Wall Street Breakfast: The Week Ahead

Inflation will take the spotlight next week, with market participants looking ahead to Friday’s U.S. personal income and outlays data for May. That report will contain a reading on the core personal consumption expenditures (PCE) price index, which is widely seen as the Federal Reserve’s preferred inflation gauge. Economists expect core PCE to rise 0.1% M/M and 2.6% Y/Y, marking a deceleration on both counts from April. U.S. economic growth will also be in focus on Thursday, as the second estimate of Q1 gross domestic product growth is scheduled for release.Turning to the earnings calendar, there are some major names on tap. The world’s largest cruise line operator Carnival (CCL) and global economic bellwether FedEx (FDX) will report quarterly results on Tuesday, followed by Betty Crocker and Cheerios parent General Mills (GIS) and memory chipmaker Micron Technology (MU) on Wednesday, and pharmacy chain Walgreens Boots Alliance (WBA) and the world’s largest shoemaker Nike (NKE) on Thursday. Earnings spotlight: Monday, June 24 – Beyond Air (XAIR). See the full earnings calendar.Earnings spotlight: Tuesday, June 25 – Baker Hughes (BKR), Carnival (CCL) and FedEx (FDX). See the full earnings calendar.Earnings spotlight: Wednesday, June 26 – General Mills (GIS), Paychex (PAYX), Levi Strauss (LEVI), Micron (MU), and AeroVironment (AVAV). See the full earnings calendar.Earnings spotlight: Thursday, June 27 – Nike (NKE), McCormick (MKC), Walgreens Boots Alliance (WBA), and Acuity Brands (AYI). See the full earnings calendar. Volatility watch: Options trading volume has moved much higher on Barnes & Noble Education (NYSE:BNED). The most overbought stocks per their 14-day Relative Strength Index include Insmed (INSM), WalkMe (WKME), and DIH Holding (DHAI). The most oversold stocks per their 14-day Relative Strength Index include DLocal (DLO), Zentalis (ZNTL), and Seritage Growth Properties (SRG). Short interest is still sky-high on Phathom Pharmaceuticals (PHAT) and Cutera (CUTR) heading into next week’s action. IPO watch: South Korean media company WEBTOON Entertainment (WBTN), Australian natural gas E&P player Tamboran Resources (OTCPK:TBNRL), biopharma firm OS Therapies (OSTX), and Permian-focused LandBridge (LB) are expected to start trading during the week. Interestingly, LandBridge said it is pursuing crypto mining and data center businesses due to its access to water, roads, fiber optic infrastructure, and power as an oil field owner. Also, the post-IPO quiet period expires on Kindly MD (KDLY) to free up analysts to post ratings. Investor events: The event calendar features Datadog’s (DDOG) annual Dash event in New York City, which Bank of America has circled as a potential catalyst due to new product announcements and integrations that could further entrench Datadog into the AI theme. AeroVironment (AVAV) is also in the spotlight, with its Investor Day event expected to include an update on the company’s portfolio and long-term goals.

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