What to Watch in the Day Ahead - Thursday, May 23
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On the U.S. economic calendar, S&P Globalis due to report flash PMIs for May. The flash manufacturing PMIreading is expected to show a reading of 50, after a similar reading in April, while the flash services PMImay likely come in at 51.3, matching April's reading. The flash composite PMIreading is expected to be at 51.1 for May, compared to 51.3 in April. Meanwhile, a report from the Commerce Department is set to show new home saleswere likely at 679,000 units in April, compared to 693,000 units in the month before. Also, the Labor Department’s weekly jobless claims data is likely to show initial claims for state unemployment benefitsfell by 2000 to a seasonally adjusted 220,000 for the week ended May 18.
Federal Reserve Bank of Atlanta President Raphael Bosticwill participate in a virtual question-and-answer session with students in an MBA macroeconomic class at the Stanford Graduate School of Business. (1500/1900)
Ralph Laurenis expected to post a rise in fourth-quarter revenue, helped by robust demand for its pricier sweaters, shirts, and dresses. Investors will watch out for cues on demand in China and shopping trends in price-sensitive consumers in the U.S.
TurboTax-parent Intuitis expected to report higher third-quarter revenue, riding on the back of a strong tax season and resilient demand for small businesses for the company's all-in-one software solutions. Investors will be looking for commentary on demand from small businesses as they grapple with sticky inflation and high borrowing costs. Analysts expect the company to raise its fiscal year 2024 forecast.
Medtronicis expected to report its fourth-quarter earnings. Investor focus will be on the performance of its heart and diabetes devices.
The U.S. Securities and Exchange Commission is due to deliver a final decision on whether to approve an exchange-traded fund tied to the spot price of ether from VanEck.
Ross Storesis expected to post a rise in first-quarter revenue as budget-conscious shoppers hunt for bargains on apparel, cosmetics, and gifts. Investors will watch the state of the lower-income cohort, promotions, and competition in the United States.
Deckers Outdooris expected to post growth in fourth-quarter revenue as the shoemaker sees sustained demand for its UGG and HOKA footwear styles. Investors will look out for comments on margin expansion, promotions and demand in North America.
Investors will watch for updates on the U.S. Justice Department's probe into Toronto-Dominion Bank’s anti-money laundering practices when it reports second-quarter results as the lender, Canada’s second biggest, set aside funds to cover for potential fines. Analysts are forecasting second quarter profit to fall.
Mexico's national statistics agency, INEGI, is likely to disclose the country’s gross domestic productfigures for the first quarter along with inflation data for the first half of May. Peru’s central bank is due to report its current account deficit for the first quarter.
Compiled by Nachiket Tekawade in Bengaluru; Editing by Ravi Prakash Kumar
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