The Nasdaq Composite closed at a record high last week, while the S&P 500 finished a fraction of a point away from a closing milestone of its own. The Dow Jones Industrial Average has yet to top its December high.
Earnings season is finally winding down, but key updates on inflation loom in the week ahead.
Barrick Mining and Oklo report quarterly results on Monday, followed by Cardinal Health, Cava Group, CoreWeave, Madison Square Garden Sports, On Holding, and Rigetti Computing on Tuesday. Cisco Systems, Coherent, and Venture Global results are due out Wednesday. Thursday's earnings lineup includes Applied Materials, Deere, JD.com, NetEase, Nu Holdings, and Tapestry.
The Bureau of Labor Statistics will release the consumer price index for July on Tuesday, followed by the July producer price index on Wednesday. Economists polled by FactSet forecast that the CPI rose 2.8% year over year, while the PPI rose 2.5%.
The National Federation of Independent Business will release its Small Business Optimism Index for July on Tuesday. On Friday, Wall Street will get retail sales data for July from the Census Bureau and the University of Michigan's Consumer Sentiment survey for August.
Monday 8/11
Barrick Mining, Franco-Nevada, monday.com, and Oklo report earnings.
Tuesday 8/12
Cardinal Health, Cava Group, Circle Internet Group, CoreWeave, Madison Square Garden Sports, On Holding, and Rigetti Computing release quarterly results.
The National Federation of Independent Business releases its Small Business Optimism Index for July. Economists forecast a 98.2 reading, little changed from June's 98.6 and right in line with the long-term average.
The Bureau of Labor Statistics releases the consumer price index for July. Consensus estimate is for a 2.8% year-over-year increase, one-tenth of a percentage point more than in June. The core CPI, which excludes food and energy prices, is expected to rise 3%, compared with 2.9% previously. Traders have priced in a 90% chance of an interest-rate cut at the Federal Open Market Committee's mid-September meeting, up from 40% before the release of the Aug. 1 jobs report, which showed a weakening labor market. But with two CPI prints before the FOMC meeting expected to show accelerating inflation, the other side of the Fed's dual mandate will help determine whether Wall Street and the White House get the rate cut they covet.
Wednesday 8/13
Cisco Systems, Coherent, and Venture Global announce earnings.
Thursday 8/14
Applied Materials, Deere, JD.com, NetEase, Nu Holdings, and Tapestry report quarterly results.
The BLS releases the producer price index for July. Expectations are for a 2.5% year-over-year rise, two-tenths of a percentage point more than in June. The core PPI is seen increasing 2.9% compared with 2.6% previously.
Friday 8/15
The Census Bureau reports retail sales data for July. Economists forecast a 0.5% month-over-month increase, after a 0.6% gain in June. Excluding autos, retail sales are seen rising 0.3%, half of June's gain.
The University of Michigan releases its Consumer Sentiment survey for August. The consensus call is for a 61.7 reading, matching the July figure. Consumer expectations of the year-ahead inflation was a still-high 4.5% in July, but well below the 6.6% hit in May.
