What will drive the markets this week?
Stock equities closed lower last week, weighed down by technology and consumer discretionary sectors and the continuing inflation concerns.
This week presents the tail end of the earnings seasons, with retailers such as BestBuy, Costco, and The Gap, and tech names including Snowflake, Salesforce & Nvidia reporting their profits in the first quarter.
Investors will also digest a handful of economic reports on housing and consumer sentiment and expectations.
President Biden will unveil his administration’s FY’22 budget on Friday, and analysts are bracing for a bigger number as we’ve seen with the stimulus package and tax proposals.
Monday, May 24:
- Market Holiday in Germany, Switzerland, and Norway for Pentecost. Market Holiday in Canada for Victoria Day.
Tuesday, May 25:
- German Gross Domestic Product (GDP) (Q1).
- German Ifo Business Climate Index (May).
- U.S. S&P/Case-Shiller Housing Price Index (20-City Composite) (March).
- Conference Board Consumer Confidence (May).
- U.S. New Home Sales (April).
Wednesday, May 26:
- Earnings: Nvidia
- Market Holiday in Singapore for Vesak Day.
Thursday, May 27:
- Earnings: Costco Wholesale, Gap, and Best Buy.
- German GfK Consumer Climate Index (June).
- U.S. Core Durable Goods Orders.
- U.S. Pending Home Sales (April).
- U.S. Preliminary GDP (Q1).
- Japanese Tokyo Core Consumer Price Index (CPI) (May).
Friday, May 28:
- French GDP (Q1).
- French Consumer Spending (April).
- U.S. Core Personal Consumption Expenditure (PCE) Price Index (April).
- U.S. Goods Trade Balance (April).
- U.S. Michigan Consumer Expectations (May).
- U.S. Retail Inventories Excluding Autos (April).