Although the financial calendar will cool down this week, a wave of retail earnings reports and economic data will keep traders busy.
Other earnings reports include Agilent Technologies, Cardinal Health, and Jack Henry & Associates on Tuesday, followed by Cisco Systems and Synposys on Wednesday. Applied Materials and Keysight Technologies report on Thursday. Deere, Estée Lauder, and Palo Alto Networks wrap up the week with reports set for Friday.
Retail Sales Data
The Census Bureau will put out retail sales data for July on Tuesday. The consensus estimate is for spending to rise 0.4% month over month following a 0.2% increase in June. Resilient consumers have powered the economy this year in the face of a contracting manufacturing sector.
Housing Market Index
The National Association of Home Builders will release its Housing Market Index for August on Tuesday, providing insight into the state of the housing market.
FOMC Meeting Minutes
On Wednesday, the Federal Open Market Committee will release the minutes from its late-July monetary-policy meeting. The FOMC raised the headline interest rate by 25 basis points. The FOMC is expected to keep interest rates steady at the September meeting, barring any inflationary surprises.
New Residential Construction Statistics
Also on Wednesday, the Census Bureau will report new residential construction statistics for July, offering valuable information about the state of the housing industry.
Leading Economic Index
The Conference Board will release its Leading Economic Index for July on Thursday. The consensus call is for a 0.3% month-over-month decline. The LEI has fallen for 15 straight months, and the Conference Board still expects the economy to slip into a recession later this year.
- Agilent Technologies, Cardinal Health, Home Depot, and Jack Henry & Associates release earnings.
Retail Sales Data for July
The Census Bureau releases retail sales data for July. The consensus estimate is for spending to rise 0.4% month over month, following a 0.2% increase in June. Despite a contracting manufacturing sector, resilient consumers have been powering the economy this year.
Housing Market Index for August
The National Association of Home Builders releases its Housing Market Index for August. Expectations are for a reading of 54.5, slightly lower than in July. Surprisingly, homebuilders’ sentiment has been on the rise this year, despite 30-year mortgage rates near 7%. A slowdown in existing-home sales has generated a surge in demand for new homes.
On Wednesday, Cisco Systems, Synposys, Target, and TJX Cos. will be announcing their quarterly results.
The Federal Open Market Committee will also release the minutes from its late-July monetary-policy meeting. At that meeting, the FOMC raised the federal-funds rate by a quarter of a percentage to 5.25%-5.50%. This is widely expected to be the last interest-rate hike for this cycle, according to the majority of traders.
The Census Bureau will report new residential construction statistics for July. Economists forecast a seasonally adjusted annual rate of 1.44 million privately-owned housing starts, which is roughly in line with the June data.
On Thursday, Applied Materials, Keysight Technologies, Ross Stores, Tapestry, and Walmart will hold conference calls to discuss their earnings.
The Conference Board will release its Leading Economic Index for July. The consensus call is for a 0.3% month-over-month decline. Despite the index falling for 15 straight months, the Conference Board still expects the economy to slip into a recession later this year.
On Friday, Deere, Estée Lauder, and Palo Alto Networks will be reporting their quarterly results.