Walmart, Target earnings, existing home sales top week ahead
Other earnings on the docket include Home Depot, Target, TJX Companies, BJ's Wholesale Club and Kohl's
Have investors become too bearish?
Scott Martin and David Dietze provide insight on the stock market and economy on 'Making Money.'
Traders took a cautious stance as the trading week kicked off ahead of earnings from big name retailers and data on housing and manufacturing.
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FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
STOCKS SLIP AS GOLDMAN SACHS WARNS ON STEEPER DROP
Monday 5/16
Earnings will kick off on Monday with Take-Two Interactive after the bell.
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| TTWO | NO DATA AVAILABLE | - | - | - |
In economic news, Empire Manufacturing, which tracks the New York-area manufacturing activity, unexpectedly contracted this month by 11.6.
In the world of politics, President Biden will welcome Greek Prime Minister Kyriakos Mitsotakis to the White House. The leaders will discuss topics including ongoing efforts with allies and partners to support Ukraine and impose economic costs on Russia, close cooperation on global challenges such as climate change and energy security, and joint efforts to promote global security through NATO.
In addition, Monday marks the deadline for tax-exempt organizations to file Form 990-series, Form 990-N, Form 990-T and Form 4720 returns with the Internal Revenue Service.
TWITTER CEO EXPECTS ELON MUSK ACQUISITION TO CLOSE, ADDRESSES SPENDING CUTS
Tuesday 5/17
On Tuesday, investors will take in earnings from Home Depot, JD.com and Walmart before the market open.
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On the economic data front, investors will digest retail sales, industrial production, business inventories, and the NAHB housing market index.
The Federal Reserve will also make the rounds, with Philadelphia Fed President Patrick Harker speaking before the hybrid Stern Future Healthcare Workforce Summit on "Healthcare as an Economic Driver," Cleveland Fed president Loretta Mester delivering open remarks before the bank's "Conversations on Central Banking, Inflation and Monetary Policy: Parallels to and Differences from the 1970s" event, and Chicago Fed President Charles Evans speaking on current economic conditions on monetary policy before the Money Marketeers of New York University.
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Other notable events include Moderna's annual science and technology day and the deadline for companies to file 2021 EEO-1 data, which consists of the demographic information for an employer’s workforce by job category, to the Equal Employment Opportunity Commission.
INFLATION MODERATES IN SOME HOT SPOTS, BUT BARRELS AHEAD IN THE MID-ATLANTIC
Wednesday 5/18
Earnings on the docket for Wednesday include Analog Devices, Lowe’s, Shoe Carnival, Target and TJX Companies before the market opens and Bath & Body Works, Cisco Systems and Synopsys after the bell.
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Economic data will include building permits, housing starts, weekly mortgage applications and the Energy Information Administration's weekly crude stocks. Philadelphia Fed President Harker will also speak on the economic outlook before the virtual Mid-Size Bank Coalition of America CEO Talk.
Globally, Germany will host the finance ministers and central bank chiefs of the Group of 7.
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Thursday 5/19
BJ's Whole Club and Kohl's will lead earnings before the market opens on Thursday, while Applied Materials, Deckers Outdoor, Flowers Foods, Palo Alto Networks, Ross Stores and VF Corp will all deliver earnings results after the bell.
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Existing home sales, initial and continuing jobless claims and the Conference Board's index of leading economic indicators will be in focus for economic data on Thursday.
Friday 5/20
Earnings will wrap up on Friday with Booz Allen Hamilton, Deere & Company and Foot Locker before the market opens.
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President Biden will also head overseas to visit South Korea and Japan for talks with his Korean and Japanese counterparts, including Japanese Prime Minister Fumio Kishida. The trip will run through May 24.