It’s dead quiet on the earnings calendar this week. The handful of notable reports include Campbell Soup and Brown-Forman on Wednesday and Chewy on Thursday.
Pharma investors will be tuning in to the American Society of Clinical Oncology’s annual meeting on Monday, where Merck and Regeneron Pharmaceuticals will discuss their cancer drug pipelines, among other presentations. United Parcel Service holds an investor day on Wednesday, while BlackRock hosts one on Thursday.
Getting the most attention on the economic-data calendar this week will be the Bureau of Labor Statistics’ consumer price index for May on Thursday. Economists are forecasting a year-over-year rise of 4.6% for the headline index, after a 4.2% jump in April, and a 3.4% gain for core CPI, which excludes volatile food and energy prices. That’s after a 3% rise in April.
Other data out this week include a pair of sentiment surveys. The National Federation of Independent Business releases its Small Business Optimism Index for May on Tuesday, followed by the University of Michigan’s Consumer Sentiment Index for June on Friday. Both are expected to remain roughly even with the prior months’ readings.
Monday 6/7
Coupa Software and Marvell Technology release quarterly results.
Merck and Regeneron Pharmaceuticals discuss their cancer drug pipelines at the American Society of Clinical Oncology annual meeting.
The Federal Reserve reports consumer credit data for April. In March, total outstanding consumer credit rose at a seasonally adjusted annual rate of 7.4%, to $4.24 trillion. Last year, consumer credit fell for the first time since 2009, as parts of the economy shuttered due to the pandemic.
Tuesday 6/8
Ecolab hosts a conference call, led by its CEO, Christophe Beck, to discuss the company’s ESG strategy.
The National Federation of Independent Business releases its Small Business Optimism Index for May. Consensus estimate is for a 100.5 reading, slightly higher than April’s 99.8 figure.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey for April. Expectations are for 8.1 million job openings on the last business day of April, roughly even with the March data. Job openings are at their peak since the data were first collected in December 2000.
Wednesday 6/9
Brown-Forman and Campbell Soup announce quarterly results.
United Parcel Service holds its 2021 investor and analyst day.
Thursday 6/10
The European Central Bank announces its monetary-policy decision. The ECB is widely expected to keep its short-term rate at negative 0.5%, but it might scale back its 1.85 trillion euro pandemic emergency purchasing program.
Chewy holds a conference call to discuss earnings.
BlackRock holds its 2021 investor day.
The BLS reports the consumer price index for May. Economists forecast a year-over-year rise of 4.6%, after a jump 4.2% in April. The core CPI, which excludes volatile food and energy prices, is expected to gain 3.4%, compared with 3% in April. The 4.2% increase in April was the highest since the summer of 2008, and inflation has become the topic du jour on Wall Street.
The Federal Reserve releases the first-quarter Financial Accounts of the U.S., which tracks household net worth. At the end of last year, total household net worth stood at an all-time high of $130.4 trillion, an increase of more than $12 trillion from 2019.
Friday 6/11
The University of Michigan releases its Consumer Sentiment Index for June. Consensus estimate is for an 83 reading, about even with the May figure.
President Joe Biden will attend the G-7 Summit, which runs from June 11 to June 13, in Cornwall, England.
Write to Nicholas Jasinski at [email protected]
