JUNE ECONOMIC DATA AND MORE TO WATCH THIS WEEK

U.S. stock and bond markets will be closed on Monday in observance of Juneteenth. There will be earning reports and economic data releases when investors return this week.

Monday 6/20

Equity and fixed income markets will be closed in observance of the Juneteenth national holiday.

Tuesday 6/21

Home builder Lennar reports second quarter results of fiscal 2022.

Mastercard and MetLife hold their annual shareholder meetings.

The Federal Reserve Bank of Chicago releases its National Activity Index for May. Consensus estimate is for a 0.41 reading, lower than April's 0.47.The index has had a positive reading every month since September of last year, which correlates with the economy expanding at a faster clip than its historical average.

The National Association of Realtors reports existing home sales for May. Economists forecast a seasonally adjusted annual rate of 5.37 million homes sold, 240,000 fewer than in April. The April figure was the lowest since June of 2020, as record high home prices, and the steepest 30 year fixed mortgage rates since 2008, have sharply curtailed home sales.

Wednesday 6/22

The Mortgage Bankers Associations releases its weekly application survey, a leading indicator of housing and mortgage financing activity, for the week ending on June 17.The index recently hit a 22 year low as refinancing demand plummeted as much as 75% year over year.

Thursday 6/23

Fedex reports earnings after the market close. Shares of the global freight carrier surged 11.2 % this past week after it announced a 53% dividend hike.

The Department of Labor reports annual jobless claims for the week ending on June 18.Claims have averaged 218,500 over the past four weeks, roughly equal to pre pandemic levels after hitting a 54 year low in March, suggest that a strong labor market is weakening.

S&P Global Releases both its Manufacturing and Services Purchasing Manager's Indexes for June. Expectations are for a 56.3 reading for the manufacturing PMI and 54 reading for the Services PMI. This compares with 57 and 53.4, respectively, in May.

Friday 6/24

CarMax announces quarterly earnings .

The Census Bureau reports new residential sales data for May. Consensus estimate is for sales of new single family homes to hit a seasonally adjusted annual rate of 590,000, about even with the April figure.New home sales, which make up about 10% of the housing market, are down more than 40 % from the post financial crisis peak reached in August 2020.