After a holiday-shorted trading week in which markets surged on the heels of a deal to raise the debt ceiling, next week could be more subdued. Apple will help kickstart the week on Monday with its worldwide developer conference, at which it’s expected to unveil new releases. We’ll also get updates on U.S. factory orders, non-manufacturing services, the U.S. trade deficit, and consumer credit data. J.M. Smucker, GameStop, Brown Forman, DocuSign, and Seneca Foods will be among the companies reporting earnings next week.
- Apple will hold its worldwide developer conference on Monday.
- Joann, Inc, Ferguson, The J.M. Smucker Company, GameStop, Brown Forman Corporation, DocuSign, and Seneca Foods Corporation will report earnings next week.
- On Tuesday, we will get an update on the U.S. trade deficit for April, and data from the Federal Reserve on consumer borrowing activity in April.
Monday, June 5
- Apple Worldwide Developer Conference
- U.S. Factory Orders (April)
- Institute of Supply Management services survey (May)
- JOANN, Inc. (JOAN), GitLab Inc. (GTLB), HealthEquity Inc. (HQY) will report earnings.
Tuesday, June 6
- Ferguson plc (FERG), The J.M. Smucker Company (SJM), Caseys General Stores, Inc. (CASY), and Dave & Buster’s Entertainment, Inc. (PLAY) will report earnings.
Wednesday, June 7
- U.S. trade deficit (April)
- Consumer credit (April)
- Brown Forman Corporation (BF.A), Campbell Soup Company (CPB), GameStop Corporation (GME), HashiCorp, Inc. (HCP), and Smartsheet Inc. (SMAR) will report earnings.
Thursday, June 8
- Wholesale Inventories (April)
- DocuSign, Inc. (DOCU), The Toro Company (TTC), Vail Resorts, Inc. (MTN), Signet Jewelers Limited (SIG), will report earnings.
Friday, June 9
- NIO Inc. (NIO), Seneca Foods Corporation (SENEA), Aniza Biosciences, Inc. (ANIX), and Nathan’s Famous, Inc. (NATH) will report earnings.
Apple’s Worldwide Developers Conference
Kicking off the week on Monday, Apple will host its worldwide developers conference, where it is expected to release updates to its operating systems, new Macs, and unveil a mixed reality headset just days after Meta released its latest virtual reality (VR) headset on Thursday. The keynote is scheduled for 1 p.m. ET.
The Latest On the U.S. Trade Deficit
On Wednesday, we’ll get the latest updates on the U.S. trade deficit from the U.S. Department of Commerce. The trade gap is projected to have widened in April to an estimated $75 billion, from $64.2 billion in March. The trade deficit is an important measure of the economy, as a narrowing trade deficit contributes to the nation’s gross domestic product or GDP.
Consumer Credit Data
On Wednesday, the Federal Reserve will release data on consumer credit, giving insight on the state of U.S. consumer borrowing in April. In March, consumer borrowing rose $26.5 billion, the fastest pace in four months, with credit card balances rising 17.3%. The March report showed that consumer spending has stayed strong, despite higher borrowing costs due to the Federal Reserve’s interest rate hikes. Consumer borrowing is projected to decrease in April, to about $20 billion.