We’re past the peak of first-quarter earnings season, but with several notable companies still left to report next week. The economic-data highlights of the week will be a pair of inflation measures.
Monday’s highlights will include BioNTech,
Simon Property Group, and
Occidental Petroleum report on Tuesday, followed by Walt
Rivian Automotive, and
Toyota Motor on Wednesday.
Tapestry will release earnings on Thursday.
The economic calendar is headlined by the Bureau of Labor Statistics’ consumer price and producer price indexes for April. Those are forecast to rise by 8.1% and 10.6%, respectively, year over year.
Other data out next week will include the National Federation of Independent Business’ Small Business Optimism Index for April on Tuesday and the University of Michigan’s Consumer Sentiment Index for May on Friday.
Microchip Technology, Palantir Technologies, Simon Property Group, Tyson Foods, and Viatris report quarterly results.
Dentsply Sirona, Electronic Arts, Norwegian Cruise Line Holdings, Occidental Petroleum,
TransDigm Group, Welltower, and Wynn Resorts announce earnings.
Western Digital hold investor meetings.
The National Federation of Independent Business releases its Small Business Optimism Index for April. Consensus estimate is for a 92.4 reading, about one point less than in March. The March figure is the lowest for the index since April of 2020, as a labor shortage and surging inflation have dampened small-business owners’ enthusiasm.
Walt Disney reports second-quarter fiscal-2022 results. Shares of the entertainment behemoth have been the worst performer in the DJIA over the past year over concerns about spending on content.
Rivian Automotive, Steris, and Toyota Motor release quarterly results.
The Bureau of Labor Statistics releases the consumer price index for April. Expectations are for a 8.1% year-over-year reading, while the core CPI, which excludes volatile food and energy prices, is seen jumping 5.9%. This compares with increases of 8.5% and 6.5% respectively, in March. Wall Street is hoping for confirmation that inflation has peaked, even as economists and the Federal Reserve expect inflation to remain much higher for far longer than they did just six months ago.
Brookfield Asset Management,
Motorola Solutions, and Tapestry hold conference calls to discuss earnings.
Micron Technology and WestRock hold their 2022 investor days.
Verizon Communications host their annual shareholder meetings.
The BLS releases the producer price index for April. Consensus estimate is for a 10.6% year-over-year rise, compared with a 11.2% jump in March, which is the highest on record for index since the 12-month data were first calculated in late 2010. The core PPI is expected to increase 8.9%, after a 9.2% gain in March.
The Department of Labor reports initial jobless claims for the week ending on May 7. In April, jobless claims averaged just 184,000. They recently hit a more-than-five-decade low, despite a workforce that is more than twice as large now as it was then.
The University of Michigan releases its Consumer Sentiment Index for May. Economists forecast a 63.1 reading, about two point less than in April.
Write to Nicholas Jasinski at email@example.com