With the bond-market selloff spooking investors across the board, stocks finished last week in the red. The Dow, Nasdaq, and S&P 500 all fell.
Disappointing retail data kept piling up, too, with Target’s earnings portraying a sharp drop in confidence among middle and high-income households, while Home Depot and Lowe’s showed a slowdown in home renovations. New data released by the National Association of Realtors added to the drama, as existing-home sales fell to a seasonally adjusted annual rate of 4 million in April — down 0.5% from March and 2.4% from a year ago.
Now investors are set to return from Memorial Day barbecues to a shorter yet still jam-packed week. Here’s what to watch:
U.S. markets will be closed in observance of Memorial Day.
Tuesday kicks off the shortened trading week with a batch of earnings that should offer fresh data into how American consumers are faring — and feeling. BJ’s Wholesale Club (BJ+0.59%) and Williams-Sonoma (WSM-0.29%) both report before the bell. Analysts will be watching BJ’s for any signs of trading-down behavior or shrinking basket sizes, both windows into customers’ confidence levels.
Okta (OKTA-0.92%) also reports Tuesday, with analysts expecting positive earnings vs. a quarterly loss this time last year.
Wednesday is the marquee day of the week, with heavyweight earnings from Nvidia (NVDA-1.54%), the third-largest company in America by market cap, as well as Salesforce (CRM-0.74%) and Veeva Systems (VEEV-0.13%), plus the Federal Reserve’s meeting minutes.
Nvidia’s report after the bell will surely be the most closely watched: The chipmaker has become a virtual stand-in for the AI wave and global chip war, and analysts are predicting as much as a 7% move in the price. Also after market close, Salesforce will offer updates on enterprise software spending amid growing economic uncertainty. Veeva will shed light on cloud-based trends in pharma and biotech. Dick’s Sporting Goods (DKS-3.06%) is also set to report.
The biggest macro flashpoint comes at 2:00 p.m. ET, when the Federal Reserve releases minutes from its May 6-7 meeting. No surprises are expected, but with investors speculating whether rate cuts might come in the second half of 2025, you can expect articles analyzing the log for any insight into inflation, the labor market, or internal dissent.
Costco (COST-0.22%), Dell, Zscaler (ZS+0.24%), and Ulta Beauty (ULTA-0.04%) all report Thursday. Investors will be watching Costco for traffic trends, membership retention, and its food versus discretionary sales mix, especially given Walmart’s (WMT+0.77%) recent gains in grocery. Ulta Beauty’s report will portray the health of mascara and shampoo spending — areas that often remain surprisingly strong even when consumers pull back in other categories. Gotta keep those highlights looking fresh, no matter the macro outlook.
Dell Technologies (DELL-3.07%) and Zscaler round out the day’s marquee tech names. Dell’s outlook will be read for enterprise PC refresh cycles and demand for AI-capable hardware, while Zscaler’s earnings will offer a look at corporate cybersecurity priorities in an atmosphere of belt-tightening.
With no major economic releases or U.S.-listed heavyweights reporting, Friday may make for a quieter session — a nice little reprieve after the flurry of earnings and macro headlines. Only Up Fintech (TIGR-0.42%), a large China-based brokerage firm, is scheduled to report.
The post Nvidia, Costco, and Fed minutes: What to watch in the stock market this week appeared first on Quartz.
