First-quarter earnings season is coming to a close, with a bevy of retailers on deck to report this week. Tuesday will bring results from
and
followed by
TJX,
and
on Wednesday. On Thursday,
and Ralph Lauren report.
Non-retail names scheduled to release earnings this week include
on Tuesday,
on Wednesday,
on Thursday, and Deere on Friday.
On the economic calendar, the main event this week will be
Manufacturing and Services Purchasing Managers’ Indexes for May on Friday. Both measures of economic activity are expected to hold near multiyear highs. Wednesday’s release of minutes from the Federal Open Market Committee’s late-April meeting will also be a highlight.
Other data out this week include a handful of housing-market indicators. On Monday, the National Association of Home Builders releases its NAHB/
Housing Market Index for May, followed by the Census Bureau’s new residential construction data for May on Tuesday. Finally, the Conference Board will release its Leading Economic Index for April on Thursday.
Monday 5/17
It’s Tax Day 2021. Federal income tax filings for individuals for the 2020 tax year are due today, four-and-a-half weeks later than usual.
The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for May. Consensus estimate is for an 81.5 reading, slightly lower than the April figure. Home builders remain very bullish on the housing market.
The Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for May. Economists forecast a 25 reading, less than April’s 26.3, which was a three-and-a-half year high for the index.
Tuesday 5/18
Home Depot, Macy’s, Take-Two Interactive Software, and Walmart announce quarterly results.
holds its 2021 investor meeting.
hosts a conference call to discuss its cardiovascular drugs.
The Census Bureau reports new residential construction data for May. Expectations are for a seasonally adjusted annual rate of 1.7 million housing starts, while building permits are seen coming in at 1.75 million. Both estimates are a tick lower than the March data.
Wednesday 5/19
Cisco Systems,
Lowe’s,
Target, and TJX Cos. report earnings.
The Federal Open Market Committee releases the minutes from its late-April monetary-policy meeting.
Fortive webcasts its 2021 virtual investor day.
Thursday 5/20
Applied Materials,
L Brands, Ralph Lauren, and Ross Stores hold conference calls to discuss earnings.
hosts its 2021 investor day.
and
hold their annual shareholder meetings.
The Conference Board releases its Leading Economic Index for April. Consensus estimate is for a 1.1% month-over-month increase, after a 1.3% gain in March. Following a stronger than expected gross-domestic-product growth rate in the first quarter, the Conference Board is now projecting a real GDP growth rate of 6.4% for 2021.
Friday 5/21
Deere and
V.F. Corp
report quarterly results.
IHS Markit reports both its Manufacturing and Services Purchasing Managers Indexes for May. Economists forecast a 60.5 reading for the Manufacturing PMI and 64.7 for the Services PMI. Both estimates are roughly even with the April data, which were multiyear highs for both indexes.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
