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Economic Data

3-year inflation expectations for June are due today. In May, the figure came in at 3.9%. Over the next 12 months, however, the outlook for price increases jumped to 6.6%, tying March for the highest rate on record.

The NFIB small-business index for June will be published tomorrow. Small business confidence fell in May largely due to inflation as well as a tight labor market that’s driving up wages.

Speaking of inflation, the June CPI, or Consumer Price Index, is due Wednesday. In May inflation rose 8.6% year-over-year, the largest increase since December 1981. Core inflation, which strips out food and energy, jumped 6% during the last reading and was also higher than expected. The Beige Book and Federal Budget will be released in the afternoon.

On Thursday, the June Producer Price Index (PPI) will be published, outlining price increases from the perspective of manufacturers. Wholesale prices rose 10.8% in May on an annual basis and 0.8% on a monthly basis. Initial and continuing jobless claims will also be released.

Friday wraps things up with retail sales for June and the preliminary University of Michigan consumer sentiment index for July. Combined, the two data points will paint a picture of how American consumers are feeling in the face of record inflation and a tight labor market. The Empire State Manufacturing Survey for July, industrial production index for June, and business inventories for May will also be published.

Earnings

PriceSmart (PSMT), a company that owns and operates membership shopping warehouse clubs in Latin America and the Caribbean, reports earnings today. Sales topped $1 billion for the first time during the past quarter so investors will be curious to see if the company was able to maintain that momentum.

PepsiCo (PEP) earnings will be announced tomorrow. The multinational food and drink conglomerate generated more than $79 billion in net revenue last year. With that said, Wall Street will be watching the company closely to see how it is navigating global price increases.

Delta Air Lines (DAL) reports earnings Wednesday. Investors are looking to see how Delta and other major carriers are navigating labor shortages, including a lack of pilots. Analysts will study the results in an attempt to learn more about demand for the airline industry as a whole. Over the July 4th weekend Delta offered some passengers $10,000 each to get off an oversold flight.

JPMorgan Chase & Co. (JPM) hands in its latest report card on Thursday. Fears of a recession have weighed on bank stocks as Wall Street worries about companies tied to broad economic growth. Investors will want to know more about how executives at the world’s largest bank by assets view the outlook for the second half of the year.

BlackRock (BLK) will wrap up the week, reporting earnings on Friday. The company has seen increased inflows for its green exchange-traded funds that focus on ESG products. Along with the other banks that are slated to report this week, analysts will be asking Blackrock executives about their perspective on a potential economic downturn.

The Week Ahead at SoFi

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