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It will be a holiday-shortened trading week with a handful of major earnings reports, economic data releases and two days of congressional testimony from Federal Reserve Chairman Jerome Powell. US stock and bond markets will be closed Monday on June 19, National Independence Day.
Once Wall Street returns,
fedex
reports on Tuesday, followed by
Dard Restaurants
,
Set of facts and
Accenture
Thursday, then
CarMax
Friday.
There will be a lot of data this week on the state of the US housing market. On Monday, the National Association of Home Builders releases its Housing Market Index for June. The Census Bureau releases home construction data for May on Tuesday and the National Association of Realtors reports existing home sales for May on Thursday.
The Conference Board will also release its leading economic index for May on Thursday.
Fed Chairman Powell will deliver semiannual testimony to the House Financial Services Committee on Wednesday and to the Senate Banking Committee on Thursday.
The Bank of England will announce a monetary policy decision on Thursday, with markets forecasting a 13th consecutive interest rate hike.
monday 6/19
Equities and fixed income securities markets are closed on June 16 National Independence Day.
Raytheon Technologies
organizes a meeting of investors in Paris coinciding with the Paris Air Show.
The national association of Home Builders releases its Housing Market Index for June. The consensus estimate is for a neutral reading of 50, matching the May data. The index has risen for five consecutive months and hit the midpoint of 50 for the first time since July 2022 as limited existing inventory boosted homebuilder confidence.
tuesday 6/20
FedEx reports fourth quarter fiscal 2023 results.
The Census Bureau releases data on residential construction for the month of May. Economists forecast a seasonally adjusted annual rate of 1.4 million housing starts, roughly equal to April.
Wednesday 06/21
Fed Chairman Jerome Powell appears before the House Financial Services Committee for the Fed’s semi-annual monetary policy report. Powell will next testify before the Senate Banking Committee on Thursday.
dollar tree
is hosting its 2023 Investor Conference in Norfolk, Virginia.
Equinix is holding its 2023 Analyst Day.
Thursday 22/06
Accenture, Darden Restaurants and FactSet are holding conference calls to discuss revenue.
NRG Energy
is organizing its 2023 investor day.
The Bank of England announces its monetary policy decision. The central bank is virtually guaranteed to raise its key rate for a 13th consecutive meeting, most likely by a quarter of a percentage point to 4.75%. The UK has one of the highest inflation rates among developed countries, and traders expect at least four more interest rate hikes by the end of the year after the next meeting.
The conference board publishes its main economic index for the month of May. The index is expected to fall 0.4% month-over-month and has fallen for 13 consecutive months. The Conference Board continues to predict a mild recession from mid-2023, despite stronger-than-expected economic data in recent weeks pushing the S&P 500 index to its highest level since April 2022.
The national association of Realtors reports existing home sales for the month of May. The consensus call is for a seasonally adjusted annual rate of 4.25 million homes sold, slightly less than in April. After falling for 12 consecutive months through January, existing home sales have rebounded, though they remain well below historic levels.
Friday 23/06
CarMax Reports First Quarter Fiscal 2024 Results
DexCom is holding its 2023 Investor Day.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com