Apple conference, OPEC’s oil cut, Nasdaq at 2023 high in week ahead

Apple CEO Tim Cook to kick off WWDC event on Monday

This week is shaping up to be another busy one for investors with earnings reports, Fed speeches and Apple's Worldwide Developers Conference.

Also, oil prices spiked higher over the weekend after Saudi Arabia led the charge for a production cut of 1 million barrels per day at the OPEC+ meeting. This could mean higher gas prices for U.S. drivers this summer.

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 74.96 +1.60 +2.18%
BNO UNITED STS BRENT OIL FD LP UNIT 30.29 +0.56 +1.88%

As for equities, the NASDAQ composite is sitting at the highs of the year helped by chip companies including Nvidia and the stronger-than-expected May jobs report.

Nasdaq Composite

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FOX Business breaks down more events likely to move financial markets in the coming days.

Monday, June 5

Apple will begin it's annual Worldwide Developers Conference on Monday. The event, which is virtual except for the opening day, will run through Friday.

Ticker Security Last Change Change %
AAPL APPLE INC. 179.66 -1.09 -0.60%

The opening keynote address, with CEO Tim Cook, will have a live audience in front of which Apple is expected to reveal its first-ever VR headset.

Tim Cook

Apple CEO Tim Cook (Justin Sullivan/Getty Images / Getty Images)

WALMART’S PRIDE MERCHANDISING UNCHANGED AS TARGET SEES BACKLASH OVER NEW ITEMS

Investors will also be looking closely at economic data, which on Monday will include the S&P Global services PMI, the ISM non-manufacturing PMI, factory orders and the Conference Board’s employment trends.

Tuesday, June 6

Earnings on Tuesday will kick off with Chico’s FAS, Cracker Barrel and J.M. Smucker before markets open.

Ticker Security Last Change Change %
CHS n.a. n.a. n.a. n.a.
CBRL CRACKER BARREL OLD COUNTRY STORE INC. 66.31 +0.18 +0.27%
SJM THE J. M. SMUCKER CO. 122.54 +2.37 +1.97%

After the bell, Casey’s General Stores, Dave & Buster’s Entertainment and Stitch Fix will report.

Ticker Security Last Change Change %
CASY CASEY'S GENERAL STORES INC. 306.85 +2.36 +0.78%
PLAY DAVE & BUSTER'S ENTERTAINMENT INC. 62.48 +0.74 +1.20%
SFIX STITCH FIX INC. 3.21 -0.02 -0.62%

Honda will unveil the Elevate, a mid-size SUV, and Kawasaki USA will unveil 16 new vehicles.

Wednesday, June 7

Earnings before markets open on Wednesday will include Brown-Forman, Campbell Soup, J. Jill, United Natural Foods and Vera Bradley.

Ticker Security Last Change Change %
BF.B BROWN-FORMAN CORP. 60.37 +0.14 +0.23%
CPB CAMPBELL SOUP CO. 42.87 +0.23 +0.54%
JILL J.JILL INC. 25.00 +0.01 +0.04%
UNFI UNITED NATURAL FOODS INC. 15.38 -0.23 -1.47%
VRA VERA BRADLEY INC. 7.81 +0.01 +0.13%

Rent the Runway will report results in the evening.

Ticker Security Last Change Change %
RENT RENT THE RUNWAY INC. 0.39 -0.02 -4.66%

Economic data at the top of investors' minds on Wednesday will include mortgage applications, international trade, EIA weekly crude stocks and consumer credit.

And Treasury Secretary Janet Yellen will testify about her default date predictions in front of the House Financial Services Committee.

Janet Yellen conference Washington

Treasury Secretary Janet Yellen (Reuters/Jonathan Ernst / Reuters Photos)

Investors will also be locked on congressional hearings about maintaining the dollar's status as the global reserve currency and the intersection of intellectual property and artifical intelligence.

Nikola, the alternative fuel automobile start-up, will host its annual meeting as it continues to burn cash and after it recently received a delisting notice from Nasdaq.

Ticker Security Last Change Change %
NKLA NIKOLA CORP. 0.73 -0.01 -1.65%
HOG HARLEY-DAVIDSON INC. 36.34 +0.24 +0.67%

TARGET SHARES HIT THREE-YEAR LOW, JPMORGAN DOWNGRADES STOCK

Harley-Davidson will unveil two new 2023 CVO motorcycles, and Volvo will debut the RX30 electric SUV, which it says will have the lowest carbon footprint of any of its production models ever.

Thursday, June 8

Earnings on Thursday will include Designer Brands, Hooker Furniture and Signet Jewelers.

Ticker Security Last Change Change %
DBI DESIGNER BRANDS INC. 10.75 +0.19 +1.80%
HOFT HOOKER FURNITURE 24.58 +0.07 +0.29%
SIG SIGNET JEWELERS LTD. 101.57 -0.19 -0.19%

After markets close, Vail Resorts will report its earnings.

Ticker Security Last Change Change %
MTN VAIL RESORTS 230.55 +0.24 +0.10%

Economic data on Thursday will include wholesale inventories and sales, as well as the closely watched initial jobless claims.

Porsche 356

A Porsche 356 Nr. 1 Roadster is on display during the "Driven by Dreams" exhibition in Berlin, Jan. 25, 2023. (Reuters/ Lisi Niesner) (Reuters Photos)

Porsche will unveil a new sports car on the 75th anniversary of the first Porsche 356 certified for the road on Thursday. Lexus will unveil its own car on Thursday, the first-ever TX, a luxury SUV.

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Friday, June 9

The week will end on a quiet note with no scheduled earnings to report, but Elon Musk's SpaceX Falcon 9 is expected to launch from Cape Canaveral, Florida.

Elon Musk's SpaceX Falcon 9 is expected to launch from Cape Canaveral, Florida, on Friday, June 9, 2023. (AP Photo/Matt Rourke / AP Newsroom)