Wall Street Faces Loaded Docket Before Memorial Day Weekend

Debt ceiling, GDP, and Fed minutes could mean a volatile market before the holiday

Managing Editor
May 18, 2023 at 4:15 PM
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As the calendar nears June, the elephant -- no pun intended -- in the room is the debt ceiling negotiations that have recently intensified on Capitol Hill. Depending on the resolution, investors may want to brace for a choppy transition into June and the official start of summer. 

Quarterly reports from retailer Kohl's (KSS), chipmaker Nvidia (NVDA), and homebuilder Toll Brothers (TOL) are also worth monitoring, as are Federal Open Market Committee (FOMC) minutes and a revised gross domestic product reading (GDP) for the first quarter. So while most will be eyeing the Memorial Day weekend, there's plenty of stock market fodder to sift through before the burgers can go on the grill. 

Below is a list of key market events scheduled for the upcoming week. All economic dates listed below are tentative and subject to change.

There's not much going on Monday, May 22. Expect a lower volume session than normal, unless political news drops. Zoom Video Communications (ZM) will report earnings after the close.

Tuesday, May 23 will feature new home sales as well as the S&P flash U.S. services purchasing managers' index (PMI) and manufacturing PMI. The earnings calendar for the day is full. Before the open, there's AutoZone (AZO), Dick's Sporting Goods (DKS), Lowe's (LOW), Vipshop (VIPS), and Williams-Sonoma (WSM).

After the close, Intuit (INTU), Palo Alto Networks (PANW), TOL, Urban Outfitters (URBN), and V.F. Corp (VFC) report. 

Weekly crude inventories are on tap Wednesday, May 24, but the big news will be the Fed minutes from May's meeting. On the earnings front, Abercrombie and Fitch (ANF), Petco Health & Wellness (WOOF), and KSS report in the morning.

When the closing bell rings, American Eagle (AEO), Digital Turbine (APPS), NVDA, and Snowflake (SNOW) step into the earnings confessional.

The first revision of first-quarter GDP comes out Thursday, May 25, as does weekly jobless claims and pending home sales. Best Buy (BBY), Dollar Tree (DLTR), Manchester United (MANU), and Ralph Lauren (RL) report results before the open.

After the close, we'll hear from Autodesk (ADSK), Costco (COST), Gap (GPS), Marvell Technology (MRVL), Ulta Beauty (ULTA), and VMWare (VMW). 

On Friday, May 26, the week closes out with durable goods orders, while the core personal consumption expenditures (PCE) price index could be of interest to the stock market. Big Lots (BIG) is the only notable company to report earnings. 


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