Consumer inflation data, Amazon stock split, Yellen testimony tops week ahead
Marc Lopresti, co-CEO of Strategic Funds, and Evan Sohn, CEO of Recruiting.com, unpack the state of the economy and its impact on hiring following strong employment reports in May.
Consumer inflation will be a major economic concern this coming week, along with another round of corporate earnings and what could be more volatility for US equities.
The Nasdaq Composite on Friday fell 2.4%, the S&P 500 lost 1.6% and the Dow Jones Industrial Average fell more than 1% or 349 points. The 10-year Treasury yield hit 2.955% as investors anticipate further rate hikes by the Federal Reserve.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 32899.7 | -348.58 | -1.05% |
| SP500 | S&P500 | 4108.54 | -68.28 | -1.63% |
| I: COMP | NASDAQ COMPOSITE INDEX | 12012.733912 | -304.16 | -2.47% |
FOX Business takes a look at the next events likely to move Financial markets in the coming days.
Monday 6/6
Apple will also host its annual Worldwide Developers Conference, which will showcase the latest innovations from iOS, iPadOS, macOS, watchOS and tvOS. The event will continue until Friday.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 145.38 | -5.83 | -3.86% |
Amazon’s split shares will also begin trading after a 20-to-1 adjustment. Investors of record as of May 27, 2022 will receive an additional 19 shares for each share held.
| Teleprinter | Security | Last | To change | To 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 before the market opens. Meanwhile, Casey’s General Stores will be in the spotlight after the bell.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| CHS | CHICO’S FAS INC. | 4.83 | -0.04 | -0.82% |
| CBRL | CRACKER BARREL OLD COUNTRY INC. STORE | 99.65 | -2.47 | -2.42% |
| SJM | THE JM SMUCKER CO. | 122.77 | -0.27 | -0.22% |
| REVG | REV GROUP INC | 12.02 | -0.23 | -1.84% |
| UNFI | UNITED NATURAL FOODS INC. | 44.42 | +0.56 | +1.28% |
| CASY | CASEY’S GENERAL STORES INC. | 211.68 | +0.73 | +0.35% |
On the economic data front, investors will digest the international trade deficit and consumer credit. On Capitol Hill, the Senate will hold a hearing on the growing threat of ransomware attacks and ransom payments enabled by cryptocurrency.
Wednesday 6/8
Earnings on Wednesday’s schedule will include Brown-Forman, Campbell Soup, J. Jill, Ollie’s Bargain Outlet and Vera Bradley before market open and Five Below after the bell.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| BF.B | BROWN FORMAN CORP. | 66.17 | 0.00 | 0.00% |
| pcb | CAMPBELL SOUP CO. | 45.70 | -0.13 | -0.28% |
| Jill | J. JILL INC. | 18.05 | -0.32 | -1.74% |
| OLI | OLLIE’S BARGAIN OUTLET HOLDINGS INC. | 47.39 | +0.37 | +0.79% |
| TRUE | VERA BRADLEY INC. | 6.74 | -0.11 | -1.61% |
| FIVE | FIVE BELOW INC. | 130.85 | -0.55 | -0.42% |
Wednesday’s economic data will include inventories and wholesales, weekly mortgage applications and weekly crude inventories from the Energy Information Administration. Oil hovered around $120 a barrel as gasoline prices continue to approach $5.00 a gallon nationwide.
Treasury Secretary Janet Yellen speaks during a Senate Banking Committee hearing on Capitol Hill in Washington, Tuesday, Nov. 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 year 2023 budget.
Thursday 6/9
Hooker Furniture, NIO and Signet Jewelers before market open and Rent the Runway, Stich Fix and Vail Resorts after the bell will close out the week for gains.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| HOFT | HOOKER FURNITURE | 16.53 | -0.56 | -3.28% |
| NIO | NIO INC. | 18.11 | -0.72 | -3.82% |
| GIS | SIGNET JEWELERS LTD. | 62.58 | -0.27 | -0.43% |
Meta Platforms, formerly Facebook, will also begin trading under a new ticker symbol, “META”, before the market opens.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| META PLATFORMS INC. | 190.78 | -8.08 | -4.06% | |
As for economic data, investors will be watching the latest initial and continuing unemployment insurance claims.
Friday 6/10
The end of the week for economic data will be the consumer price index which is expected to hold steady at 8.3%, a 40 year high.
Additionally, the University of Michigan Consumer Sentiment Index will be released.
| Teleprinter | Security | Last | To change | To change % |
|---|---|---|---|---|
| TO REGISTER | SPIRIT AIRLINES INC. | 20.74 | -0.37 | -1.75% |
| ULCC | FRONTIER GROUP HOLDINGS | 9.81 | -0.43 | -4.20% |
| JBLU | JETBLUE AIRWAYS CORP. | 10:47 | -0.06 | -0.57% |
Spirit Airlines shareholders will also vote on a merger deal with Frontier Airlines. The transaction values Spirit at a fully diluted equity value of $2.9 billion and a transaction value of $6.6 billion after taking into account the assumption of net debt and operating lease liabilities . JetBlue is also trying to win over the carrier.
