Apple conference, OPEC’s oil cut, Nasdaq at 2023 high in week ahead
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This week is shaping up to be another busy one for investors with earnings reports, Fed speeches and Apple's Worldwide Developers Conference.
Also, oil prices spiked higher over the weekend after Saudi Arabia led the charge for a production cut of 1 million barrels per day at the OPEC+ meeting. This could mean higher gas prices for U.S. drivers this summer.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 79.62 | -0.38 | -0.47% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 32.37 | -0.07 | -0.22% |
As for equities, the NASDAQ composite is sitting at the highs of the year helped by chip companies including Nvidia and the stronger-than-expected May jobs report.
Nasdaq Composite
FOX Business breaks down more events likely to move financial markets in the coming days.
Monday, June 5
Apple will begin it's annual Worldwide Developers Conference on Monday. The event, which is virtual except for the opening day, will run through Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 169.02 | +2.20 | +1.32% |
The opening keynote address, with CEO Tim Cook, will have a live audience in front of which Apple is expected to reveal its first-ever VR headset.
Apple CEO Tim Cook (Justin Sullivan/Getty Images / Getty Images)
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Investors will also be looking closely at economic data, which on Monday will include the S&P Global services PMI, the ISM non-manufacturing PMI, factory orders and the Conference Board’s employment trends.
Tuesday, June 6
Earnings on Tuesday will kick off with Chico’s FAS, Cracker Barrel and J.M. Smucker before markets open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CHS | n.a. | n.a. | n.a. | n.a. |
| CBRL | CRACKER BARREL OLD COUNTRY STORE INC. | 61.07 | +0.24 | +0.39% |
| SJM | THE J. M. SMUCKER CO. | 118.55 | +0.87 | +0.74% |
After the bell, Casey’s General Stores, Dave & Buster’s Entertainment and Stitch Fix will report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CASY | CASEY'S GENERAL STORES INC. | 315.64 | +2.32 | +0.74% |
| PLAY | DAVE & BUSTER'S ENTERTAINMENT INC. | 53.33 | -2.80 | -4.99% |
| SFIX | STITCH FIX INC. | 2.25 | +0.08 | +3.69% |
Honda will unveil the Elevate, a mid-size SUV, and Kawasaki USA will unveil 16 new vehicles.
Wednesday, June 7
Earnings before markets open on Wednesday will include Brown-Forman, Campbell Soup, J. Jill, United Natural Foods and Vera Bradley.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BF.B | BROWN-FORMAN CORP. | 49.02 | -0.38 | -0.77% |
| CPB | CAMPBELL SOUP CO. | 45.55 | +0.57 | +1.28% |
| JILL | J.JILL INC. | 25.78 | -0.26 | -1.00% |
| UNFI | UNITED NATURAL FOODS INC. | 8.82 | -0.08 | -0.90% |
| VRA | VERA BRADLEY INC. | 6.81 | +0.19 | +2.87% |
Rent the Runway will report results in the evening.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RENT | RENT THE RUNWAY INC. | 12.07 | +0.16 | +1.34% |
Economic data at the top of investors' minds on Wednesday will include mortgage applications, international trade, EIA weekly crude stocks and consumer credit.
And Treasury Secretary Janet Yellen will testify about her default date predictions in front of the House Financial Services Committee.
Treasury Secretary Janet Yellen (Reuters/Jonathan Ernst / Reuters Photos)
Investors will also be locked on congressional hearings about maintaining the dollar's status as the global reserve currency and the intersection of intellectual property and artifical intelligence.
Nikola, the alternative fuel automobile start-up, will host its annual meeting as it continues to burn cash and after it recently received a delisting notice from Nasdaq.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKLA | NIKOLA CORP. | 0.62 | -0.02 | -2.41% |
| HOG | HARLEY-DAVIDSON INC. | 39.44 | -0.30 | -0.75% |
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Harley-Davidson will unveil two new 2023 CVO motorcycles, and Volvo will debut the RX30 electric SUV, which it says will have the lowest carbon footprint of any of its production models ever.
Thursday, June 8
Earnings on Thursday will include Designer Brands, Hooker Furniture and Signet Jewelers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DBI | DESIGNER BRANDS INC. | 9.45 | -0.25 | -2.58% |
| HOFT | HOOKER FURNITURE | 18.00 | -0.31 | -1.69% |
| SIG | SIGNET JEWELERS LTD. | 98.57 | -2.51 | -2.48% |
After markets close, Vail Resorts will report its earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MTN | VAIL RESORTS | 201.42 | -3.38 | -1.65% |
Economic data on Thursday will include wholesale inventories and sales, as well as the closely watched initial jobless claims.
A Porsche 356 Nr. 1 Roadster is on display during the "Driven by Dreams" exhibition in Berlin, Jan. 25, 2023. (Reuters/ Lisi Niesner) (Reuters Photos)
Porsche will unveil a new sports car on the 75th anniversary of the first Porsche 356 certified for the road on Thursday. Lexus will unveil its own car on Thursday, the first-ever TX, a luxury SUV.
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Friday, June 9
The week will end on a quiet note with no scheduled earnings to report, but Elon Musk's SpaceX Falcon 9 is expected to launch from Cape Canaveral, Florida.
Elon Musk's SpaceX Falcon 9 is expected to launch from Cape Canaveral, Florida, on Friday, June 9, 2023. (AP Photo/Matt Rourke / AP Newsroom)