Holiday-Shortened Week Dominated by Debt Ceiling Talk

Debt ceiling negotiations are at the forefront of every investors mind this MDW

Patrick Martin

Managing Editor

May 25, 2023 at 3:23 PM

AVGO
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The Memorial Day Weekend is finally upon us, and the S&P 500 Index's (SPX) 7.2% year-to-date gain bodes well for the stock market in 2023. Yet as the U.S. nears a potential default on its debt -- and with no deal in sight between lawmakers -- all eyes are on Washington D.C. during the holiday-shortened week. Every day that gets closer to June 1 injects more anxiety into the stock market.

The earnings docket still has some stragglers, including c3.AI (AI), GameStop (GME), Nordstrom (JWN), and Macy's (M). Beyond that, unemployment numbers at the end of the week could add even more volatility on Wall Street.

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

The stock market is closed Monday, May 29 in observance of Memorial Day. Go buy a coffee for a veteran!

Tuesday, May 30 will feature the S&P Case-Shiller Home Price Index, while Richmond Fed President Tom Barkin will speak. Manchester United (MANU) will report earnings before the open.

After the close, Ambarella (AMBA), Box (BOX), HP Inc (HPQ), and Hewlett Packard Enterprise (HPE) will also report.

Job Openings and Labor Turnover (JOLTS) data kicks off Wednesday, May 31. The Fed's beige book, the ADP unemployment report, and remarks from Philadelphia Fed President Patrick Harker are also on deck.

When the closing bell rings, AI, Chewy (CHWY), CrowdStrike (CRWD), GME, JWN, NetApp (NTAP), Okta (OKTA), and Salesforce (CRM) all step into the earnings confessional.

On Thursday, June 1, weekly jobless claims come out per usual, while the ISM manufacturing survey and more remarks from Harker could move markets. Dollar General (DG) and M report earnings in the morning.

After the close, we'll hear from Broadcom (AVGO), Dell Technologies (DELL), Five Below (FIVE), LULU, MongoDB (MDB), VMWare (VMW), and Zscaler (ZS) on the earnings front.

On Friday, June 2, the unemployment report is the doozie to watch. There are no notable earnings to monitor.

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