The S & P 500 notched its best week since March as a pair of key inflation reports hit their marks and the Federal Reserve delivered on an expected pause in raising interest rates. Investors will have much less data to pore over in the week ahead. For starters, the markets are closed on Monday in observance Juneteenth to commemorate the end of slavery in the United States. For the rest of the week, expect a bit of an information vacuum, with only a few economic reports and the quarterly earnings season mostly ended. We will get updates on housing. Home starts and existing home sales come out Tuesday and could provide the central bank with a better view into a sector that remains an inflation concern. KB Home (KBH) isn’t the largest homebuilder in the United States by a long shot, but its quarterly earnings report on Wednesday should shed light on the mindsets of buyers as the economy slows and mortgage rates keep climbing. Another good read-through will be Darden Restaurants (DRI). The owner of Olive Garden and other restaurant chains will share quarterly results on Thursday, and we’ll be listening to management’s discussion on the strength of its consumers and their appetites for discretionary spending. FedEx (FDX), on Tuesday, is always a good barometer for the economy since shipping provides its leadership team with a special view of how well businesses are really doing. Also on tap are several speaking engagements for Federal Reserve members, including Chair Jerome Powell on Wednesday and Thursday in his semiannual monetary policy report to Congress. Some volatility is likely as investors look to analyze Powell’s remarks, especially given the hawkishness some members expressed at last week’s FOMC meeting. All stocks in the portfolio have now reported earnings for the March quarter. Here’s the full rundown of all the important domestic data in the week ahead: Monday, June 19 Market closed for Juneteenth Tuesday, June 20 6: 30 a.m. ET: St. Louis Fed president Jim Bullard speaks 8: 30 a.m. ET: Housing starts & building permits 11: 45 am. ET: NY Fed president John Williams speaks After the bell: FedEx (FDX) Wednesday, June 21 10: 00 am. ET: Federal Reserve Chairman Jerome Powell speaks 12: 25 am. ET: Chicago Fed president Austan Goolsbee speaks Before the bell: Patterson Companies (PDCO), Winnebago Industries (WGO) After the bell: KB Home (KBH), Algoma Steel (ASTL), Steelcase (SCS) Thursday, June 22 8: 30 a.m. ET: Weekly initial jobless claims 10: 00 a.m. ET: Existing home sales 10: 00 a.m. ET: Federal Reserve Chairman Jerome Powell speaks 10: 00 a.m. ET: Cleveland Fed president Loretta Mester speaks 4: 30 p.m. ET: Richmond Fed president Tom Barkin speaks Before the bell: Accentrue (CAN), Darden Restaurants (DRI), Commercial Metals (CMC), GMS (GMS) Friday, June 23 5: 15 a.m. ET: St. Louis Fed president Jim Bullard speaks 1: 40 p.m. ET: Cleveland Fed president Loretta Mester speaks Before the bell: CarMax (KMX) Looking back The most important of several key macroeconomic reports last week was the May consumer price index , which was released on Tuesday and fell largely in line with expectations. It followed a day later by the producer price index , which was below expectations — a positive for a stock market in search of more disinflation. Both readings supported the Federal Reserve’s decision to hold interest rates steady on Wednesday after 10 consecutive increases aimed at bringing down inflation. Initial jobless claims, reported on Thursday, held steady for the week ended June 3 at 262,000, well above the expected 245,000. Retail sales for May also came in above estimates, advancing 0.3% over April versus the expected decline of 0.2%. Rounding out the week: Industrial production fell 0.2% monthly, missing expectations for 0.1% advance, while capacity utilization came in at 79.6%, marginally below the estimate of 79.7%. As of Friday’s settle, the U.S. dollar index is trading at about 102. Gold remains at $1,970 per ounce. WTI crude prices continue to hover in the low-$70s per barrel region. The yield on the 10-year Treasury is 3.77%. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023.
Mandel Ngan | AFP | Getty Images
The S&P 500 notched its best week since March as a pair of key inflation reports hit their marks and the Federal Reserve delivered on an expected pause in raising interest rates.
Investors will have much less data to pore over in the week ahead.