Levi Strauss, Costco, Walgreens and More Stocks for Investors to Watch This Week – Barrons

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Next week is light on both corporate earnings and economic data, but there are a few economic numbers to watch.

On Monday, IHS Markit publishes its U.S. Services Purchasing Manager Index for July and its Global Composite PMI, while the Institute for Supply Management publishes its non-manufacturing PMI.

On Tuesday, the Bureau of Labor Statistics will publish data from the Job Openings and Labor Turnover survey (JOLTS) for May, while the producer price index will be released on Friday.

Monday 7/6

The Institute for Supply Management releases its Non-Manufacturing Purchasing Managers’ Index for June. Economists forecast a 54.5 reading, a return above the expansionary level of 50 after two months below it, as nearly all of the country has reopened to some degree. Before April’s 41.8 figure, the index had more than 10 consecutive years of monthly readings above 50.

The U.S. Senate’s two-week recess continues through July 17. There is growing support for a new round of fiscal stimulus when the chamber reconvenes, as enhanced unemployment benefits under the Cares Act are set to expire at the end of July.

Tuesday 7/7

Levi Strauss
and
Paychex
report quarterly results.

The Reserve Bank of Australia announces its monetary-policy decision. The central bank is expected to keep its cash target rate at a record low 0.25%, since the country is most likely enduring its first recession, as defined by two consecutive quarters of gross-domestic-product contraction, in nearly three decades. The March quarter GDP was negative 0.3%, and the treasurer of Australia, Josh Frydenberg, has said that second-quarter GDP will be worse.

The Bureau of Labor Statistics releases its Job Openings and Labor Turnover Survey for May. Consensus estimate is for 4.9 million job openings on the last business day of May, down from five million in April. In February, before the economy had suffered from the effects of the Covid-19 pandemic, the total stood at seven million.

Wednesday 7/8

Bed Bath & Beyond and MSC Industrial Direct hold conference calls to discuss earnings.

Costco Wholesale reports sales results for June.

The Federal Reserve releases consumer credit data for May. Forecasters expect outstanding consumer credit to decline for a third month in a row, albeit at a much slower rate, to $4.1 trillion. In April, consumer credit declined at a seasonally adjusted annual rate of 19.6% from March, the fastest rate since 1943. Revolving credit, such as credit cards, plummeted a record 64.9% in April, as U.S. consumers were stuck at home. This also led to an all-time high rate of personal savings as a percentage of disposable personal income of 32.2% in April.

Thursday 7/9

The DOL reports initial jobless claims for the week ending on July 4. A total of 48.7 million Americans have filed for unemployment benefits since the U.S. began to shut down.

Walgreens
Boots Alliance reports fiscal third-quarter results.

Friday 7/10

The Bureau of Labor Statistics releases its producer price index for June. Consensus estimate is for a 0.4% monthly gain, which would match May’s rise. The core PPI, which excludes volatile food and energy prices, is expected to tick up 0.1%, after edging down 0.1% in May.

Write to Matthew C. Klein at matthew.klein@barrons.com