New Home Sales, GDP, Other Inflation Data This Week

As June and the first half of the calendar year draw to a close this week, expect more inflation data and a handful of remaining earnings reports from big companies including Micron Technology and Walgreens Boots Alliance. Federal Reserve officials are closely gauging price data heading into their July meeting.

Micron, reporting Wednesday, is expected to post a loss of $1.60 a share in the fiscal third quarter on sales of $3.7 billion, compared with a $2.59 a share profit on $8.6 billion of revenue a year earlier. Micron stock is up 31% this year on hopes chip demand will start to rebound.
Walgreens, reporting Tuesday, is expected to report earnings per share of $1.07 on revenue of $34.2 billion, and a 6% rise in same-store sales for the fiscal third quarter.
May single-family home sales on Tuesday are expected to be a seasonally adjusted 659,000 annual rate, down 24,000 from April, amid continued signs that high interest rates are keeping sellers and buyers on the housing market sidelines.
The latest reading of first-quarter gross domestic product from the Bureau of Economic Analysis on Thursday is expected to show a 1.4% annualized rate, slightly higher than the BEA’s second estimate in late May.

What’s Next: The BEA’s closely watched personal income and expenditures data for May comes out Friday. Economists expect a rise in income and spending. The core PCE, which is the Fed’s preferred inflation measure, is seen increasing 4.7% from May 2022, matching April’s gain.

—Nicholas Jasinski and Janet H. Cho