report. Expectations are for a 15% drop in new orders for manufactured durable goods, to $173 billion—similar to March’s 15.3% fall.
The Department of Labor reports initial jobless claims for the week ending on May 23. Over 38 million people have filed for unemployment benefits since mid-March, but claims have decreased for seven straight weeks.
Friday 5/29
The Bureau of Economic Analysis reports personal income and spending data for April. Spending is expected to plummet 15%, twice the March decline. Income is seen falling 6%, triple the previous drop.
The Institute for Supply Management releases its Chicago Purchasing Managers’ Index for May. A 40 reading is expected, up from April’s 35.4.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
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May 25, 2020 at 02:00AM
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Costco, Salesforce, Dollar General and Other Stocks for Investors to Watch This Week - Barron's
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