CPI inflation data, Disney earnings and debt ceiling top week ahead
The consumer price index, due Wednesday, is expected to remain above 5%
Debate over debt ceiling a 'dangerous game to play': Greg Peters
PGIM Fixed Income Co-CIO Greg Peters joins 'Barron's Roundtable' to react to the April jobs report, the impact on the economy from May's Federal Reserve rate hike and weighs in on the debt ceiling debate.
In the coming week, along with a key inflation report and several big earnings, investors will also continue to monitor the banking crisis as regional bank stocks, including PacWest, and First Horizon, which scrapped plans to merge with TD Bank last week, remain volatile.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PACW | NO DATA AVAILABLE | - | - | - |
| FHN | FIRST HORIZON CORP. (TENNESSEE) | 20.17 | +0.30 | +1.51% |
| TD | THE TORONTO-DOMINION BANK | 55.90 | -0.04 | -0.07% |
For the week, the S&P 500 ended fractionally lower off 0.8%.
S&P 500
FOX Business breaks down other events likely to move financial markets in the coming days.
Monday, May 8
On Monday, Axiom Space plans to launch the second-ever private astronaut mission to the International Space Station using a SpaceX rocket out of Kennedy Space Center.
Earnings on tap include BioNTech, Freshpet, KKR & Co, Six Flags Entertainment and Tyson Foods.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BNTX | BIONTECH SE | 111.48 | +3.25 | +3.00% |
| FRPT | FRESHPET | 157.05 | +0.48 | +0.31% |
| KKR | KKR & CO. | 157.67 | +5.49 | +3.61% |
| SIX | NO DATA AVAILABLE | - | - | - |
| TSN | TYSON FOODS INC. | 63.77 | +0.52 | +0.82% |
After the bell, Lucid Group, Palantir Technologies and PayPal report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LCID | LUCID GROUP INC. | 2.10 | +0.04 | +1.70% |
| PLTR | PALANTIR TECHNOLOGIES INC. | 63.81 | +2.45 | +3.99% |
| PYPL | PAYPAL HOLDINGS INC. | 86.28 | +1.46 | +1.72% |
Economic data on Monday will include wholesale inventories, which are expected to rise slightly, and inflation expectations, which are forecast to fall from 4.7% to 4.5%.
Tuesday, May 9
On Tuesday Biden will meet with lawmakers, including Speaker Kevin McCarthy, R-Calif., about the debt limit as the possibility of default grows nearer. Treasury Secretary Janet Yellen warned last week that a default, if no compromise is found, could happen as early as June 1.
President Joe Biden and House Speaker Kevin McCarthy will meet on Tuesday to discuss a solution to the growing threat of the U.S. defaulting on its debt. (Drew Angerer/Getty Images / Getty Images)
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At noon, New York Federal Reserve President John Williams will speak at the Economic Club of New York. His comments will be closely watched for any views on the current health of the U.S. banking system.
Elsewhere, Perrigo’s first of its kind over-the-counter birth control pill will be reviewed by the FDA for approval on Tuesday and Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PRGO | PERRIGO CO. PLC | 27.92 | +0.84 | +3.10% |
Earnings include Fisker, Nikola, Oatly Group and SeaWorld Entertainment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FSR | NO DATA AVAILABLE | - | - | - |
| NKLA | NIKOLA CORP. | 2.03 | +0.12 | +6.28% |
| OTLY | OATLY GROUP AB | 0.71 | +0.01 | +1.02% |
| SEAS | NO DATA AVAILABLE | - | - | - |
After the bell, Airbnb, Blink Charging, Occidental Petroleum and Rivian report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ABNB | AIRBNB INC. | 138.62 | +5.37 | +4.03% |
| BLNK | BLINK CHARGING CO | 1.52 | -0.01 | -0.98% |
| OXY | OCCIDENTAL PETROLEUM CORP. | 51.54 | +0.63 | +1.24% |
| RIVN | RIVIAN AUTOMOTIVE INC. | 10.29 | +0.27 | +2.64% |
Wednesday, May 10
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BP | BP PLC | 29.66 | +0.14 | +0.47% |
| TA | NO DATA AVAILABLE | - | - | - |
Wendesday TravelCenters of America will conduct a shareholder vote on a $1.3 billion sale of the company to BP. TravelCenters of America is the largest publicly traded full-service travel center network in the U.S. About 280 truck stops in 44 states are included in the sale. The purchase would help BP compete in the diesel market.
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Earnings include EVgo, GoodRx Holdings, New York Times, Roblox and Wendy’s before the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| EVGO | CLIMATE CHANGE CRISIS REAL IMPACT I | 6.34 | +0.10 | +1.52% |
| GDRX | GOODRX HOLDINGS INC. | 4.61 | +0.32 | +7.46% |
| NYT | THE NEW YORK TIMES CO. | 53.25 | +1.24 | +2.38% |
| RBLX | ROBLOX CORP. | 49.93 | +0.58 | +1.18% |
| WEN | THE WENDY'S CO. | 18.11 | +0.19 | +1.06% |
After the bell, Beyond Meat, Cheesecake Factory, Robinhood Markets, Sonos and Walt Disney, which has been battling with Florida Gov. Ron DeSantis over the park's development deals in the state, report.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 4.88 | -0.12 | -2.50% |
| CAKE | CHEESECAKE FACTORY INC. | 46.34 | -0.29 | -0.62% |
| HOOD | ROBINHOOD MARKETS INC. | 36.42 | +1.33 | +3.79% |
| SONO | SONOS INC. | 13.50 | +0.55 | +4.25% |
| DIS | THE WALT DISNEY CO. | 114.72 | +0.46 | +0.40% |
April's Consumer Price Index +5.5% est.
Economic data on Wednesday will include the much watched Consumer Price Index, which is expected to rise 5.5%, slightly down from the prior month's 5.6%. Prices for food items, including eggs, were up 36% as of March.
A shopper checks eggs at a grocery store in Glenview, Illinois. Inflation has seen Americans paying more for everyday items. (AP Photo/Nam Y. Huh / AP Newsroom)
Additionally, mortgage applications and EIA weekly crude stocks will be released.
Thursday, May 11
Earnings on Thursday will include reports from Blade Air Mobility, JD.com, Krispy Kreme and Tapestry before the market opens.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BLDE | BLADE AIR MOBILITY INC. | 3.37 | +0.07 | +2.12% |
| JD | JD.COM INC. | 35.38 | +0.20 | +0.57% |
| DNUT | KRISPY KREME | 11.14 | +0.10 | +0.95% |
| TPR | TAPESTRY INC. | 58.80 | +2.35 | +4.17% |
Economic data to watch on Thursday includes weekly jobless claims and producer prices.
Friday, May 12
Friday will round out the week with a speech from Federal Reserve Bank of St. Louis President James Bullard on "Toward a Monetary Policy Strategy" in a panel discussion at the Hoover Monetary Policy Conference, "How to Get Back on Track," hosted by the Stanford University Hoover Institution.
James Bullard, president and chief executive officer of the Federal Reserve Bank of St. Louis, delivers a speech in 2019. (Luke MacGregor/Bloomberg via Getty Images / Getty Images)
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Economic data on Friday will include import and export prices, as well as the University of Michigan consumer sentiment index.
FOX Business' Jessica MacKenzie contributed to this story.