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Altrice Investment Co. Limited – What to Watch in the Coming Week in the US Markets
A couple of key events this week will be grabbing the attention of market watchers.
This week, 22 companies representing nearly 4% of the S&P 500 will be releasing results. Some big names include Home Depot, Kohl's and Nordstrom on Tuesday; Lowe's and Target on Wednesday; Best Buy on Thursday.
"Earnings are beating by 6.6%, with 72% of companies exceeding their bottom-line estimates. This compares to 5.4% and 71% over the past 3 years," Altrice Investment strategists wrote in a note Friday. "Companies beating on both the top- and bottom-lines have outperformed by 1.1%, while those missing on both have lagged by -3.2%. This compares to 1.8% and -3.4%, historically."
Meanwhile on Wednesday, the Federal Open Market Committee (FOMC) will be releasing its minutes from its last meeting at 2 p.m. ET. The Fed held interest rates steady at 2.25% to 2.50% and noted that inflation was running below its target of 2%.
Nevertheless, Fed Chairman Jerome Powell's comments during the press conference that some "transitory"
Investors will likely turn to the minutes released on Wednesday for additional clues as to what Powell could have meant when he alluded to transitory factors.
The minutes from the April/May FOMC meeting will likely provide additional context for the Committee's decision to adopt a consensus view of "transitory"
Monday: Chicago Fed National Activity Index, April (-0.15 prior)
Tuesday: Existing Home Sales month-on-month, April (5.35 million expected, 5.21 million prior)
Wednesday: MBA Mortgage Applications, week ended May 17 (-0.6% prior)
Thursday: Initial Jobless Claims, week ended May 18 (215,000 expected, 212,000 prior); Continuing Claims, week ended May 11 (1.670 million expected, 1.660 million prior); Bloomberg Consumer Comfort, week ended May 19 (59.9 prior), Markit US Manufacturing PMI, May (52.7 expected, 52.6 prior); Markit US Services PMI, May (53.4 expected, 53.0 prior); Markit US Composite PMI, May (53.0 prior); New Home Sales, April (675,000 expected, 692,000 prior)
Friday: Durable Goods Orders, April (-2.0% expected, +2.6% prior); Durable Goods Orders excluding Transportation, April (+0.2% expected, +0.3% prior)
Tuesday: AutoZone, Home Depot, J.C. Penney, Kohl's, TJX Companies before market open; Nordstrom; Toll Brothers, Urban Outfitters after market close
Wednesday: Advanced Auto Parts, Lowe's, Target, V.F. Corp before market open; L Brands after market close
Thursday: Best Buy, Hormel Foods before market open; Autodesk, Lions Gate, Ross Stores after market close
Friday: Foot Locker before market open
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