Consumer inflation data, Amazon stock split and Yellen testimony topping next week
Co-Managing Director of Strategic Funds Marc Lopresti and Recruiting.com CEO Evan Sohn analyze the state of the economy and its impact on employment after strong jobs reports in May.
Consumer inflation will be the main economic focus this coming week along with another round of corporate earnings and what could be more volatility in US stocks.
On Friday, the Nasdaq Composite Index fell 2.4%, the S&P 500 Index fell 1.6%, and the Dow Jones Industrial Average fell more than 1%, or 349 points. The 10-year Treasury yield rose to 2.955% as investors anticipate more rate hikes from the Federal Reserve.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| Me: DJI | Dow Jones averages | 32899.7 | -348.58 | -1.05% |
| SP500 | Standard & Poor’s 500 | 4108.54 | -68.28 | -1.63% |
| I: COMP | Nasdaq Composite Index | 12012.733912 | -304.16 | -2.47% |
FOX Business takes a look at upcoming events likely to move financial markets in the coming days.
Monday 6/6
Apple will also hold its annual Worldwide Developers Conference, which will showcase the latest innovations in iOS, iPadOS, macOS, watchOS, and tvOS. The event will run through Friday.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| AAPL | Apple company | 145.38 | -5.83 | -3.86% |
The split Amazon shares will also begin trading after a 20-for-1 adjustment. Investors registered on May 27, 2022 will receive an additional 19 shares for each share held.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 2,447.00 | -63.22 | -2.52% |
Tuesday 6/7
Profits will rise on Tuesday with Chico’s FAS, Cracker Barrel, JM Smucker, REV Group and United Natural Foods ahead of the market opening. Meanwhile, Casey General Stores will highlight earnings after the bell.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| CHS | CHICO’S FAS INC. | 4.83 | -0.04 | -0.82% |
| CBRL | CRACKER BARREL OLD COUNTRY STORE INC. | 99.65 | -2.47 | -2.42% |
| SJM | JM SMUCKER COMPANY. | 122.77 | -0.27 | -0.22% |
| REVG | REV INC . group | 12.02 | -0.23 | -1.84% |
| UNFI | United Natural Food Company | 44.42 | +0.56 | + 1.28% |
| bag | CASEY’S GENERAL STORES INC. | 211.68 | +0.73 | + 0.35% |
On the economic data front, investors will be digesting the international trade deficit and consumer credit. On Capitol Hill, the Senate will hold a hearing on the growing threat of ransomware and ransomware attacks enabled by cryptocurrency.
Wednesday 6/8
Gains on Wednesday’s agenda will include Brown-Forman, Campbell Soup, J. Jill, Ollie’s Bargain Outlet and Vera Bradley before the market opens and five below after the bell.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| BF.B | Brown Foreman Company. | 66.17 | 0.00 | 0.00% |
| CPB | Campbell’s Soup Company | 45.70 | -0.13 | -0.28% |
| generation | J Jill Inc. | 18.05 | -0.32 | -1.74% |
| OLLI | OLLIE’S BARGAIN OUTLET HOLDINGS INC. | 47.39 | +0.37 | + 0.79% |
| VRA | Vera Bradley Company | 6.74 | -0.11 | -1.61% |
| five | Five Below INC. | 130.85 | -0.55 | -0.42% |
Wednesday’s economic data will include Wholesale Inventories, Sales, Weekly Mortgage Applications and EIA Weekly Crude Oil Inventories. Oil hovered near $120 a barrel with gas prices continuing to approach $5.00 a gallon nationally.
Treasury Secretary Janet Yellen speaks during a Senate Banking Committee hearing on Capitol Hill, Washington, Tuesday, November 30, 2021 (AP Photo/Andrew Harnik) (AP Photo/Andrew Harnik/AP Newsroom)
Treasury Secretary Janet Yellen will also testify before the House Ways and Means Committee to discuss President Joe Biden’s fiscal budget for 2023.
Thursday 6/9
Closing the week to profit will be Hooker Furniture, NIO, Signet Jewelers before the market open, Amphitheater rentals, and Stich Fix and Vail Resorts after the bell.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| Hoft | Hooker Furniture | 16.53 | -0.56 | -3.28% |
| NIO | NIO INC. | 18.11 | -0.72 | -3.82% |
| SIG | Signet Jewelery Limited. | 62.58 | -0.27 | -0.43% |
Meta platforms, formerly known as Facebook, will also start trading under a new ticker symbol, “META,” before the market opens.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| FB | META PLATFORMS INC. | 190.78 | -8.08 | -4.06% |
As for economic data, investors will be watching the latest news on initial and continuing jobless claims.
Friday 6/10
Ending the week with economic data will be the CPI which is expected to stabilize at 8.3% which is the highest level in 40 years.
In addition, the University of Michigan Consumer Sentiment Index will be released.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| save | Spiritual Airlines Company | 20.74 | -0.37 | -1.75% |
| ULCC | Front group holding | 9.81 | -0.43 | -4.20% |
| JBLU | JetBlue Airways Corporation. | 10.47 | -0.06 | -0.57% |
Spirit Airlines shareholders will also vote on a deal to merge with Frontier Airlines. The deal estimates Spirit with a fully diluted equity value of $2.9 billion and a transaction value of $6.6 billion when accounting for the assumption of net debt and operating lease obligations. JetBlue is also trying to win the carrier.
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