Wall Street week ahead: Investors’ focus on inflation & retail sales data, Walmart earnings
Investors on Wall Street in the week ahead will look for two major economic data – consumer price inflation and US retail sales – apart from other reports and corporate earnings.
Both, inflation and retail sales data have the potential to influence the Federal Reserve’s monetary policy.
In earnings, retail giant Walmart and Home Depot among others will be in focus.
Economic events
On May 14 (Tuesday), a report on Producer Price Index (PPI) for April will be released.
On the same day, Fed Chair Jerome Powell will speak at an event.
On May 15 (Wednesday), data on Consumer Price Index (CPI) for April and US retail sales figures for April will be declared.
May 16 (Thursday) will see the release of industrial production data for April.
Earnings
Following companies are due to report quarterly earnings in the week ahead—
Petrobras, Tencent Music, Agilysys, Home Depot, Alibaba, Sony, Tencent Holdings, Flutter Entertainment, Cisco Systems, Grab Holdings, Spire Global, Hut 8, Walmart, Applied Materials, Deere, JD.com, Baidu, Take-Two Interactive, and Under Armour.
Tech events
Microsoft-backed OpenAI is expected to announce updates on Monday.
Alphabet’s Google will hold its annual I/O developer conference on May 14.
The company is expected to showcase its latest AI (artificial intelligence) tools and AI-linked enhancements to products.
US markets last week
US equity markets rose on Friday amid strong corporate earnings and hopes that the Federal Reserve interest rate cuts are near.
The Dow Jones Industrial Average rose 0.32%, the S&P 500 gained 0.17% and the Nasdaq Composite eased 0.03%.
The US dollar rose to 155.86 yen from 155.46 Japanese yen. The euro fell to $1.0774 from $1.0782.
The yield on the 10-year Treasury surged to 4.50% from 4.46%.
The benchmark US crude oil for June delivery fell $1 to $78.26 per barrel on Friday. Brent crude for July delivery lost $1.09 to $82.79 per barrel.
Gold for June delivery gained $34.70 to $2,375 per ounce. Silver for July delivery added 14 cents to $28.51 per ounce.
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Published: 12 May 2024, 09:41 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.