Monday
Earnings Announcements: Novellus (NVLS)
Tuesday
Economic Reports: Core PPI, PPI, Retail Sales
Will this be the month that we finally see inflation take hold? If expectations come true, it very well could be. PPI is anticipated to show an increase of nearly 1%. Core PPI (which excludes food and energy costs) is expected to show an increase of 0.10%. Read the full story
Tuesday
Economic Reports: Building Permits, Housing Starts, PPI, Core PPI, Industrial Production
Despite the continued onslaught in the housing market, expectations are for an increase in both building permits and housing starts. Only once in the last six months have either of these reports exceeded analyst expectations. I expect the trend continues, with both of these reports falling short of expectations.
Both the Producer Price Index (PPI) and Core PPI are expected to increase this month. The PPI reading is expected to post a significant increase compared to last month. Core PPI (which excludes food and energy costs) is expected to post a slight increase over last month.
Industrial Production is likely to indicate a seemingly endless decline in the manufacturing sector. It will likely be quite a while until this report turns around.
Earnings Calendar: Best Buy (BBY), Adobe (ADBE)
Wednesday
Economic Reports: CPI, Core CPI
The Consumer Price Index (CPI) and Core CPI and expected to post vastly different numbers for May. The CPI figure is anticipated to show a deflationary reading of -0.90%. This is due to the continued drop in food and energy prices. The Core CPI figure, which excludes food and energy, is expected to post a slight increase since last month.
Earnings Calendar: FedEx (FDX)
Thursday
Economic Reports: Philadelphia Fed
The Philly Fed report could provide some good news for the market to mull over on Thursday. While the report will likely indicate ongoing contraction in the manufacturing sector, the reading is slowly moving toward zero. A reading above zero indicates expansion.
Earnings Calendar: Research In Motion (RIMM)
