As of Friday's close the S&P 500 index had eked out its seventh weekly gain, its longest weekly winning streak since late 2023. The index finished up 0.1%, despite a Friday slump, after posting record-high closes on Monday, Wednesday, and Thursday.
All this despite two hotter-than-expected inflation readings, which pushed up bond yields. The yield on 30-year Treasuries hit 5.13% Friday, the highest level since June of 2007. That's a tough environment for incoming Fed Chair Kevin Warsh, who has echoed President Donald Trump's calls for lower interest rates.
Although only 17 S&P 500 companies will report earnings this week, two names in particular will deliver a big impact: Nvidia, the world' most valuable company, will announce results on Wednesday, and consumer bellwether Walmart will report on Thursday.
We will also see results from Home Depot on Tuesday, Lowe's and Target on Wednesday, and Deere on Thursday.
This week's light economic calendar will bring some housing-related updates. On Tuesday, the National Association of Realtors will report pending home sales, and on Thursday, the Census Bureau will release residential construction statistics. S&P Global will release its Manufacturing and Services Purchasing Managers' Indexes, also on Thursday.
Monday 5/18
The National Association of Home Builders releases its Housing Market Index for May. Consensus estimate is for a 34 reading, matching the April figure. Readings below 50 below indicate homebuilders have a dour outlook for the single-family housing market in the near term.
Tuesday 5/19
Cava Group, Home Depot, Keysight Technologies, and Toll Brothers report quarterly results.
The National Association of Realtors releases its Pending Home Sales Index for April. Economists forecast a 1.4% month-over-month increase, similar to the March gain. The PHSI is a leading indicator of housing activity as it measures housing contract activity for existing single-family homes, condominiums, and co-ops.
Wednesday 5/20
Analog Devices, e.l.f. Beauty, Hasbro, Intuit, Lowe's, Nordson, Nvidia, Target, and TJX Cos. announce earnings.
The Federal Open Market Committee releases the minutes from its late-April monetary-policy meeting. At that confab, the FOMC left the federal-funds rate unchanged at 3.50% to 3.75%.
Fed Chair Jerome Powell's last meeting in that role, after having led the central bank for more than eight years. Powell's successor, Kevin Warsh, was confirmed by the Senate this past week.
Thursday 5/14
Copart, Deckers Outdoor, Deere, Ralph Lauren, Ross Stores, Take-Two Interactive Software, Walmart, Workday, and Zoom Communications report quarterly results.
The Census Bureau reports residential construction data for April. Consensus estimate is for a seasonally adjusted annual rate of 1.4 million privately-owned housing starts, roughly 100,000 fewer than in March.
S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for May. Economists forecast a 53.6 reading for the Manufacturing PMI and a 51.3 for the Services PMI. This compares with readings of 54.5 and 51, respectively, in April.
Friday 5/15
BJ's Wholesale Club Holdings and Booz Allen Hamilton Holding release earnings.
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