U.S. stock and bond markets will be closed on Monday for Memorial Day. A busy week of earnings reports and job-market data will follow.
Earnings highlights will include results from Hewlett Packard Enterprise and HPInc. on Tuesday, then Advance Auto Parts, Chewy, and Salesforce on Wednesday. Broadcom, Dell Technologies, Dollar General, and Lululemon Athletica will report on Thursday.
On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for April. Economists are expecting a slight decline to 9.44 million job openings on the last business day of the month.
That’s ahead of Jobs Friday. The BLS is expected to report a gain of 200,000 nonfarm payrolls in May, after a 253,000 increase in April. The unemployment rate is expected to tick up by a tenth of a point, to 3.5%.
Other economic data to watch this week include the Conference Board’s Consumer Confidence Index for May on Tuesday and the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for May on Thursday.
Equity and fixed-income markets are closed in observance of Memorial Day.
Hewlett Packard Enterprise, HP Inc., and U-Haul Holding report quarterly results.
S&P CoreLogic releases its Case-Shiller National Home Price Index for March. The consensus estimate is for a 1.5% year-over-year decline, after a 2% increase in February. Home prices slid for seven consecutive months before rising 0.2% in February. The index is 4.9% below its record high from last June.
The Conference Board releases its Consumer Confidence Index for May. Expectations are for a 100 reading, about one point less than the April figure. The index is at its lowest level since last summer.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Economists think there were 9.44 million unfilled positions on the last business day of April, 150,000 fewer than in March. Job openings fell below 10 million in February for the first time since May 2021, a sign that a historically tight labor market is loosening.
The Institute for Supply Management releases the Chicago Business Barometer for May. The consensus call is for a 47 reading, almost two points lower than April’s. The index has been below the expansionary level of 50 for eight consecutive months.
Broadcom announces second-quarter fiscal-2023 results. Shares of the chip maker are up 45% this year and hit a record high this past week, spurred by the announcement of a multiyear, multibillion-dollar deal to supply 5G radio-frequency components to Apple.
ADP releases its National Employment Report for May. The economy is expected to add 170,000 private sector jobs, following a 296,000 increase in April. The services sector continues to account for the bulk of job gains.
ISM releases its Manufacturing Purchasing Managers’ Index for May. The consensus estimate is for a 47.1 reading, matching April’s.
The BLS releases the jobs report for May. Economists forecast a 200,000 gain for nonfarm payrolls, after a 253,000 increase in April. The unemployment rate is seen edging up to 3.5% from 3.4%, which was the lowest since 1969. Average hourly earnings are expected to be up 4.3%, year over year, a tenth of a percentage point less than in the previous tally.
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