The Week Ahead on Wall Street

Economic Data

Today, the Institute for Supply Management releases results of the ISM Manufacturing Index for May. The index measures the level of production in the US economy from month to month. In April Manufacturing PMI came in at 60.7%, marking the 11th month in a row of growth. Construction spending for April is also out Tuesday.

On Wednesday, seasonally adjusted, annualized sales of motor vehicles for May are released. The data point measures demand for new vehicles and trucks. April’s sales were a record 18.1 million. Demand for new cars and trucks in the US are currently outstripping supply. The Beige Book is also released Wednesday.

On Thursday, initial and continuing jobless claims for the previous week are released. With vaccinations widely available and pandemic restrictions easing, initial unemployment numbers have been steadily declining.

On Friday, the Labor Department releases nonfarm payroll numbers for May. This data point tracks the number of workers in the US excluding farm, government, proprietors, and nonprofit workers. In April the number grew by just 266,000, which was much lower than economists had expected. Factory orders are also due Friday.

Earnings Reports

Today, Zoom (ZM) reports quarterly earnings. Discussions about Zoom fatigue have been prominent recently. Both HSBC (HSBC) and Citi (C) have instituted Zoom-free days where employees aren’t required to be on video calls. TikTok and Salesforce (CRM) have also put limits on video calls. As the economy reopens and some people begin to return to offices, it will be interesting to see what role Zoom plays in the post-pandemic workplace.

Be on the lookout for quarterly earnings from PVH (PVH) on Wednesday. The US clothing company which owns Van Heusen, Tommy Hilfiger, and Calvin Klein, saw revenue fall 28% for 2020 as extended lockdowns hurt sales. Investors will be eager to learn whether PVH has benefited from stimulus checks and reopening trends.

On Thursday, Lululemon Athletica (LULU) reports quarterly earnings. The fitness apparel company is testing a new website which lets shoppers buy and sell used Lululemon clothing. This is one of several green initiatives the company has started. It has also launched a new line with lower-impact dyes which use less water, carbon, and synthetic chemicals. It will be interesting to see whether Lululemon’s sustainability efforts are resonating with customers.

Also Thursday, Slack Technologies (WORK) reports quarterly earnings. The workplace communication company being acquired by Salesforce (CRM) is facing intense competition from Google (GOOGL) and Microsoft (MSFT). Earlier this month Slack purchased Woven, the popular calendar app, to give it an edge over its rivals.

The Week Ahead at SoFi

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