What will drive the markets this week?
In the previous week, U.S. stocks experienced gains as investors kept a close eye on the debt ceiling discussions and analyzed data releases related to personal consumer expenditures, personal income, consumer spending and sentiment, as well as durable goods.
Moreover, last week, tech stocks received a boost from Nvidia’s strong performance as a beneficiary of artificial intelligence. This led to a nearly 5% increase in shares for ASML, a Dutch chip machine maker, and a 1.7% rally in the Nasdaq Composite. Riding the positive momentum, Asia-Pacific markets carried it into Friday last, while mainland Chinese markets managed to recover from earlier losses.
The forthcoming week will be curtailed due to the Memorial Day holiday in the United States, which will result in markets being shuttered on Monday. Subsequently, Tuesday will bring fresh data on housing prices, featuring the Case-Shiller National Home Price Index and the Federal Housing Finance Agency (FHFA) House Price Index (HPI) for the month of March.
Additionally, focus will be directed towards the labor market, as data from the Job Openings and Labor Turnover Survey (JOLTS) for April, ADP’s private sector employment report, and the Department of Labour’s May nonfarm payroll report will be released.
Furthermore, information regarding inflation and unemployment rates in the eurozone will also be disclosed. Furthermore, a string of companies including Salesforce, HP, Broadcom, Dollar General, Lululemon Athletica, Macy’s, and Dell Technologies are slated to announce their earnings in the upcoming week.
Events expected to move the markets this week
Monday, May 29
- U.S. Markets Closed for Memorial Day Holiday
- H World Group Limited (HTHT) and Sigma Lithium Corp. (SGML) report earnings
Tuesday, May 30
- HP Inc. (HPQ) and U-Haul Holding Company (UHAL) report earnings
- S&P Case-Shiller Home Price Index (Mar)
- FHFA House Price Index (Mar)
- CB Consumer Confidence Index (May)
- Dallas Fed Manufacturing Index (May)
- Euro Area Consumer Confidence (May)
Wednesday, May 31
- Salesforce Inc. (CRM), CrowdStrike Holdings (CRWD), Veeva Systems (VEEV), NetApp Inc. (NTAP), Okta Inc. (OKTA), Chewy Inc. (CHWY), Advance Auto Parts (AAP), and Nordstrom (JWN) report earnings
- Chicago Purchasing Managers’ Index (PMI) (May)
- Job Openings and Labor Turnover Survey (JOLTS) Report (Apr)
Thursday, June 1
- Broadcom (AVGO), Dollar General (DG), Lululemon Athletica (LULU), Dell Technologies Inc. (DELL), Hormel Foods Corp. (HRL), The Cooper Companies (COO), Five Below (FIVE), Sentinel One (S), Asana Inc. (ASAN), Macy’s (M), and Designer Brands Inc. (DBI) report earnings
- Challenger, Gray & Christmas Job Cuts (May)
- ADP National Employment Report (May)
- S&P Global Manufacturing PMI (May)
- ISM Manufacturing PMI (May)
- Construction Spending (Apr)
- Euro Area Inflation Rate (May)
- Euro Area Unemployment Rate (Apr)
Friday, June 2
- U.S. Nonfarm Payrolls Report (May)
- Vehicle Sales (May)