U.S. inflation data and the first handful of second-quarter results will be the highlights for investors this week. Wall Street and Washington alike will hear from Federal Reserve Chair Jerome Powell, as he sits for two days of testimony before lawmakers.
Delta Air Lines and PepsiCo release earnings on Thursday, followed by several big banks on Friday: Bank of New York Mellon, Citigroup, JPMorgan Chase, and Wells Fargo all report.
The economic data highlight of the week will be the Bureau of Labor Statistics' consumer price index for June on Thursday. The consensus estimate calls for a 0.1% increase during the month, after the index was unchanged in May. The core CPI, which excludes food and energy components, is expected to be up 0.2%. The BLS will publish the June producer price index on Friday.
The Fed's Powell will deliver his Semiannual Monetary Policy Report to Congress this week. He'll start on Tuesday before the Senate Committee on Banking, before moving to the House Financial Services Committee on Wednesday.
Monday 7/8
The Federal Reserve releases consumer credit data for May. The consensus estimate is for total outstanding debt of $7.2 trillion, up from $6.4 trillion a month earlier.
Tuesday 7/9
The National Federation of Independent Business publishes its Small Business Optimism Index for June. The index reached its highest reading of the year in May.
Federal Reserve Chairman Jerome Powell will testify before the Senate Committee on Banking, Housing, and Urban Affairs as part of his Semiannual Monetary Policy Report to Congress.
Wednesday 7/10
Powell will appear before the House Financial Services Committee for his second day of semiannual testimony.
Thursday 7/11
Conagra Brands, Delta Air Lines, and PepsiCo report earnings.
The Bureau of Labor Statistics publishes the consumer price index for June. The consensus estimate calls for a 0.1% increase during the month, after the index was unchanged in May. The year-over-year increase is forecast to dip to 3.1%, two-tenths of a percentage point less than in May. The core CPI, which excludes food and energy components, is expected to be up 0.2% in June and 3.5% from a year earlier. The Fed has a 2% annual inflation target.
Friday 7/12
Bank of New York Mellon, Citigroup, Fastenal, JPMorgan Chase, and Wells Fargo release quarterly results.
Broadcom has scheduled its 10-for-1 stock split for after the close of trading on July 12; shares will begin trading on a split-adjusted basis as of the opening bell on July 15.
The BLS reports the producer price index for June. Consensus calls for an increase of 0.1%, following a decline of 0.2% in May. The year-over-year rise is forecast at 2.3%. The core PPI is expected to have climbed 0.2% last month and 2.5% from a year earlier -- both two-tenths of a percentage point more than in May.
The University of Michigan releases its Consumer Sentiment Index for July. Expectations are for a 68.5 reading, about even with June. Both readings would be well below the average from earlier this year.
