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Last Week’s Market Activity

Last week we saw a mixed bag of stock performance, as the S&P and Nasdaq were up 1.79% and 3.63%, respectively, while the Russell and the Dow were down 0.3% and 0.61%, respectively. This drastic difference in performance was largely due to the price movement of one stock, Apple. What Tim Cook and his team shared at WWDC made people believe that Apple was a true AI play, sending the stock rocketing more than 7% last week.

Macroeconomic Indicators

Last week, we saw some very welcome signs of a return to normal, as CPI and Core CPI beat expectations across the board, with all metrics coming in 0.1% better than anticipated. This is a huge win for both the consumer and the economy as a whole. Additionally, we saw PPI beat expectations, signaling that we’ll likely see the downtrend in CPI continue. However, preliminary consumer sentiment for the month of June came in last week and raised quite a concern. The previous reading was 69.1, and analysts were expecting a reading of 71.5, but the actual number came in at 65.6. This is certainly something we should keep an eye on over the coming months, as the consumer is key to the performance of our economy!

Upcoming Market Catalysts

This week will be fairly eventful, with various Fed officials speaking throughout the week. In terms of data releases, things kick off on Tuesday with retail sales data, followed by home builder confidence on Wednesday and housing starts and building permits on Thursday. We then finish the week off with existing home sales and US-leading economic indicators on Friday. Overall, this will be a good week to see how consumers are handling their finances and how their real estate market is faring as it heats up going into the summer buying season.

Notable Earnings Releases

This week will be one of the last few slow weeks as Q2 comes to a close. However, we do still have a few companies that need to report their Q1 earnings, such as:

06/17 – Lennar (LEN/LEN.B)

06/18 – Woodside Energy Group (WDS), KB Home (KBH)

06/20 – Accenture (ACN), Kroger (KR), Darden Restaurants (DRI), Jabil (JBL)

06/21 – FactSet Research Systems (FDS), CarMax (KMX)

This week, everyone will be paying attention to the homebuilders, LEN/LEN.B. and KBH. These are two of the larger home builders in the US, so it will be important to hear what they have to say about demand in the coming months!

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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