FedEx, Micron, Nike, and inflation: Stocks and data to watch this week

The Federal Reserve last week held interest rates steady and signaled two possible cuts by the end of the year, — though consensus looked to be narrowing, with more hawkish sentiment settling in. Kroger stock surged 10% after raising its full-year forecast, citing strength in pharmacy, eCommerce, and fresh food. The grocer also emphasized gains from its private-label strategy, though executives noted the broader macroeconomic environment remains uncertain.

Meanwhile, geopolitical tensions are only getting higher as the Israel-Iran war drags into a second week, with the U.S. joining the fray Saturday with attacks on Iran's nuclear facilities.

This week, investors will be watching Federal Reserve Chair Jerome Powell's congressional testimony, the PCE inflation gauge , and earnings from FedEx, Micron, Nike, Walgreens, and more.

Here's what to watch this week.

Monday, June 23

Monday brings S&P Global's flash PMIs for June, offering early insight into how manufacturing and services are holding up under relatively high interest rates. New home sales for May will shed light on whether housing demand is stabilizing amid the same trends, including relatively high mortgage rates. On the corporate side, earnings reports will trickle out from a small handful of companies, including FactSet, Commercial Metals, and KB Homes.

Tuesday, June 24

Tuesday will see Powell deliver semi-annual congressional testimony. It will also bring the release of the Conference Board’s June confidence index, widely expected to reflect ongoing unease around inflation and trade policy. The S&P/Case-Shiller home price index for April will offer a backward-looking snapshot of residential housing, and on the earnings front, results from FedEx and Carnival should offer insights into global shipping demand amid the trade wars and travel appetite among middle-income Americans.

Wednesday, June 25

On Wednesday, new home sales data for May will shed light on buyer demand and inventory conditions. Wednesday also brings some fresh data on trends in business investment with the release of May’s durable goods orders, an important indicator of corporate spending on equipment and infrastructure.

Earnings from Micron Technology will provide insight into semiconductor demand and the pace of the AI data-center boom. Expect results from Paychex, General Mills, Winnebago, and Levi Strauss & Co, too.

Thursday, June 26

Thursday brings a dense lineup of economic indicators, headlined by the final estimate of first-quarter GDP. The second estimate already showed a 0.2% contraction, and any revision could cement concerns that the economy stumbled more than expected early in the year.

May’s durable goods orders will offer a window into trends in business investments, while the Chicago Fed’s national activity index gauges broad economic momentum. Additional reports on the goods trade balance, wholesale inventories, and pending home sales will help flesh out the picture. Weekly jobless claims will also be in focus as analysts watch for any cracks in the labor market.

On the corporate side, Nike and Walgreens will report earnings, providing insight into shoe, shampoo, and pharma demand.

Friday, June 27

Friday ends the week with the release of the core PCE price index for May, the Fed’s preferred inflation gauge and a key input for future rate decisions. Personal income and spending data will show whether consumers are fueling growth or pulling back. Also on tap is the University of Michigan’s final read on consumer sentiment for June.