A look at what U.S. financial markets have their eye on in the week ahead.
- Monday: A relatively light week for financial markets with major exchanges shuttered on Monday for Memorial Day. Though the OECD does plan to release its biannual economic outlook. Not typically market moving but it should give investors another data point to mull over.
- Tuesday: Commodity traders watching to see if OPEC reaffirms plans to boost oil production. A Bloomberg survey shows the market predicts ratification of an 840,000 barrel-a-day increase in July. Economic data Tuesday include Markit PMIs and the ISM Manufacturing reports. Earnings include Zoom, Constellation Brands, StoneCo and Amabrella. And the Atlantic hurricane season officially begins. Forecasters expecting 20 named storms this year. That would be down from last year’s record-breaking 30, but still high enough to cause some jitters in global energy, agriculture, and insurance markets.
- Wednesday: Facebook’s Developer Conference F8 kicks off. Mark Zuckerberg will be there. Economic data include MBA Mortgage Applications and the Fed Beige Book. Earnings that day from Land’s End, Splunk, NetApp and PVH. And it’s worth keeping your eye on Russia given the latest tensions. Russian President Vladimir Putin will speak at the St. Petersburg International Economic Forum. This comes two weeks before he and Joe Biden are scheduled to meet face-to-face in Geneva.
- Thursday. If you’re looking for more signs of inflation, the United Nations releases a monthly print on global food prices. That index has risen for 11 straight months. Earnings that day include Lululemon, Broadcom, CrowdStrike, PagerDuty and Docusign. And Tesla is inviting customers to its factory in California to show off the Model S Plaid edition, which the company says will be its quickest vehicle ever.
- Friday: The G-7 summit of finance ministers kicks off in London. And May nonfarm payrolls report lands on Friday, following that downside surprise a month ago when every single economist surveyed overestimated the pace of job creation. We’ll see if their forecasts are more on the mark this time around. The latest Bloomberg survey shows economists expect about 600 and 70 thousand jobs to have been added in May.
I’m Romaine Bostick and that’s a look at the week ahead