Week Ending July 8, 2023: $190.68 -($3.29) -(1.73%)
Jul 7, 2023 12:17:55 GMT -8
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Post by Dave on Jul 7, 2023 12:17:55 GMT -8
What to Expect in the Markets Next Week
Events Calendar:
Monday, July 10
WD-40 Company (WDFC) and PriceSmart Inc. (PSMT) report earnings
Wholesale Inventories (May)
Consumer Inflation Expectations (Jun)
Used Car Prices (Jun)
Tuesday, July 11
NFIB Business Optimism Index (Jun)
IBD/TIPP Economic Optimism Index (Jul)
Euro Area ZEW Economic Sentiment Index (Jul)
Wednesday, July 12
Washington Federal Inc. (WAFD), Winmark Corp. (WINA), and MillerKnoll Inc. (MLKN) report earnings
Consumer Price Index (CPI) Inflation (Jun)
Fed Beige Book Release
China Trade Balance (Jun)
Thursday, July 13
PepsiCo. (PEP), Cintas Corp. (CTAS), Fastenal Company (FAST), Delta Air Lines (DAL), and ConAgra Brands Inc. (CAG) report earnings
Producer Price Index (PPI) Inflation (Jun)
U.K. Gross Domestic Product - MoM Rate (May)
Friday, July 14
UnitedHealth Group (UNH), JPMorgan Chase (JPM), Wells Fargo & Company (WFC), BlackRock (BK), Citigroup (C), State Street Corporation (STT), and Ericsson (ERIC) report earnings
University of Michigan Consumer Sentiment Index - Preliminary Reading (Jul)
Earnings Season Kicks Off
Earnings season starts next week with reports from big banks and financial firms including JPMorgan Chase, Wells Fargo, Citigroup, and BlackRock. Bank of America, Morgan Stanley, and Goldman Sachs will report the following week. We can also expect earnings from UnitedHealth Group, Delta Air Lines, and Pepsi Company next week, among others.
Earnings for S&P 500 companies are projected to have fallen 6.8% in the second quarter, which would mark the steepest decline since the onset of the COVID-19 pandemic, according to FactSet research. It’s a more pessimistic outlook than a few months ago, when analysts were projecting a 4.7% decline at the end of March. Of the companies issuing guidance, 67 have reported negative guidance while just 46 have issued positive guidance.
June Inflation Reports
We’ll get the latest inflation figures on Wednesday with the June Consumer Price Index (CPI). Consumer prices are projected to have risen 0.3% last month. Year-over-year, they were likely up 3.6%, decelerating from 4% in May and marking the slowest annual pace since March 2021. Core prices, which exclude volatile food and energy costs, likely rose 0.4% from May and 5.2% from a year earlier.
The Producer Price Index (PPI), tracking inflation from the standpoint of manufacturers and wholesalers, will follow on Thursday. Producer prices are projected to have risen 0.2% last month, after falling 0.3% in May. They were likely up just 0.2% from a year ago, which would mark the smallest annual increase since September 2020, and compared to a peak of 11.7% in March of last year.
Monday, July 10
WD-40 Company (WDFC) and PriceSmart Inc. (PSMT) report earnings
Wholesale Inventories (May)
Consumer Inflation Expectations (Jun)
Used Car Prices (Jun)
Tuesday, July 11
NFIB Business Optimism Index (Jun)
IBD/TIPP Economic Optimism Index (Jul)
Euro Area ZEW Economic Sentiment Index (Jul)
Wednesday, July 12
Washington Federal Inc. (WAFD), Winmark Corp. (WINA), and MillerKnoll Inc. (MLKN) report earnings
Consumer Price Index (CPI) Inflation (Jun)
Fed Beige Book Release
China Trade Balance (Jun)
Thursday, July 13
PepsiCo. (PEP), Cintas Corp. (CTAS), Fastenal Company (FAST), Delta Air Lines (DAL), and ConAgra Brands Inc. (CAG) report earnings
Producer Price Index (PPI) Inflation (Jun)
U.K. Gross Domestic Product - MoM Rate (May)
Friday, July 14
UnitedHealth Group (UNH), JPMorgan Chase (JPM), Wells Fargo & Company (WFC), BlackRock (BK), Citigroup (C), State Street Corporation (STT), and Ericsson (ERIC) report earnings
University of Michigan Consumer Sentiment Index - Preliminary Reading (Jul)
Earnings Season Kicks Off
Earnings season starts next week with reports from big banks and financial firms including JPMorgan Chase, Wells Fargo, Citigroup, and BlackRock. Bank of America, Morgan Stanley, and Goldman Sachs will report the following week. We can also expect earnings from UnitedHealth Group, Delta Air Lines, and Pepsi Company next week, among others.
Earnings for S&P 500 companies are projected to have fallen 6.8% in the second quarter, which would mark the steepest decline since the onset of the COVID-19 pandemic, according to FactSet research. It’s a more pessimistic outlook than a few months ago, when analysts were projecting a 4.7% decline at the end of March. Of the companies issuing guidance, 67 have reported negative guidance while just 46 have issued positive guidance.
June Inflation Reports
We’ll get the latest inflation figures on Wednesday with the June Consumer Price Index (CPI). Consumer prices are projected to have risen 0.3% last month. Year-over-year, they were likely up 3.6%, decelerating from 4% in May and marking the slowest annual pace since March 2021. Core prices, which exclude volatile food and energy costs, likely rose 0.4% from May and 5.2% from a year earlier.
The Producer Price Index (PPI), tracking inflation from the standpoint of manufacturers and wholesalers, will follow on Thursday. Producer prices are projected to have risen 0.2% last month, after falling 0.3% in May. They were likely up just 0.2% from a year ago, which would mark the smallest annual increase since September 2020, and compared to a peak of 11.7% in March of last year.