Although the financial calendar will cool down this week, a wave of retail earnings reports and economic data will keep traders busy.
Home Depot
kicks off a wave of retail results on Tuesday, followed by
Target
and
TJX
on Wednesday.
Ross Stores,
Tapestry,
and
Walmart
will report on Thursday.
Other earnings reports include
Agilent Technologies,
Cardinal Health,
and
Jack Henry & Associates
on Tuesday, followed by
Cisco
Systems and
Synposys
on Wednesday.
Applied Materials
and
Keysight Technologies
report on Thursday.
Deere,
Estée Lauder, and
Palo Alto Networks
wrap up the week with reports set for Friday.
The Census Bureau will put out retail sales data for July on Tuesday. The consensus estimate is for spending to rise 0.4% month over month following a 0.2% increase in June. Resilient consumers have powered the economy this year in the face of a contracting manufacturing sector. The National Association of Home Builders will also release its Housing Market Index for August.
On Wednesday, the Federal Open Market Committee will release the minutes from its late-July monetary-policy meeting. The FOMC raised the headline interest rate by 25 basis points. The FOMC is expected to keep interest rates steady at the September meeting, barring any inflationary surprises. Also on Wednesday, the Census Bureau will report new residential construction statistics for July.
The Conference Board will release its Leading Economic Index for July on Thursday. The consensus call is for a 0.3% month-over-month decline. The LEI has fallen for 15 straight months, and the Conference Board still expects the economy to slip into a recession later this year.
Tuesday 8/15
Agilent Technologies, Cardinal Health, Home Depot, and Jack Henry & Associates release earnings.
The Census Bureau releases retail sales data for July. Consensus estimate is for spending to rise 0.4% month over month following a 0.2% increase in June. Resilient consumers have powered the economy this year in the face of a contracting manufacturing sector.
The National Association of Home Builders releases its Housing Market Index for August. Expectations are for a 54.5 reading, slightly less than in July. Homebuilders’ sentiment has risen sharply this year despite 30-year mortgage rates near 7%, as a slowdown in existing-home sales has created a surge in demand for new homes.
Wednesday 8/16
Cisco Systems, Synposys, Target, and TJX Cos. announce quarterly results.
The Federal Open Market Committee releases the minutes from its late-July monetary-policy meeting. The FOMC raised the federal-funds rate at that meeting by a quarter of a percentage to 5.25%-5.50%, which the majority of traders expect to be the last interest-rate hike for this cycle.
The Census Bureau reports new residential construction statistics for July. Economists forecast a seasonally adjusted annual rate of 1.44 million privately-owned housing starts, roughly even with the June data.
Thursday 8/17
Applied Materials, Keysight Technologies, Ross Stores, Tapestry, and Walmart hold conference calls to discuss earnings.
The Conference Board releases its Leading Economic Index for July. The consensus call is for a 0.3% month-over-month decline. The LEI has fallen for 15 straight months, and the Conference Board still expects the economy to slip into a recession later this year.
Friday 8/18
Deere, Estée Lauder, and Palo Alto Networks report quarterly results.
—Dan Lam contributed to this article
Write to Connor Smith at connor.smith@barrons.com
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