The S&P 500 had its fifth winning week in the past seven, clearing the 6000 level, and is now less than 2.5% away from its record close on Feb. 19. Investors cheered a better-than-feared jobs report that showed an increase of 139,000 in nonfarm payrolls. Even downward revisions of a total of 95,000 jobs for March and April didn't damp the mood on Wall Street.
The new week kicks off with Apple's Worldwide Developers Conference that runs from Monday through Friday. The Apple faithful are hoping for good news that can jump-start the shares of the iPhone maker. The stock is down 19% this year and has lost its crown as the most valuable company in the world, now trailing both Microsoft and Nvidia.
The consumer price index, released by the Bureau of Labor Statistics on Wednesday, one week before the Federal Open Market Committee announces its monetary policy decision, will garner much attention. With the labor market resilient and the core CPI above the FOMC's 2% target, the central bank looks likely to stand pat on interest rates.
Other economic data released this week include the Small Business Optimism index released by the National Federation of Independent Business on Tuesday. The BLS also releases the producer price index on Thursday, and the University of Michigan releases its Consumer Sentiment index on Friday.
Two megacap software companies release quarterly results on an otherwise quiet week for earnings. GameStop announces quarterly results on Tuesday, Chewy and Oracle on Wednesday, and Adobe on Thursday.
Monday 6/9
Casey's General Stores reports fourth-quarter fiscal 2025 earnings.
Apple's WWDC kicks off in Cupertino, Calif. The company is expected to introduce new iterations of operating systems for its various hardware platforms. The conference runs through Friday.
The Federal Reserve Bank of New York releases its Survey of Consumer Expectations for May. Consumers' year-ahead expectation for inflation was 3.63% in April, a 19-month high.
Tuesday 6/10
ASO, Core & Main, GameStop, GitLab, and J.M. Smucker report quarterly results.
The National Federation of Independent Business releases its Small Business Optimism Index for May. Consensus estimate is for a 95.9 reading, about even with the April data.
Wednesday 6/11
Chewy, Oracle, SailPoint, and Victoria's Secret release earnings.
The BLS releases the CPI for May. Economists forecast a 2.5% year-over-year increase, two-tenths of a percentage point more than in April. The core CPI, which strips out food and energy prices, is expected to rise 2.9%, compared with 2.8% previously. With the core CPI stubbornly above the Federal Reserve's 2% target, and the labor market still solid, the FOMC is likely to keep interest rates unchanged through the summer.
Thursday 6/12
Adobe and RH announce quarterly results.
The BLS releases the PPI for May. The consensus call is for 0.2% month-over-month increase, while the core PPI is seen rising 0.3%. This compares with declines of 0.5% and 0.4%, respectively, in April.
Friday 6/13
The University of Michigan releases the Consumer Sentiment index for June. Consensus estimate is for a 52 reading, roughly even with the May figure, which was the lowest since the summer of 2022. With equities rebounding sharply in May, consumer sentiment might see a commensurate bump as seen in the Conference Board's survey released in late last month.
