Investors are gearing up for another busy week of corporate earnings and key economic data after stocks notched their first weekly gain in a month.
The Dow Jones Industrial Average finished up more than 5.3%. Meanwhile, the S&P 500 and Nasdaq composite climbed more than 6% and 7%, respectively.
|I:DJI||DOW JONES AVERAGE||31500.68||+823.32||+2.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||11607.620416||+375.43||+3.34%|
Earnings and economic data will determine if the momentum continues as FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Nike and Jeffries Financial Group earnings will kick off the week. On the economic data front, investors will digest durable goods and pending home sales.
|JEF||JEFFERIES FINANCIAL GROUP INC.||27.88||+0.99||+3.68%|
Monday will also mark the first day of trading following FTSE Russell’s annual rebalancing of its indexes.
DOW JUMPS 825+ POINTS, COMPANIES REACT TO ROE V. WADE
Beyond Air will take the earnings spotlight after the bell on Tuesday after the release of its results and conference call was rescheduled from June 16.
Economic data in focus for Tuesday will include consumer confidence, the FHFA monthly home price index and the Case-Shiller monthly home price index. San Francisco Fed President Mary Daly also wants to participate in a virtual fireside chat hosted by LinkedIn.
On Friday, she exclusively told FOX Business that inflation was fighting the central bank’s top priority.
|CMG||CHIPOTLE MEXICAN GRILL INC.||1,329.02||+39.50||+3.06%|
On Capitol Hill, the House will hold a hearing on combating ransomware. Tuesday also marks the deadline to file a claim in a settlement against Chipotle for overcharging for delivery.
Earnings will ramp up on Wednesday with Barnes & Noble Education, Bed Bath & Beyond, General Mills, McCormick & Co, Paychex and Schnitzer Steel before the market open.
|BNED||BARNES & NOBLE EDUCATION INC COM||3.24||+0.17||+5.61%|
|BBBY||BED BATH & BEYOND INC.||7:00||-0.13||-1.82%|
|GIS||GENERAL MILLS INC.||70.63||+1.71||+2.48%|
|MKC||MCCORMICK & CO. INC.||87.75||+2.35||+2.75%|
|SCHN||SCHNITZER STEEL INDUSTRIES||32.91||+0.35||+1.07%|
Economic data on the docket will include the final reading on first-quarter GDP, weekly mortgage applications, and the Energy Information Administration’s weekly crude stocks.
Cleveland Fed President Loretta Mester will also participate in a panel on “The Role of Inflation Expectations in Monetary Policymaking” before the European Central Bank’s Forum on Central Banking.
Wednesday will also mark the first day of trading for Shopify following its 10-for-1 stock split.
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Wrapping up the week for earnings will be Constellation Brands and Walgreens Boots Alliance before the market open and Micron Technology after the bell.
|STZ||CONSTELLATION BRANDS INC.||245.94||+6.47||+2.70%|
|WBA||WALGREENS BOOTS ALLIANCE INC.||41.65||+0.76||+1.86%|
|MU||MICRON TECHNOLOGY INC.||58.44||+2.22||+3.95%|
As for economic data, investors will take in the Chicago PMI and the latest data on PCE inflation and initial and continuing jobless claims.
|SAVE||SPIRIT AIRLINES INC.||24.54||+0.71||+2.98%|
|ULCC||FRONTIER GROUP HOLDINGS||10.54||+0.65||+6.57%|
|JBLU||JETBLUE AIRWAYS CORP.||8.62||+0.47||+5.77%|
Spirit Airlines will hold a special meeting for shareholders to vote on its proposed merger with Frontier Airlines. The meeting, which was originally scheduled for June 10, was delayed to allow the airline to continue discussions with its shareholders, Frontier and Jet Blue Airways, which has issued a counter offer.
In addition, new guidelines on Apple’s App Store will require developers to offer in-app purchases for paid group events and in-app account deletion starting June 30. Bank of America’s minimum hourly wage hike to $22 per hour will also take effect.
Finishing out the week for economic data will be vehicle sales, construction spending and the ISM manufacturing PMI.
Elsewhere, the IRS will change the standard mileage rate for tax deductions for the remainder of 2022 and the European Central Bank will end bond buying.
In addition, Connecticut; Washington D.C.; Nevada; Oregon; Chicago and Cook County, Illinois; Montgomery County, Maryland; Minneapolis and St. Paul, Minnesota; and Berkeley, Emeryville, Los Angeles, Malibu, Pasadena, San Francisco, and Santa Monica, California will see increases to their minimum wages.