- Investors on Wall Street are gearing up for a week filled with major economic data, including consumer price inflation and US retail sales, alongside other reports and corporate earnings.
- Both inflation and retail sales data are pivotal as they have the potential to influence the Federal Reserve’s monetary policy.
- Key earnings reports from retail giants such as Walmart and Home Depot will also be in focus.
Wall Street investors brace for a week filled with economic data and earnings reports, with potential implications for Federal Reserve’s monetary policy.
Economic Events of the Week
On May 14 (Tuesday), the market will witness the release of the Producer Price Index (PPI) for April. The same day, Fed Chair Jerome Powell is expected to make a speech at an event. The following day, data on Consumer Price Index (CPI) for April and US retail sales figures for April will be declared. Industrial production data for April is due for release on May 16 (Thursday).
Corporate Earnings Reports
Several companies are due to report quarterly earnings in the week ahead, including 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.
Upcoming 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, where it is expected to showcase its latest AI 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.
Conclusion
With a week filled with economic data and earnings reports, investors will be keeping a close eye on Wall Street. The data released could potentially influence the Federal Reserve’s monetary policy, making it a crucial week for investors and market watchers alike.
