The week following Victoria Day in Canada is expected to have sparse activity [f0965bf4]. In Canada, manufacturing and housing data, as well as employment numbers and new home sales, will be released [f0965bf4]. These economic indicators will provide insights into the health of the Canadian economy and may impact investor sentiment. Additionally, CREA Stats, which provide information on the Canadian real estate market, will be featured [9887b080].
In the US, a deluge of retail companies, including Abercrombie & Fitch, American Eagle, Best Buy, Burlington Stores, Chewy, Dick's Sporting Goods, Dollar General, Foot Locker, Gap, Kohl's, Nordstrom, and Ulta Beauty, are set to report earnings [7cc038c7]. This influx of retail earnings will be a key driver of market activity in the US. Other companies reporting include C3ai, HP, and Okta [7cc038c7].
Economic events for the week in the US include a consumer confidence reading, S&P Case-Shiller home price index, speeches from Federal Reserve Presidents Loretta Mester and Neel Kashkari, a speech from New York Fed President John Williams, a Fed Beige Book update, jobs data, gross domestic product (GDP) revision, U.S. trade balance in goods, retail inventories, wholesale inventories, pending home sales, personal income and spending, and multiple PCE price index readings [7cc038c7]. These economic events will provide further insights into the state of the US economy and may impact investor sentiment.
In addition to the economic events in the US, U.S. retail sales, industrial production, capacity utilization, and business inventories data will be released [9887b080]. This data will offer valuable information on the state of the US retail sector and overall economic activity.
Overall, the week is expected to have limited activity in both Canada and the US [f0965bf4]. However, the influx of retail earnings, economic events, and CREA Stats in both countries will likely drive market activity and investor sentiment. It is important for investors and analysts to closely monitor these earnings reports, economic events, and real estate market data to make informed decisions and assess the outlook for the future.
Upcoming statistics and events related to home sales and the U.S. Consumer Price Index (CPI) will also play a significant role in driving market activity in both Canada and the US [06439106]. In Canada, retail sales rose 0.7% in April [06439106]. The S&P Case-Shiller home price index for April will be released [06439106]. In the US, the Consumer Price Index for May rose 2.7% on a year-over-year basis in April [06439106]. New home sales data for May will also be released [06439106]. These statistics will provide valuable insights into the state of the housing market and inflationary pressures, which can impact investor sentiment and market activity.
In addition to the economic data, there will be a number of earnings reports from various companies in both countries. In Canada, companies such as Enerpac Tool Group Corp, 3D Systems, Beyond Air Inc, FedEx Corp, Jefferies Financial Group Inc, Progress Software Corp, Micron Technology Inc, Paychex Inc, General Mills Inc, AGF Management Limited, Burcon Nutrascience Corporation, Corus Entertainment Inc, NovaGold Resources Inc, and TECSYS Inc are set to report earnings [06439106]. In the US, companies such as Nike, McCormick & Company Incorporated, Walgreens Boots Alliance Inc, and Acasti Pharma Inc will also be reporting earnings [06439106]. These earnings reports will provide insights into the financial performance of these companies and can impact investor sentiment and market activity.
The US and Canadian markets have been influenced by mixed economic data and market trends. In the US, retail sales grew marginally in May, but consumer spending appears tepid. Housing starts and building permits declined due to higher interest rates. Existing home sales dipped for a third consecutive month [52f98d07]. In Canada, housing starts increased, but home sales declined. Retail sales in Canada also showed weakness. The Bank of Canada considered waiting until July to cut rates but ultimately decided to cut in June [52f98d07]. These economic indicators and market trends have implications for the housing market and consumer spending in both countries. Investors and analysts should closely monitor these factors to assess the outlook for the future.