What to Watch in the Week Ahead and on Monday, June 24
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ON MONDAY
Federal Reserve Bank of San Francisco President Mary Daly will likely speak on monetary policy and the economy at an event in partnership with the Commonwealth Club World Affairs of California and the San Francisco Press Club. (1400/1800)
Bank of Canada governor Tiff Macklem is scheduled to speak at the Winnipeg Chamber of Commerce.
In Latin America, Argentina's statistics agency is expected to report the country's first-quarter unemployment data.
REST OF THE WEEK
On the U.S. economic calendar, data is expected to show on Friday the personal consumption expenditures (PCE) price index for May likely remained unchanged, after rising 0.3% in the previous month. On a year-on-year basis, PCE likely rose 2.6%, after a 2.8% growth in April. Core PCE Price Index is expected to show a 0.1% gain in May, after increasing 0.2% the month before. At the same time, personal income likely grew 0.4% in May, after a 0.3% gain in April. The Commerce Department's Bureau of Economic Analysis is expected to report on Thursday the first-quarter gross domestic product (GDP) likely increased 1.4%, compared with a 1.3% rise in the previous quarter. Meanwhile, on the same day, the Labor Department is expected to release the weekly jobless claim numbers. Initial jobless claims for state unemployment benefits are likely rose by 2,000 to 240,000 for the week ending June 22. Continued jobless claims data for the week ending June 15 is also on the radar. Additionally, the Commerce Department is likely to report orders for durable goods were flat in May, following a 0.6% increase in April. On Wednesday, data is likely to show new home sales increased to 0.640 million units in May from 0.634 million units the previous month. On Tuesday, the Conference Board will report the consumer confidence data, which is expected to show a reading of 100 in June, following a reading of 102 in May.
FedEx Corp is expected to report a fall in year-on-year profit on Tuesday, with cost cuts only partly offsetting sagging freight demand.
Nike is expected to post a marginal rise in fourth-quarter revenue on Thursday as the company scales back on franchises and struggles with weak direct-to-consumer sales.
On Tuesday, Fed's Michelle Bowman is expected to give keynote address at hybrid Midwest Cyber Workshop hosted by Federal Reserve Banks of St. Louis, Chicago and Kansas City. On the same day, Fed's Lisa Cook is scheduled to speak before the Economic Club of New York. Richmond Fed's Thomas Barkin is set to speak before the Global Interdependence Center/Banque de France "Central Banking Series: Paris" conference on Friday.
Additionally, Federal Reserve Bank of Philadelphia is expected to issue Nonmanufacturing Business Outlook Survey for June on Tuesday.
On Wednesday, Elon Musk and the Tesla shareholder who challenged his pay from the electric carmaker will propose order a final judgment to a Delaware judge, which, if approved, would formally void the CEO's $56 billion Tesla pay package and enact a January ruling.
General Mills is expected to post a decline in fourth-quarter revenue on Wednesday, hurt by lower demand for its high-priced breakfast cereals, snack bars and pet foods. Investors will look out for comments on demand, pricing actions, impact of input costs and annual forecasts.
Walgreens Boots Alliance is set to report results for its fiscal third quarter on Thursday before markets open. Investors are expected to look for changes to the company's full-year forecast and management commentary around its healthcare services unit.
Carnival Corp is expected to post a rise in second-quarter revenue on Tuesday, helped by steady demand for cruise vacations and higher itinerary prices. Investors will look out for updates on booking trends for future, impact from fuel and operating costs as well as any forecast the cruise operator provides.
McCormick is expected to post a decline in second-quarter revenue on Thursday, hurt by lower demand for its pricey spices and seasonings. Investors will look out for comments on demand, pricing actions and annual forecasts.
Levi Strauss is expected to post a rise in second-quarter revenue on Wednesday as robust demand for its jeans and denim clothing as well as introduction of fresh styles drives sales in its direct-to-consumer channel.
On the Canadian economic calendar, Statistics Canada is scheduled to report the country's gross domestic product (GDP) figures. The economy likely grew 0.3% in April, after a flat reading in the previous month. Meanwhile, the consumer price index (CPI) is expected to have risen 0.3% in May, compared with a 0.5% gain in the previous month. In the 12 months through May, the CPI likely advanced 2.6% after a 2.7% increase in April.
On the Latin American front, Mexico's central bank is set to announce the interest rate decision for June on Thursday. Meanwhile, on Friday, Chile's unemployment data and manufacturing output figures for May are on the calendar.
Compiled by Indrishka Bose & Sreshtha Uniyal; Editing by Shreya Biswas
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