Last week, surprise news of a temporary and tentative U.S.-China trade deal set stocks roaring from Monday on, though optimism cooled by Friday as skepticism mounted and commentators focused on yet another 90-day pause. The S&P 500 ended the week on a positive note, while the Nasdaq spiked midweek on Nvidia’s (NVDA-1.54%) Saudi Arabian opportunity — only to finish flat. The Dow, weighed down by UnitedHealthcare’s (UNH-0.13%) ongoing crisis, still managed to close in the green.
Walmart and Deere both reported earnings, warning of tariff-induced price hikes and a slowdown in the dirt-and-diesel economy. This week, investor attention turns to Target (TGT-0.70%) and key macro indicators, including the Fed’s latest meeting minutes and some housing market data.
Here’s what to watch, day by day:
On the macro front, the Conference Board’s Leading Economic Index (LEI) for April drops at 10:00 a.m. ET. This composite of 10 forward-looking indicators is expected to continue its months-long decline, reinforcing concerns that the U.S. economy is losing steam under the weight of high interest rates and Trump’s trade wars. While not a market-mover on its own, the LEI helps shape recession-risk narratives and may color investor sentiment heading into Fed minutes later in the week.
Home Depot (HD-0.55%) reports before the bell, giving a read on U.S. consumer spending, particularly on big-ticket discretionary items like appliances and renovations that people tend to pull back on during tougher times. Analysts will be watching for any signs of margin pressure or weakening demand, especially in light of last week’s downbeat outlook from Walmart (WMT+0.77%). As one of the biggest names in home improvement retail, Home Depot’s results are typically taken as a proxy for DIY-project appetite and, by extension, housing-market sentiment.
Canada’s April CPI data also arrives before market open. With U.S. inflation still volatile, markets will keep a close eye on any cross-border pressure signals, particularly as regards energy and food.
It’s also another big day for earnings from household names. Target reports premarket, offering insight into how middle class consumers are feeling about the threat of rising prices on Tide and tank tops. Baidu (BIDU-2.13%) also reports pre-market, giving investors a look at China’s tech sector and the AI race in the wake of changing U.S. export controls. Later in the morning, Medtronic (MDT-0.83%) will post results, giving investors insight into medical devices and hospital spending.
Zoom Communications (ZM-1.03%) reports results after the bell. Best wash your face and throw on a sweater for those.
Thursday’s focus shifts to the housing market, with the National Association of Realtors releasing April’s existing home sales data at 10:00 a.m. ET. This report portrays the current state of the housing sector, with analysts watching for signs of any further slowdown in sales activity.
What, a slower news day? It’s possible. With no major economic data releases or earnings reports scheduled, and barring any unexpected developments, markets just might enjoy a quiet near-summer Friday. Maybe we can all slip out early for the holiday weekend?
The post Target, Home Depot, and Zoom: Stocks to watch this week appeared first on Quartz.
