Economic Data

Today, be on the lookout for May’s durable goods orders. These include long-lasting manufactured products, including transportation items. In April, new orders for durable goods rose 0.4% to $265.3 billion, which failed to meet analyst expectations. May’s pending home sales index is also due, which is a forward-looking indicator based on contact signings. In April the index declined 3.9% potentially due to rising mortgage rates, which forces more would-be buyers to the sidelines.

Tomorrow, June’s consumer confidence index is due from the Conference Board. May’s index slipped from April to hit a three-month low. Analysts blame that on persistent inflation which has weakened Americans’ buying power. The S&P Case-Shiller US home price index will be released for April, tracking the change in prices on an annualized basis. Home prices rose 20% year-over-year in March, despite the recent rise in mortgage rates.

Wednesday, the Mortgage Bankers Association will publish weekly mortgage applications as well as the average rate on a 30-year fixed mortgage. Last week applications for mortgages went up 4.2%, all while the average rate on a fixed loan checked in at its highest level since 2008.

Thursday, the May PCE or Personal Consumption Expenditures index will be released. This is the Federal Reserve’s preferred inflation gauge. In April the core PCE, which strips out highly volatile food and energy prices, rose 4.9% from a year ago. Some economists contend that indicates inflation is slowing. Also watch for initial and existing jobless claims. Initial clams are down near historic lows in recent weeks as the labor market remains tight.

Friday, the ISM manufacturing PMI and the S&P Global US manufacturing PMI are due for June. ISM’s reading edged up in May which surprised analysts while S&P Global’s May reading showed a contraction. Construction spending for May is also due, after rising 0.2% in April.

Earnings

Today, sneaker and clothing apparel giant Nike (NKE) reports earnings at a time when the retail sector is in focus. Inflation has stretched many consumers thin, reducing demand and causing retail spending to decline in May. Reports also emerged last week that Nike is planning a full exit from Russia amid the war in Ukraine.

Tomorrow, biopharmaceutical company Beyond Air (XAIR) will announce its fiscal year 2022 results. The Long Island, New York-based maker of medical devices specializes in nitric oxide generator and delivery systems. Its LungFit system is in critical trials and aims to treat a variety of disorders including acute viral pneumonia as caused by COVID-19.

Wednesday, General Mills (GIS) will report earnings for both its fourth quarter and fiscal 2022 as a whole. Last week the food company announced it had closed a deal to acquire TNT Crust, which makes frozen pizza crusts that are sold nationally to a variety of clients including pizza chains.

Thursday, lighting and building management firm Acuity Brands (AYI) will hand in its latest report card. The company beat on profit during its last earnings call, while its share price hit a new one-year low two weeks ago.

Friday, French food services and facilities management company Sodexo (SDXAY) will release its third-quarter sales figures. Earlier this month Sodexo announced the US launch of a new ecommerce app called Everyday.

The Week Ahead at SoFi

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