U.S. equities Walmart ended last week with limited movement as investors navigated a relatively calm trading environment. The S&P 500 gained 0.4%, while the Nasdaq Composite advanced just 0.1%. The S&P 500 recorded its largest daily move on Thursday, rising 0.65% to close at its 27th record high of the year. The Nasdaq, meanwhile, did not register a daily gain or loss of 1% or more for the first time since the week ending May 1.
That subdued momentum could continue this week, with investors facing a relatively light economic calendar. Key events will include housing data, the Federal Reserve’s latest meeting minutes and business activity surveys.
Housing Data Takes the Spotlight
The National Association of Home Builders will release its August Housing Market Index on Monday. Economists expect a reading of 33, down from 34 in July. A reading below 50 signals that builders remain pessimistic about near-term conditions in the single-family housing market.
On Tuesday, the Census Bureau will publish July residential construction data. Housing starts are expected to have fallen to a seasonally adjusted annual rate of 1.35 million, about 80,000 below June’s level. The National Association of Realtors will also release its Pending Home Sales Index, which is forecast to increase 0.1% after a 5.4% decline in June.
Retail Earnings in Focus
Corporate earnings will provide another major source of market direction, with retailers dominating the calendar. Home Depot will report results Tuesday, followed by Lowe’s, Target and TJX Cos. on Wednesday. Walmart will release its quarterly results Thursday. Other companies reporting include Baidu, Keysight Technologies, Klarna, Toll Brothers, Analog Devices, Estée Lauder, Nordson and Viking Holdings.
Alibaba, Deere, NetEase and Ross Stores are also scheduled to report Thursday, while BJ’s Wholesale Club will close the week with its earnings announcement on Friday.
Fed Minutes and PMI Data Ahead
The Federal Open Market Committee will release minutes from its late-July policy meeting on Wednesday. The central bank had kept the federal-funds rate unchanged at 3.50% to 3.75%, while three members dissented in favor of a quarter-point increase. On Friday, S&P Global will publish its August Manufacturing and Services PMIs. Consensus forecasts call for readings of 53.7 and 53.9, respectively, compared with July readings of 53.9 and 54.6.
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