The Federal Reserve's preferred measure of inflation and several major corporate earnings reports will be this week's highlights.
Investors will get more insight into the artificial intelligence landscape as investor darling Nvidia hosts its shareholder meeting on Wednesday.
Carnival and FedEx release results on Tuesday, followed by Micron Technology and General Mills on Wednesday. Nike, McCormick, and Walgreens Boots Alliance report on Thursday.
CNN will host a debate between former President Donald Trump and President Joe Biden Thursday, their first face-off in a contentious and tightly contested race for the White House.
On Friday, the Bureau of Economic Analysis will publish the personal consumption expenditures price index for May. The headline and core indexes are both forecast to be up 2.6% from a year earlier.
Other economic data to watch this week will include the Conference Board's Consumer Confidence Index for June on Tuesday, the Census Bureau's durable goods report for May on Thursday, and a variety of housing-market indicators.
Tuesday 6/25
Carnival and FedEx report quarterly results.
The Conference Board releases its Consumer Confidence Index for June. Consensus estimate is for a 102.5 reading, slightly higher than in May.
The Federal Housing Finance Agency releases its House Price Index for April. Home prices rose 6.6% in the first quarter compared to a year earlier, and 1.1% in the first three months of the year, according to the FHFA.
Wednesday 6/26
General Mills, Jefferies Financial Group, Levi Strauss, Micron Technology, and Paychex report earnings.
Nvidia executives will host the chipmaker's annual shareholder meeting on Wednesday 9:00 AM PT. The meeting comes as the chipmaker's rise in share price has pushed its market value to more than $3 trillion as the company capitalizes on interest in its AI products.
The Census Bureau reports new residential sales data for May. Economists forecast a seasonally adjusted annual rate of 650,000 new single-family houses sold, 16,000 more than in April.
Thursday 6/27
McCormick, Nike, and Walgreens Boots Alliance hold conference calls to discuss quarterly results.
The Bureau of Economic Analysis releases its third and final estimate of first-quarter gross domestic product growth. The consensus call is for first-quarter GDP to have grown at a seasonally adjusted annual rate of 1.3%, unchanged from the BEA's previous estimate.
The Census Bureau releases the durable goods report for May. New orders for manufactured durable goods are expected to increase 0.2% month over month to $285 billion.
The National Association of Realtors releases its Pending Home Sales Index, a leading indicator of housing activity, for May. Economists forecast a 2.3% month-over-month increase for the index, following a 7.7% decline in April.
President Biden will debate former President Trump on June 27 at 9 p.m. EDT.
Friday 6/28
The BEA releases the personal consumption expenditures price index for May. Consensus estimate is for the PCE price index to increase 2.6% year over year, one-tenth of a percentage point less than in April. The core PCE, which excludes volatile food and energy prices, is also expected to rise 2.6%, two-tenths of a percentage point less than previously. April's 2.8% annual increase in core PCE, the Federal Reserve's favored inflation gauge, was the lowest since March of 2021.
The Institute for Supply Management releases the Chicago Business Barometer for June. The consensus call is for a 40 reading, almost five points more than in May. The index has declined six consecutive months and is at its lowest level since May 2020.
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