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A number of leading companies are expected to report results this week. Bank stress tests and inflation data will be other highlights.
Carnival reports on Monday, followed by
Walgreens
Alliance Boots Tuesday. Wednesday, Micron Technologies and
General Mills
publish the results, then
Nike
,
McCormick
,
And
Payment
go Thursday.
Constellation Brands
closes the week on Friday.
On Wednesday, the Federal Reserve will unveil the results of its annual stress test of America’s largest banks, including determining how much banks can return to shareholders through stock buybacks and dividends.
Economic data released this week will include the Census Bureau’s durable goods report for May and new home sales data for May, both on Tuesday.
The Bureau of Economic Analysis will also release personal income and spending data for the month of May on Friday. Economists expect to see a 0.4% increase in income and a 0.3% increase in spending last month. The Federal Reserve’s preferred measure of inflation, the core personal consumption expenditure price index, is expected to rise 4.7% from a year earlier, matching April.
Monday 26/06
Carnival reports second quarter fiscal 2023 results.
tuesday 6/27
Jefferies Financial Group
and Walgreens Boots Alliance announce their results.
Delta Airlines
is holding its 2023 Investor Day.
The Census Bureau publishes the durable goods report for the month of May. Economists forecast new orders for manufactured durable goods fell 1% from April to $280 billion.
The Census Bureau releases data on new home sales for the month of May. The consensus estimate is for a seasonally adjusted annual rate of 659,000 new single-family homes sold, 24,000 less than in April. The median selling price was $420,800 in April, down 15.3% from last October’s record high of nearly $500,000.
Wednesday 06/28
Micron Technology
reports third-quarter fiscal 2023 results. The company is expected to lose $1.58 per share on sales of $3.7 billion, compared to earnings of $2.59 per share on revenue of $8.6 billion a year earlier. Yet Micron stock has risen 31% this year on hopes that demand has bottomed out.
General Mills reports fourth quarter fiscal 2023 results.
The Federal Reserve publishes the results of its annual stress test of the nation’s largest lenders. The test is a key factor in determining how much banks can return to shareholders through share buybacks and dividends, as it defines the capital cushion banks must maintain to withstand a range of economic and market shocks. . Banks with assets of $100 billion or more are subject to the stress test, with large banks required to participate every year and banks with $100 billion to $250 billion in assets required to participate every other year. years.
Thursday 06/29
McCormick, Nike and Paychex hold conference calls to discuss revenue.
The Office of the Economy Analysis releases its third and final estimate of gross domestic product growth for the first quarter. GDP is expected to have grown at an annual rate of 1.4%, a tenth of a percentage point higher than the BEA’s second estimate from late May.
Friday 30/06
Constellation Brands Reports First Quarter Fiscal 2024 Results.
The BEA reports personal income and expenses for the month of May. The consensus call is that revenue is up 0.4% month over month, which is in line with April data. Spending is expected to rise 0.3%, after gaining 0.8% in April. The Federal Reserve’s preferred inflation indicator, the core personal consumption expenditure price index, is expected to rise 4.7% year-over-year, unchanged from April.
The Institute of Supply Management publishes the Chicago Business Barometer for June. Economists forecast a reading of 44.2, nearly four points higher than in May. The index had nine consecutive readings below the expansionary level of 50.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com