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US stock and bond markets will be closed Monday for Memorial Day. A busy week of earnings reports and labor market data will follow.
Earnings highlights will include the results of
Hewlett Packard Enterprise
And
HP
Inc.
Tuesday, then
Advanced auto parts
,
Soft
,
And
Selling power
Wednesday.
Broadcom
,
Dell Technologies
,
General dollar
,
And
lululemon
Athletica will report on Thursday.
On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for April. Economists expect a slight drop to 9.44 million job openings on the last working day of the month.
It’s before Jobs Friday. The BLS is expected to report a gain of 200,000 nonfarm payrolls in May, following an increase of 253,000 in April. The unemployment rate is expected to rise by a tenth of a point, to 3.5%.
Other economic data to watch this week include the Conference Board’s Consumer Confidence Index for May on Tuesday and the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Thursday.
Monday 05/29
Equities and fixed income securities markets are closed on Memorial Day.
tuesday 5/30
Hewlett Packard Enterprise, HP Inc. and U-Haul Holding release their quarterly results.
S&P CoreLogic Versions its national Case-Shiller home price index for March. The consensus estimate calls for a 1.5% year-on-year decline, following a 2% increase in February. House prices fell for seven straight months before rising 0.2% in February. The index is 4.9% below its record high of last June.
The conference board publishes its consumer confidence index for the month of May. Expectations are for a reading of 100, about a point lower than the April figure. The index is at its lowest level since last summer.
Wednesday 05/31
Advanced Auto Parts, Chewy,
CrowdStrike Holdings
,
NetApp,
Okta
,
and Salesforce announce their earnings.
Chevron
,
Exxon Mobil
,
Metaplatforms, and
walmart
hold their annual general meetings.
The Labor Office Statistics publishes the Job Wanted and Labor Turnover Survey. Economists believe there were 9.44 million vacancies on the last working day of April, down 150,000 from March. Job vacancies fell below 10 million in February for the first time since May 2021, a sign that a historically tight labor market is loosening.
The Supply Institute Management publishes the Chicago Business Barometer for the month of May. The consensus call is for a reading of 47, nearly two points down from April. The index has remained below the expansionary 50 level for eight consecutive months.
Thursday 6/1
Broadcom announces results for the second quarter of fiscal 2023. The chipmaker’s shares have risen 45% this year and hit a record high last week, boosted by the announcement of a multi-year, multi-billion dollar deal. dollars to provide 5G radio frequency components to
Apple
.
Cooper
Cos., Dell Technologies, Dollar General,
Hormel Foods
,
Lululemon Athletica,
MongoDB
,
And
Z-scale
hold conference calls to discuss quarterly results.
ADP press releases its May national jobs report. The economy is expected to add 170,000 private sector jobs, following an increase of 296,000 in April. The service sector continues to represent the bulk of job creation.
ISM press releases its index of manufacturing purchasing managers for the month of May. The consensus estimate is for a reading of 47.1, matching that of April.
Friday 6/2
BLS press releases the May employment report. Economists forecast a gain of 200,000 for non-farm payrolls, following an increase of 253,000 in April. The jobless rate is expected to climb to 3.5% from 3.4%, the lowest since 1969. Average hourly earnings are expected to rise 4.3% year-on-year, a tenth of a point of percentage less than in the previous count.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com