A look at some of the key business events and economic indicators upcoming this week:
MIXED RESULTS?
Walmart delivers its second-quarter results Tuesday.
Wall Street predicts the retail giant’s second-quarter earnings increased from a year earlier, even as revenue declined. Walmart posted earnings and revenue growth in the first quarter as shoppers, many flush with U.S. stimulus payments, splurged on clothing and household goods. Investors will be listening for an update on sales trends heading into what’s normally the back-to-school season.
HOUSING MARKET BELLWETHER
New government data on residential construction should provide insight into the state of the new-home market.
The Commerce Department is expected to report Wednesday that builders broke ground on new apartments and single-family homes last month at a seasonally adjusted annual rate of 1.61 million units. That would follow a pace 1.64 million housing starts in June. Supply chain problems caused by the pandemic have hamstrung builders, who have faced material shortages and inflated prices.
Housing starts, monthly, seasonally adjusted annual rate:
Feb. 1,447,000
March 1,725,000
April 1,514,000
May 1,546,000
June 1,643,000
July (est.) 1,608,000
Source: FactSet
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Wall Street expects another solid quarterly report card from Deere & Co.
Analysts predict the Illinois-based tractor and backhoe maker’s earnings and revenue increased in the May-July quarter from a year earlier. That would echo the company’s results in its previous two quarters. The company has benefited from strong demand for farm and construction equipment worldwide. Deere reports its fiscal third-quarter results Friday.
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