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The main economic data to be released next week is the US employment report on Friday. With the timing of a rate cut becoming increasingly uncertain, the update on nonfarm payroll growth will be the last before the Federal Reserve meets on June 11-12. Friday’s April PCE inflation report showed that 12-month core PCE, the Fed’s official target, was 2.8%, unchanged from March’s reading. Analyst Logan Cain He noted that the Fed’s interest rate hike policy is starting to hurt the economy, and stressed that the most anticipated recession in history has been delayed but almost certainly avoided. On the other side of the Atlantic, the situation is a bit different, with the European Central Bank widely expected to announce an interest rate cut on June 6th.
Hewlett Packard Enterprise is scheduled to report earnings next week.New York Stock Exchange:Hewlett-Packard), Lululemon (Lulu), NIO (NioThe events calendar is packed with conferences such as Nareit REITweek and COMPUTEX Taiwan. Walmart (World Trade Center) will also be in the spotlight next week, with its shareholder meeting and annual associates celebration scheduled for separate days. Investors are also looking to buy Nvidia (NVDA) was made just before a 10-for-1 stock split that goes into effect after the close of trading on Friday.
Earnings Highlights: Monday, June 3 – GitLab (GTLB) and Scientific Applications (SAIC). View the complete earnings calendar.
Earnings Highlights: Tuesday, June 4 – Cloud Strike (CRWD), PVH (PVH), Hewlett Packard Enterprise (Hewlett-Packard), Bath & Body Works (BBWI). View the complete earnings calendar.
Earnings Highlights: Wednesday June Five – Lululemon (Lulu), Dollar Tree (DLTR), Brown-Forman (B.F.A.), Campbell’s Soup (CPBA (US Consumer Product Safety Commission)), Five Below (Five). View the complete earnings calendar.
Earnings Highlights: Thursday, June 6 – Reincarnation (Internet of Things), DocuSign (documentary), J.M. Smucker (S.J.M.), NIO (Nio). View the complete earnings calendar.
Volatility Monitor: Options trading volume It rose on Robinhood Market (FoodAmong the most overbought stocks on the 14-day Relative Strength Index are Global Ship Lease Co.glucose), UL Solutions (UL), Danaus (DACAmong the most oversold stocks on the 14-day Relative Strength Index are Leggett & Plattleg), DLocal (DLO), Coursera (coolFaraday Future Intelligent Electric (FFIE) and MicroCloud Hologram (Holo).
IPO Watch: Aluminum recycler Novelis (NVL) and Israeli glass film manufacturer Gauzy (Gauz) is expected to price its IPO and begin trading next week. The analyst quiet period will end with ZEEKR Intelligent Technology (New York Stock Exchange:Zek), which allows analysts to freely post their ratings. Zeekr’s shares were trading at more than 20% above its IPO price at the time of writing.
Dividend Monitoring: Companies expected to increase their quarterly dividends include Tootsie Roll.translation) rose to $0.10 from $0.0874, while UnitedHealth (United Nations University) rose from $1.88 to $2.07. Selecting dividend stocks From an analyst at Seeking Alpha.
Investor Events: The conference calendar is full over the coming week. The four-day Nareit REITweek conference kicks off in New York City. The list of executives attending includes Digital Realty,DLR) CEO Andy Power, Safehold (safety) CEO Jay Sugarman, Tangier (SKT) Invitation Homes CEO Steven Yaloff (India) Dallas Tanner, CEO, VICI Properties (Vichi) Public Storage CEO Edward Pitoniak (public transport) Joe Russell, CEO, Realty Income (oh) Sumit Roy, CEO of SL Green Realty (SLG) CFO Matthew Diliberto and Equinix (Equix) CFO Keith Taylor. Investors will also be paying close attention to the three-day Jefferies Global Healthcare Conference. The long list of companies attending includes Aldeira Therapeutics (Ardex), Savala (SVRA), Agilent (a), Gilead Sciences (guildMeanwhile, at the Deutsche Bank Global Consumer Conference in Paris, Kraft HeinzKHC), Keranova (hair), Cisco (S.Y.Y.), Procter & Gamble (PG),Starbucks(SBUX), Philip Morris International (afternoonThe meeting has seen stock prices move in the past based on updates on management’s expectations.New York Stock Exchange:snow), Cisco (Central Intelligence Agency), Presigen (Nasdaq:general), Entergy (New York Stock Exchange:Europe) will also hold an investor event that could send a jolt to its share price.
May Employment Report Preview: The May nonfarm payrolls report will take on added importance next week, as it will be released just days before the Federal Reserve’s policy committee meets. While there have been signs of a softening labor market in recent months, a strong jobs report could prolong the trend toward rising interest rates. Economists expect 185,000 nonfarm jobs to be added to the U.S. economy during May. The unemployment rate is expected to remain steady at 3.9%. Average hourly earnings are expected to rise 0.3% month-on-month, accelerating slightly from the previous 0.2%. Bank of America said public sector employment will recover from April’s flat growth, and health care employment will remain strong. Wage growth is expected to rise 3.9% year-on-year. BNP Paribas warned that the sharp decline in the pace of job creation from March to April likely overestimates the extent of the weakening, as the calendar shift for Easter is not fully taken into account and education sector employment is expected to recover from April’s very low levels. The overall point is that the Fed will likely focus even more sharply than usual on the nuances of the jobs report.
Stock Split Watch: Lithium cycle (Ressie) will begin split-adjusted trading on June 4th after a 1-for-8 reverse stock split.Syndicate) will begin trading on a split-adjusted basis on June 6th following a 1-for-16 stock split.S.S.K.N.) will begin trading on a split-adjusted basis on June 7 after a 10-for-1 reverse stock split.NVDA) will undergo a 10-for-1 stock split, effective at the close of trading on June 7th.
