Several major U.S. banks report quarterly results Tuesday
A look at some of the key business events and economic indicators upcoming this week:
Several major U.S. banks report quarterly results Tuesday.
JPMorgan, Citigroup and Wells Fargo are set to deliver their earnings for the April-June quarter. Investors will be focusing on whether the banks’ loan defaults spiked as households and business customers’ finances took a hit from the coronavirus pandemic. Wall Street is also eager for an update on how banks see business shaping up for the rest of this year.
ANOTHER SHOPPING SURGE?
Economists project that U.S. shoppers ramped up their spending at retailers in June for the second month in a row.
Retail sales plunged nationwide in March and April as shutdowns and stay-at-home orders due to the coronavirus took effect. But sales surged a record 17.7% in May as states began easing restrictions on businesses. The trend is expected to have helped lift retail sales last month by 5.2%. The Commerce Department issues its latest monthly tally of retail sales Thursday.
Retail sales, monthly percent change, seasonally adjusted:
June (est.) 5.2
IN A BUILDING MOOD
Homebuilders are breaking ground on more new homes after a sharp slowdown in March and April due to the coronavirus shutdowns.
Builders started new homes at a seasonally adjusted annual rate of 974,000 in May. Economists predict the trend continued in June, driving new-home groundbreakings to a seasonally adjusted annual rate of 1.18 million. The Commerce Department serves up its June home construction data Friday.
Housing starts, monthly, seasonally adjusted annual rate:
June (est.) 1,180,000