The upcoming week will start out quiet for the markets due to the Memorial Day holiday, but will ramp up as investors are hit with a wave of economic data including ADP employment, non-farm payrolls and the Beige Book and earnings from big names like Zoom, Advanced Auto Parts, Express and Slack.
One of the biggest cryptocurrency events of the year, the 2021 Bitcoin conference, will also take the spotlight later this week.
|I:DJI||DOW JONES AVERAGES||34529.45||+64.81||+0.19%|
|I:COMP||NASDAQ COMPOSITE INDEX||13748.738578||+12.46||+0.09%|
This as the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are sitting near record highs.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
The market will be closed on Monday due to the Memorial Day holiday. However, the day will be important for small business owners as it marks the deadline to apply for the latest round of the Paycheck Protection Program funding.
According to the Small Business Administration data as of May 23, more than $795 billion has been allocated to through over 11.6 billion loans since the rescue fund’s inception in March 2020. Just a fraction of the $292 billion that Congress allocated to the rescue fund this year is left – most of which is reserved for financial lenders that serve underserved communities.
Businesses with fewer than 500 employees could receive as much as $10 million through the program and are required to spend at least 60% of the money on maintaining payroll in order for the government to forgive the full loan. The remaining 40% could be spent on operating costs such as mortgages, rent and utilities. Only businesses with 300 employees or fewer were eligible to receive a second loan, which was capped at $2 million.
Kicking off the week’s earnings on Tuesday will be Kirkland’s before market open, followed by Hewlett-Packard Enterprise and Zoom Video Communications after the bell. The initial public offering for SoFi Technologies is also set to begin trading on the New York Stock Exchange under the ticker symbol SOFI.
|HPE||HEWLETT-PACKARD ENTERPRISE CO.||15.94||-0.42||-2.57%|
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||331.53||+5.10||+1.56%|
Economic data to watch on Tuesday includes the ISM manufacturing PMI, construction spending, and vehicle sales.
Tuesday also marks 100 years since the Tulsa Race Massacre. The White House confirmed that President Biden will visit the city to commemorate the anniversary, meeting with massacre survivors who range in age from 101 to 107. Biden will also make a stop at the Greenwood Cultural Center. Additional details about the trip have not been released.
In 1921, a white mob attacked a predominantly Black neighborhood in Tulsa dubbed “Black Wall Street”, where businesses were destroyed and hundreds of people were killed. A 2001 state commission report found that the destruction led to $1.8 million in riot-related claims against the city, or $27 million today.
The visit comes less than a year after former President Trump faced controversy for planning a campaign rally in the city on Juneteenth, which was later rescheduled “out of respect for the holiday.”
Advance Auto Parts and Lands’ End will report before market open on Wendesday, while Endeavor Group Holdings, NetApp, PVH and Splunk are all set to report after the bell.
|AAP||ADVANCE AUTO PARTS||190.06||+2.15||+1.14%|
Investors will also pay close attention to the Beige Book, which will provide the latest analysis on U.S. economic conditions as the country continues to ease COVID-19 related restrictions.
Another stock to watch on Wednesday will be Toll Brothers, which will host a virtual analyst and investor day. The event will feature an in-depth discussion of the company, with presentations from company executives including Chairman and CEO Douglas C. Yearley, Jr., Chief Financial Officer Martin P. Connor, EVPs and Co-Chief Operating Officers James W. Boyd and Robert Parahus, as well as housing market trends.
Thursday will be the busiest day for the markets as a slew of companies are set to report earnings, including Duluth Holdings, Express, Hovanian, JM Smucker, Toro, Asana, Broadcom, Cooper Companies, lululemon, Science Applications International Corporation, and Slack Technologies.
|DLTH||DULUTH HOLDINGS INC||16.10||-0.10||-0.62%|
|SJM||J.M. SMUCKER CO.||133.23||+0.86||+0.65%|
|LULU||LULULEMON ATHLETICA, INC.||323.13||-4.98||-1.52%|
|SAIC||SCIENCE APPLICATIONS INTERNATIONAL||89.91||+0.96||+1.08%|
|WORK||SLACK TECHNOLOGIES, INC.||44.05||+1.20||+2.80%|
Initial public offerings of Merck spinoff Organon and cross-border payment company Dlocal will also begin trading on the New York Stock Exchange under the ticker symbols OGN and DLO. dLocal is offering about 29.4 million shares at $16 to $18 each.
The ADP’s national employment index will be Thursday’s main event for economic data. Investors will also watch challenger layoffs, initial and continuing jobless claims, the ISM non-manufacturing PMI, and the Energy Information Administration’s weekly crude stocks.
NVIDIA will also be a stock to watch as shareholders vote on a 4-for-1 stock split to increase the number of authorized shares of common stock to 4 billion.
If approval is obtained, each NVIDIA stockholder of record at the close of business on June 21 will receive a dividend of three additional shares of common stock for every share held on the record date, to be distributed after the close of trading on July 19. Trading is expected to begin on a stock split-adjusted basis on July 20.
In automotive news, Kia will begin taking reservations for its EV6 crossover vehicle. Chinese automaker Nio will also hold an extraordinary general meeting as the company looks to increase the diversity on its board.
Cryptocurrencies will also dominate market headlines on Thursday as the 2021 Bitcoin conference kicks off in Miami. The event, which runs through Saturday, will include appearances by Twitter CEO Jack Dorsey, MicroStrategy CEO Michael Saylor, venture capitalist Chamath Palihapitiya, Republican Sen. Cynthia Lummis of Wyoming, former Pennsylvania Republican Congressman Ron Paul, celebrity skateboarder Tony Hawk, and cryptologist and legal scholar Nick Szabo.
Wrapping up the week for earnings will be Hooker Furniture before the opening bell. As for economic data, investors will take in the latest on non-farm payrolls, the unemployment rate, durable goods and factory orders.
Treasury Secretary Janet Yellen will make her first overseas trip to London where she will attend the G7 finance meeting, which will run from Friday to Saturday.
According to the Treasury, Yellen will use the trip to “reinforce the U.S. commitment to policy priorities to promote the global recovery from the COVID-19 pandemic including supportive fiscal policies, vaccine access, and distribution.” She will also discuss the importance of improving public health to prevent future pandemics and building greener and more resilient economies to meet the challenges of climate change.
Meanwhile, Federal Reserve chairman Jerome Powell will participate in a panel before the Bank for International Settlements’ virtual “Green Swan Conference: Coordinating Finance on Climate.”