Salesforce, Best Buy, Dollar General, HP and other stocks to watch this week

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About a dozen

S&P 500

the companies are releasing their latest results this week, most of them retailers.

Best buy

(symbol: BBY) and

Advanced Auto Parts (AAP)

report Tuesday, followed by

Ulta Beauty

(ULTA) Wednesday. Thursday will be busy, with

Burlington Stores

(BURL),

General dollar

(DG),

Difference

(GPS) and

Dollar tree

(DLTR) all reports.

Other large companies that reported this week included

Selling power.

com (CRM) and

Intuit

(INTU) on Wednesday and

Jm smucker

(SJM) and

HP

(HPQ) Thursday.

The Federal Reserve’s annual economic policy symposium kicks off Thursday. Normally held in Jackson Hole, Wyo., The rally is virtual this year. Its theme is “Macroeconomic policy in an unequal economy”. The Symposium runs until Saturday.

Economic data released this week includes

IHS Markit‘s

Indices of manufacturing and service purchasing managers for the month of August Monday. Both measures of economic activity are expected to remain stable from July levels. On Wednesday, the Census Bureau released the July durable goods report, which is considered a good indicator of business investment. It is expected to have risen 0.8% last month.

Finally, the Bureau of Economic Analysis released the July Personal Income and Expenditure Report on Friday. Both consumer income and spending are forecast to increase 0.5% from the previous month. This would be faster revenue growth and slower spending growth compared to June. The report also includes the PCE price index, which Fed officials prefer to measure inflation. This is expected to have jumped 4.2% year over year.

Monday 23/08

JD.com,

Entertainment at Madison Square Garden,

and

Palo Alto Networks

publish quarterly results.

The national association of Realtors reports sales of existing homes for July. The consensus estimate is for a seasonally adjusted annual rate of 5.83 million homes sold, roughly the same with June’s figure. Sales of existing homes have slowed since the start of the year as prices continue to soar. In June, the median home price was a record high $ 363,300, up 23.4% year over year.

IHS Markit publishes both its manufacturing purchasing managers index and the services PMI for August. Economists are forecasting a reading of 63.1 for the manufacturing PMI and a reading of 59.8 for the services PMI. The two figures would be roughly equal with the data for July.

Tuesday 24/8

Advance Auto Parts, Bank of Montreal,

Bank of Nova Scotia,

Best Buy, Intuit,

Medtronic,

and

Toll brothers

announce the winnings.

The census office reports new sales of single-family homes for July. Expectations are for a seasonally adjusted annual rate of 700,000 new homes sold, a 3.6% month-over-month increase from June. Like existing home sales, new home sales are down sharply from the start of the year.

Wednesday 25/08

Autodesk,

NetApp,

Royal Bank of Canada,

Salesforce.com, Snowflake, Splunk and

Ulta Beauty

publish quarterly results.

The census office publishes durable goods report for July. Consensus calls for a 0.8% monthly gain in new orders of manufactured durable goods to $ 260 billion. Excluding transportation, new orders are expected to increase 0.9%, after increasing 0.5% in June.

Thursday 8/26

The Federal Reserve Bank of Kansas City hosts its Annual Economic Policy Symposium in Jackson Hole, Wyo. This year’s theme is “Macroeconomic Policy in an Unequal Economy”. The confab runs until August 28.

Burlington Stores,

Canadian Imperial Bank of Commerce,

Dell Technologies, Dollar General, Dollar Tree, Gap, JM Smucker,

HP Inc.,

Marvell technology,

Interactive Platoon,

Toronto-Dominion Bank,

and VMware host conference calls to discuss revenue.

The Office of the Economy Analysis reports its second estimate of gross domestic product for the second quarter. Economists forecast a seasonally adjusted annual growth rate of 6.5%, unchanged from the BEA’s advanced estimate from late July.

Friday 8/27

The BEA publishes the July Personal Income and Expense Report. Consensus estimates predict that personal income and spending will increase 0.5% month over month. This compares to increases of 0.1% and 1%, respectively, in June. The PCE price index, the Federal Reserve’s preferred inflation indicator, is expected to jump 4.2% year-on-year, after rising 4.0% in June.

Write to Nicholas Jasinski at [email protected]