It will be a holiday-shortened week for U.S. investors, with a handful of earnings reports, economic data updates, and monetary policy decisions abroad. Markets will be closed on Wednesday in observance of Juneteenth National Independence Day.
Homebuilders Lennar and KB Home will release their latest results on Monday and Tuesday, respectively. Accenture, Darden Restaurants, and Kroger report on Thursday, then CarMax on Friday.
The Census Bureau will release May retail sales data on Tuesday. On Friday, S&P Global will publish its Manufacturing and Services Purchasing Managers’ Indexes for June.
On Thursday, both the Bank of England and the Swiss National Bank will announce monetary policy decisions. The SNB is expected to follow up a March cut with a second quarter-point decrease. The Bank of England is forecast to hold its benchmark rate target steady.
Monday 6/17
Lennar reports second-quarter fiscal 2024 results.
Tuesday 6/18
KB Home releases second-quarter fiscal 2024 earnings.
The Census Bureau reports retail and food services sales for May. Consensus estimate is for a 0.3% month-over-month rise to $707 billion. Retail sales were flat in April compared to March. Excluding autos, retail sales are expected to increase 0.2%, even with the April figure.
Wednesday 6/19
Equity and fixed-income markets are closed in observance of Juneteenth National Independence Day.
The National Association of Home Builders releases its Housing Market Index for June. Expectations are for a 45 reading, even with May.
Thursday 6/20
Accenture, Darden Restaurants, Jabil, and Kroger hold conference calls to discuss quarterly results.
The Bank of England and Swiss National Bank both announce their monetary-policy decisions.
Traders expect the Bank of England to keep its key short-term interest rate unchanged at 5.25%. Traders are pricing in a 75% chance that the Swiss National Bank will cut its main policy rate by a quarter of a percentage point to 1.25%. The SNB was the first major global central bank to cut rates this year, with a quarter-point cut in March.
The Census Bureau reports new residential construction statistics for May. Economists forecast a seasonally adjusted annual rate of 1.4 million privately owned housing starts, 40,000 more than in April.
Friday 6/11
CarMax and FactSet Research Systems announce earnings.
S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for June. The consensus call is for a 50.7 reading for the Manufacturing PMI and a 54.8 for the Services PMI. This compares with 51.3 and 54.8, respectively, in May.
The National Association of Realtors reports existing-home sales for May. Expectations are for a seasonally adjusted annual rate of 4.1 million homes sold, roughly even the April data.
The Conference Board releases its Leading Economic Index for May. Consensus estimate is for a 0.3% month-over-month decline, after a 0.6% drop in April.
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