Jobs report, Ford earnings and Krispy Kreme IPO top week ahead
5 min readThru the Cycle President John Lonski on inflation concerns and the impact of the biggest surge in consumer spending in decades.
It is a big week for the U.S. economy with several jobs reports on tap along with earnings from big retailers and the first restaurant IPO in quite some time which is actually a blast from the past; Krispy Kreme. Also, another well-known name Legal Zoom will IPO as well.
KRISPY KREME TAKES SECOND CHANCE AT IPO
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34433.84 | +237.02 | +0.69% |
| SP500 | S&P 500 | 4280.7 | +14.21 | +0.33% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14360.387701 | -9.32 | -0.06% |
This as the S&P 500 hit an all-time high on Friday and the Dow Jones Industrial Average and Nasdaq sit near record highs.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Monday 6/28
Investors will get the first chance to welcome new members to several Russell Indices. GameStop joins the Russell 1000, Fisker the 3000 while AMC remains in the Russell 2000.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 209.51 | -2.80 | -1.32% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 54.06 | -2.64 | -4.66% |
| FSR | FISKER | 19.30 | +0.26 | +1.37% |
As for earnings, Herman Miller is due after the bell on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MLHR | HERMAN MILLER, INC. | 48.28 | +0.03 | +0.06% |
While the calendar is light for economic data, New York Federal Reserve President John Williams will deliver a speech at the BIS Andrew Crockett Memorial Lecture at 8:45 AM ET.
John Williams, president of the Federal Reserve Bank of San Francisco, right, speaks during Politico’s Morning Money lunch briefing in Washington, D.C., U.S., on Tuesday, May 17, 2016. The two regional Federal Reserve bank presidents said at least tw (Getty images)
In the world of politics, President Biden will host Israel President Reuven Rivlin at the White House.
“President Rivlin’s visit will highlight the enduring partnership between the United States and Israel and the deep ties between our governments and our people. It will be an opportunity to consult about the many challenges and opportunities facing the region,” White House press secretary Jen Psaki said in a statement.
Secretary of State Antony Blinken will also travel overseas to attend the G20 Foreign Ministers’ meeting and meet with world leaders including German Chancellor Angela Merkel, French President Emmanuel Macron, and Italian President Sergio Mattarella.
Tuesday 6/29
On Tuesday, investors will take in earnings from Barnes & Noble Education and FactSet Research Systems before the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BNED | BARNES & NOBLE EDUCATION INC COM | 8.87 | -0.43 | -4.62% |
| FDS | FACTSET RESEARCH SYSTEMS, INC. | 332.08 | +1.45 | +0.44% |
The day will also be jam-packed with virtual investor days for Jack in the Box, Capri Holdings and Sempra Energy.
While movie-chain-turned-meme-stock AMC Entertainment Holdings will host its annual meeting. As of June 2, there were 501,780,240 AMC shares outstanding. Despite speculation, AMC emphasized that it has no plans to propose or take any actions regarding a stock split or reverse stock split.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JACK | JACK IN THE BOX, INC. | 120.08 | -0.71 | -0.59% |
| CPRI | CAPRI HOLDINGS LTD. | 56.26 | +0.74 | +1.33% |
| SRE | SEMPRA ENERGY | 137.47 | +1.92 | +1.42% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 54.06 | -2.64 | -4.66% |
For economic data, the Case-Shiller home price index and the consumer confidence index top the reports.
Other notable events on Tuesday include President Biden’s visit to Wisconsin to talk agriculture and rural economies.
And former President Barack Obama’s appearance at the American Libraries Association Annual Conference where he will discuss his memoir A Promised Land.
President Barack Obama speaks to the media before a meeting with his cabinet members in the White House Cabinet Room in Washington, Friday, Nov. 7, 2014. (AP Photo/Evan Vucci)
Wednesday 6/30
Wednesday will be one of the busiest days for the market this week as Bed Bath & Beyond, Constellation Brands, and Micron Technology are set to report earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBBY | BED BATH & BEYOND, INC. | 28.93 | -1.32 | -4.36% |
| STZ | CONSTELLATION BRANDS, INC. | 228.60 | +2.60 | +1.15% |
| MU | MICRON TECHNOLOGY, INC. | 82.03 | +1.45 | +1.80% |
Online legal services provider, LegalZoom, is also set to begin trading on the Nasdaq under the ticker symbol LZ. Reuters reported that LegalZoom plans to sell over 19 million shares priced between $24 – $27 per share to raise $516 million.
As for economic data, investors will be watching ADP national employment, the Chicago Purchasing Managers Index, pending home sales and weekly mortgage applications, and the Energy Information Administration’s weekly crude stocks.
FILE – In this Thursday, Nov. 5, 2020, file photo, President Donald Trump speaks at the White House, in Washington. (AP Photo/Evan Vucci, File)
Former President Donald Trump is also set to visit the U.S.-Mexico border with Texas governor Greg Abbott as an influx of migrants continue to cross the southern border.
Thursday 7/1
On Thursday, investors will hear from big names including Acuity Brands, McCormick, Walgreens Boots Alliance, who are all set to report earnings before the market open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AYI | ACUITY BRANDS, INC. | 193.11 | +1.47 | +0.77% |
| MKC | MCCORMICK & CO., INC. | 87.28 | +1.00 | +1.16% |
| WBA | WALGREENS BOOTS ALLIANCE, INC. | 52.16 | +0.06 | +0.12% |
Meanwhile, economic data will include challenger layoffs, initial and continuing jobless claims, construction spending, and the ISM manufacturing PMI.
Krispy Kreme original glazed doughnuts half dozen box (iStock)
Krispy Kreme is also set to return to the market Thursday with an initial public offering looking to raise up to $640 million. The donut chain is planning to sell 26.67 million shares at a price between $21 and $24 apiece. The company would be valued at $3.22 billion at the high end of its range. Shares are proposed to trade on the Nasdaq under the ticker DNUT.
Other notable events happening Thursday include OPEC and non-OPEC’s ministerial virtual meeting.
Friday 7/2
Friday will be among the most important for investors with Ford Motor Company’s earnings and the July jobs report.
U.S. employers are expected to have added 650,000 positions in June while the unemployment rate dipped to 5.7%.
MAY JOBS REPORT FALLS SHORT
This would show an improvement from May when employers added 559,000 jobs, the Labor Department reported, missing the 650,000 jobs that analysts surveyed by Refinitiv were expecting. April’s reading was revised higher by 12,000 to 278,000.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 15.19 | -0.07 | -0.46% |
Friday will also mark a big day for Royal Caribbean as the company launches cruises from U.S. ports after a COVID-19 induced hiatus.
Royal Caribbean CEO Richard Fain on first post-COVID cruise ship to set sail from Florida.
CARNIVAL CEO: DEMAND IS REBOUNDING FASTER THAN SUPPLY
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RCL | ROYAL CARIBBEAN GROUP | 89.22 | +2.25 | +2.59% |
| CCL | CARNIVAL CORP. | 28.13 | +0.67 | +2.44% |
CEOs of both Royal Caribbean and Carnival Cruise telling FOX Business demand is rebounding.
