Walmart wins, Fed meeting minutes, US home sales

A look at some of the major trade events and economic indicators to come this week:

Wall Street is expecting another mixed quarterly report from Walmart.

Analysts predict the nation’s largest retailer will report on Tuesday that its fiscal second-quarter profits fell and revenue rose from the same period last year. Last month, Walmart lowered its second-quarter and full-year earnings outlook, saying shoppers cut back on purchases of apparel and other discretionary items that generate higher profit margins.

FOCUS ON THE FED

The Federal Reserve releases the minutes of its last interest rate policy meeting on Wednesday.

At that meeting last month, the central bank raised its benchmark interest rate by three-quarters of a point for the second consecutive time, its most aggressive campaign in more than three decades to rein in high inflation. By raising borrowing rates, the Fed aims to discourage consumers and businesses from borrowing and spending more. This cools the economy, slowing inflation.

HOUSING MARKET BAROMETER

The National Association of Realtors releases its July outlook for U.S. home sales on Thursday.

Economists predict that sales of previously occupied US homes slowed to a seasonally adjusted annual rate of 4.85 million properties last month. Sales fell in June for the fifth consecutive month. Significantly higher mortgage rates have discouraged house hunters, even as the inventory of homes for sale has started to rise slightly.

Sales of existing homes, in millions, seasonally adjusted annual rate:

February 5, 93

March 5.75

April 5, 60

May 5.41

June 5.12

July (est.) 4.85

Source: FactSet

Comments are closed.