Although the financial calendar will calm down this week, a flurry of retail earnings reports and economic data will keep traders busy.
A flurry of retail results begins on Tuesday, followed by
Will report on Thursday.
Other earnings reports include
Jacques Henry & Co
On Tuesday, it follows
Estee Lauder W
Palo Alto Networks
The week ended with reports set for Friday.
The Census Bureau will release retail sales data for July on Tuesday. It is estimated that spending will rise 0.4% month on month after a 0.2% increase in June. Resilient consumers have supported the economy this year in the face of a contracting manufacturing sector. The National Association of Home Builders will also release its August housing market index.
On Wednesday, the Federal Open Market Committee will release the minutes of its late July monetary policy meeting. The Federal Open Market Committee raised the key interest rate by 25 basis points. The FOMC is expected to hold interest rates steady at its September meeting, barring any inflationary surprises. Also on Wednesday, the Census Bureau will release new residential construction statistics for July.
The Conference Board will release its Leading Economic Index for July on Thursday. The consensus forecast is for a 0.3% decline month over month. LEI’s have fallen for 15 consecutive months, and the Conference Board still expects the economy to slip into recession later this year.
Agilent Technologies, Cardinal Health, Home Depot, and Jack Henry & Associates report earnings.
Census Bureau Retail sales data for July will be released. Consensus estimates are that spending will rise 0.4% on the month after a 0.2% increase in June. Resilient consumers have supported the economy this year in the face of a contracting manufacturing sector.
National Association of Home Builders The housing market index for the month of August was released. The forecast is for a reading of 54.5, just below July. Homebuilder sentiment has risen sharply this year despite 30-year mortgage rates near 7%, as a slowdown in existing home sales has fueled demand for new homes.
Cisco systemsSynposys, Target, and TJX Cos. Announce quarterly results.
Federal Open Market Committee The minutes of the monetary policy meeting will be released in late July. The FOMC raised the federal funds rate at that meeting by a quarter of a percentage point to 5.25%-5.50%, which the majority of traders expect will be the last rate hike of the cycle.
Census Bureau New residential construction statistics reports for the month of July. Economists expect a seasonally adjusted annual rate of 1.44 million privately owned buildings, roughly even with the June data.
Applied materialsAnd Keysight Technologies, Ross Stores, Tapestry and Walmart are holding conference calls to discuss earnings.
Conference board It released its leading economic indicator for the month of July. The consensus forecast is for a 0.3% decline month over month. LEI’s have fallen for 15 consecutive months, and the Conference Board still expects the economy to slip into recession later this year.
monastery, Estée Lauder and Palo Alto Networks report quarterly results.
Dan Lamm contributed to this article
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