Monday, May 21, 2018
What to watch today
In the week ahead, investors looking at the economic calendar will likely continue to be lacking for a narrative, with the minutes from the Federal Reserve’s most recent policy meeting set for release Wednesday afternoon serving as the only major highlight.
Elsewhere, readings on home prices, regional manufacturing surveys, and durable goods orders will fill out the economic calendar.
And on the earnings schedule, things will be retail-heavy with results from Kohl’s (KSS), TJ Maxx parent company TJX (TJX), Lowe’s (LOW), Tiffany (TIF), Target (TGT), L Brands (LB), Best Buy (BBY), Ross Stores (ROST), The Gap (GPS), and Foot Locker (FL) all set to report results. And out of the tech sector we’ll see results from Intuit (INTU), NetApp (NTAP), and Hewlett Packard Enterprise (HPE) in the week ahead.
Mnuchin: US, China putting trade war on hold: The U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. [Reuters]
US gov’t bonds pay more than debt from other developed nations: U.S. government bonds are paying more than debt from other developed countries for the first time in almost two decades, a new sign of investors’ struggle to reconcile expectations for faster U.S. growth with concerns about the impact of deficits and inflation. The yield on the benchmark 10-year Treasury note last week topped 3.1%, its highest close in almost seven years. [The Wall Street Journal]
GE nears deal to merge transportation unit with Wabtec: General Electric Co. (GE) is nearing a deal to merge its transportation business, which manufactures train engines, with Wabtec Corp., a U.S. maker of equipment for the rail industry, two people familiar with the matter said on Sunday. A deal valuing the combined business at more than $20 billion could be announced as early as this week, the sources said. [Reuters]
Zuckerberg’s testimony in EU to be webstreamed: Facebook (FB) co-founder Mark Zuckerberg’s testimony to the European Parliament Tuesday on the Cambridge Analytica scandal will be broadcast live on the internet. Zuckerberg agreed to the web feed after talks with Antonio Tajani, the president of the parliament. The proceedings, scheduled for the late afternoon in Brussels, were to take place behind closed doors. [Bloomberg]
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