Breakfast on Wall Street: The Week Ahead

Inflation will be in focus next week as market participants eagerly await Friday’s data on US personal income and spending for May. This report will contain a reading of the Personal Consumption Expenditures (PCE) Price Index, which is widely considered the Federal Reserve’s preferred inflation indicator. Economists expect core PCE to rise 0.1% month-on-month and 2.6% year-over-year, marking a deceleration in both areas compared to April. U.S. economic growth will also be in focus Thursday, as the second estimate of first-quarter gross domestic product growth is scheduled for release.

When it comes to the results calendar, there are a few big names in the spotlight. Carnival (CCL), the world’s largest cruise operator, and global economic barometer FedEx (FDX) will report quarterly results on Tuesday, followed on Wednesday by Betty Crocker and Cheerios parent company General Mills (GIS) and the manufacturer of Micron Technology (MU) memory chips, and pharmaceuticals. the Walgreens Boots Alliance (WBA) chain and the world’s largest shoemaker Nike (NKE) on Thursday.

Spotlight on results: Monday June 24 – Beyond Air (XAIR). View the full earnings schedule.

Spotlight on results: Tuesday June 25 – Baker Hughes (BKR), Carnival (CCL) and FedEx (FDX). View the full earnings schedule.

Spotlight on results: Wednesday June 26 – General Mills (GIS), Paychex (PAYX), Levi Strauss (LEVI), Micron (MU) and AeroVironment (AVAV). View the full earnings schedule.

Spotlight on results: Thursday June 27 – Nike (NKE), McCormick (MKC), Walgreens Boots Alliance (WBA) and Acuity Brands (AYI). View the full earnings schedule.

Volatility monitoring: Options trading volume has increased significantly on Barnes & Noble Education (NYSE:BNED). The most overbought stocks based on their 14-day relative strength index include Insmed (INSM), WalkMe (WKME), and DIH Holding (DHAI). The most oversold stocks based on their 14-day relative strength index include DLocal (DLO), Zentalis (ZNTL), and Seritage Growth Properties (SRG). Short interest is still very high in Phathom Pharmaceuticals (PHAT) and Cutera (CUTR) heading into next week’s action.

IPO Monitoring: South Korean media company WEBTOON Entertainment (WBTN), Australian natural gas exploration and production player Tamboran Resources (OTCPK: TBNRL), biopharmaceutical company OS Therapies (OSTX) and LandBridge (LB), focused on the Permian, are expected to begin trading during the week. Interestingly, LandBridge said it is continuing its cryptocurrency mining and data center operations due to its access to water, roads, fiber optic infrastructure and electricity as the owner of an oil field. Additionally, the post-IPO quiet period expires on Kindly MD (KDLY) to allow analysts to issue ratings.

Investor events: The events calendar includes Datadog’s (DDOG) annual Dash event in New York, which Bank of America has seen as a potential catalyst due to new product announcements and integrations that could further anchor Datadog in the data theme. AI. AeroVironment (AVAV) is also in the spotlight, with its investor day expected to include an update on the company’s portfolio and long-term goals.

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