8 Stock Catalysts For The Week Ahead

The S&P 500 (SPY) finished off a difficult week on a low note June 26, after another turbulent week on Wall Street. Here are eight potential catalysts for the week ahead that could move the markets.

On Wednesday, July 1, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin will testify in front of the House of Representatives Financial Services Committee. Mnuchin and Powell’s testimony is expected to focus primarily on the national response to the coronavirus outbreak.

On Friday, July 3, the Labor Department will report U.S. jobs numbers from the month of June. The May jobs report was shockingly good, initially sending stock prices soaring. Investors will also be watching daily COVID-19 case numbers and potential responses from companies and states, following the record daily U.S. case numbers last week.

The state of Texas was forced to roll back its reopening efforts due to a surge in coronavirus cases, and any further indication that the economy could be shutting back down would likely be bad news for stock prices.

Eight Stock Catalysts

  • Delivery giant FedEx Corporation (FDX) is reporting fiscal fourth-quarter earnings Tuesday, June 30. Last quarter, FedEx reported 2.8% revenue growth, but a sharp 57.3% drop occurred in net income due to the coronavirus.
  • Struggling mall retailer Macy's Inc. (M) is also reporting first-quarter earnings on Wednesday, July 1. Macy’s has been gradually reopening shuttered stores in recent weeks, but analysts are expecting a first-quarter EPS loss of $2.57, and a 32.9% year-over-year drop in revenue.
  • Dun & Bradstreet Holdings, Inc. (DNB) is expected to hold its IPO on Wednesday, raising roughly $1.4 billion by selling shares in the $19 to $21 range. Dun & Bradstreet is one of Wall Street’s oldest data and analytics providers.
  • Inovio Pharmaceuticals Inc. (INO) has yet to report interim Phase 1 clinical trial results for its COVID-19 vaccine candidate that it recently said will be released in “late June.”
  • Ford Motor Company (F) and General Motors Company (GM) could be on the move on Wednesday when Autodata (ADNW) releases its June vehicle sales numbers. May auto sales came in at just 12.2 million vehicles, down from 17.3 million a year ago.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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