Amazon Prime Day, GameStop's Russell fate, Nike earnings top week ahead

The upcoming week includes earnings from big names including Nike and FedEx, along with a fresh batch of economic reports, including GDP, which may be the strongest read in years. 

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	43870.35	+461.88	+1.06%
SP500	S&P 500	5948.71	+31.60	+0.53%
I:COMP	NASDAQ COMPOSITE INDEX	18972.420086	+6.28	+0.03%

This as the Dow Jones Industrial Average posted its worst week since October and the S&P 500 and Nasdaq fell sharply on Friday after St. Louis Federal Reserve President James Bullard said he expects an interest rate hike towards the end of 2022.

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days. 

Monday 5/21

Amazon's highly-anticipated, two-day Prime Day event will kick off on Monday. Amazon Chief Financial Officer Brian Olsavsky said during the company's earnings call in April that the decision to push the date back was based on a number of factors, including the Olympics and July being a "big vacation month." Amazon has said it marked the two biggest days for small and medium businesses across the world, surpassing $3.5 billion in sales last year.

Ticker	Security	Last	Change	Change %
AMZN	AMAZON.COM INC.	198.38	-4.50	-2.22%

Rival retailers including Walmart, Target, Best Buy, Kohl's and Bed, Bath & Beyond are planning their own sales events this week.

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	88.38	+1.19	+1.36%
TGT	TARGET CORP.	121.59	-0.14	-0.12%
KSS	KOHL'S CORP.	16.39	+0.07	+0.43%
BBY	BEST BUY CO. INC.	86.53	-0.20	-0.23%
BBBY	NO DATA AVAILABLE	-	-	-

Customers in the United States who make purchases during the events may see an increase in peak surcharges and residential delivery rates on packages from FedEx. According to the company, the peak surcharge will increase from 75 cents to $1 per package, the additional handling surcharge will increase from $3 to $3.50 per package and residential delivery charges will increase from 30 cents to 60 cents per package. 

Ticker	Security	Last	Change	Change %
FDX	FEDEX CORP.	295.25	+7.25	+2.52%

FedEx, a global economic bellwether, will report its earnings for the fourth quarter of 2021 and the full year on Thursday.  

Tuesday 5/22

Tuesday existing home sales will take the spotlight along with earnings from employment firm Korn Ferry. 

Ticker	Security	Last	Change	Change %
KFY	KORN FERRY	76.90	+1.22	+1.61%

Also on Tuesday, Federal Reserve Chairman Jerome Powell will testify during a House hearing titled "Lessons Learned: The Federal Reserve’s Response to the Coronavirus Pandemic."

This after policymakers signaled last week that interest rates may move higher by 2023, with some signaling a sooner timetable. 

1. In the world of politics, New York City voters will cast their ballots in the primary race for mayor. Leading the pack of Democratic candidates is former New York Police Department captain and Brooklyn borough president Eric Adams. Others in the running include former city sanitation commissioner Kathryn Garcia, tech entrepreneur and former Democratic presidential candidate Andrew Yang, former City Hall attorney Maya Wiley, former Housing and Urban Development Secretary Shaun Donovan, New York City Comptroller Scott Stringer, former Citigroup vice-chairman Ray McGuire, and former nonprofit executive Dianne Morales.

Tuesday also marks the deadline for counties to report the number of signatures on recall petitions against California Gov. Gavin Newsom. 

Ticker	Security	Last	Change	Change %
SBUX	STARBUCKS CORP.	100.06	+1.80	+1.83%

In addition, Starbucks will reintroduce its 10 cent discount for customers who use personal reusable cups after a hiatus due to the coronavirus.  

STARBUCKS REVIVES REUSABLE CUPS

Wednesday 5/23

Earnings will ramp up on Wednesday with Winnebago, KB Home and Steelcase all set to report. 

Ticker	Security	Last	Change	Change %
WGO	WINNEBAGO INDUSTRIES INC.	58.50	+1.20	+2.09%
KBH	KB HOME	77.79	-0.18	-0.23%
SCS	STEELCASE INC.	13.04	-0.03	-0.19%

Investors will also take in a slew of housing data, including new home sales, mortgage applications, and building permits, as well as weekly crude stocks from the Energy Information Administration. 

ELEPHANT IN THE HOUSING MARKET IS WIN FOR BUILDERS

Other notable market-related events include BlackBerry's annual shareholder meeting and the initial public offering of Sprinklr, which begins trading Wednesday on the New York Stock Exchange under the ticker symbol CXM. The tech startup, which will offer 19 million shares at $18 to $20 per share, could reach a valuation as high as $5 billion.

Treasury Secretary Janet Yellen is also slated to appear at a Senate hearing on Wednesday for the proposed estimates and justification for the agency's fiscal year 2022 budget.

Popstar Britney Spears is also expected to appear remotely in court to discuss her conservatorship case. Her primary goal will be to remove her 69-year-old father, Jamie Spears, from the case, according to Page Six.

Thursday 5/24

In addition to FedEx, BlackBerry, Nike, Rite Aid and Olive Garden parent company Darden Restaurants are among the major players set to report earnings on Thursday.

Ticker	Security	Last	Change	Change %
BB	BLACKBERRY LTD.	2.32	+0.01	+0.22%
NIKE	NO DATA AVAILABLE	-	-	-
RAD	NO DATA AVAILABLE	-	-	-
DRI	DARDEN RESTAURANTS INC.	164.62	+2.04	+1.25%

Investors will also take in data on corporate profits, durable goods, the final revision on GDP, and weekly initial and continuing jobless claims. 

Other notable events on Thursday include the Federal Reserve's results of its annual bank stress tests, which if passed by financial institutions, will allow a restart of buybacks and dividend increases. 

Also on tap, the 181st meeting of the OPEC conference, grocery chain Kroger's annual shareholder meeting, and Microsoft's unveiling of the future of Windows.

Ticker	Security	Last	Change	Change %
KR	THE KROGER CO.	58.58	+0.97	+1.68%
MSFT	MICROSOFT CORP.	412.87	-1.79	-0.43%

Friday 5/25

Wrapping up the week for earnings will be CarMax and Paychex, while personal income, personal consumption, and the preliminary reading of the University of Michigan's consumer sentiment index will finish out the week for economic data. 

Ticker	Security	Last	Change	Change %
KMX	CARMAX INC.	80.62	+3.98	+5.19%
PAYX	PAYCHEX INC.	144.09	+2.26	+1.59%

Meme stocks will also be in focus after the market closes on Friday as the FTSE Russell publishes the final lists of its annual rebalancing, which impacts indices including the Russell 1000, the Russell 2000, the Russell microcap index, and several others. The changes in each index's members are determined based on company market caps as of May 7.

In order to move into the Russell 1000 index, an existing Russell 2000 member would need to have had a market cap exceeding $7.3 billion that day, according to Catherine Yoshimoto, FTSE Russell’s director of product management. Reddit sensation GameStop qualifies for the list with a $11.97 billion market cap on the ranking day, while AMC Entertainment Holdings fell short with just $4.28 billion on May 7. 

Ticker	Security	Last	Change	Change %
GME	GAMESTOP CORP.	27.83	-0.60	-2.11%
AMC	AMC ENTERTAINMENT	4.49	+0.04	+0.90%

The future of the second-largest cryptocurrency, Ethereum, will also be determined on Friday as $1.5 billion in options of the digital currency are set to expire.