June 12, 2024

After a week in which the Nasdaq reached a new all-time high and Ether ETFs received SEC approval, standouts in the upcoming week include several earnings reports, new economic data — and potentially some more action in the crypto market.

Oh, and most important, U.S. markets will be closed Monday for the Memorial Day holiday. Check out the best Memorial Day weekend deals here.

Macroeconomic data due this week

Consumer sentiment has declined as inflation concerns persist. According to a Friday release from the University of Michigan, the consumer sentiment index for May dropped to 69.1 from 77.2 in April. On Tuesday, the university will publish the results of its consumer confidence survey for May.

The Commerce Department will release its GDP report on Thursday. Last month, the growth was much weaker than expected. Moreover, on Friday, the investor will watch the personal consumption expenditures price index, which measures the prices that U.S. residents pay for goods and services.

Last month, the key inflation measure increased more than expected. In March, the core personal consumption expenditures price index, excluding food and energy, increased 2.8% from a year ago, an increase similar to February but higher than expected.

Analysts are confident about Costco’s report

Wholesale giant Costco will release its quarterly report on Thursday. Analysts expect earnings per share of $3.71 on average, up from the initial projection of $3.61 for the third quarter of 2024. Its competitiveness with e-commerce giant Amazon will also draw attention. In the latest quarter, Costco’s e-commerce sales grew by 18.4% compared to the previous year. Costco’s membership base will also be an important factor in determining the growth of the company.

Salesforce’s earnings report is due

On Wednesday, Salesforce, a cloud-based software company, will release its quarterly report. The company made headlines when it initially announced plans to acquire data-management software maker Informatica but later decided against it. The acquisition of Informatica, which would have been Salesforce’s largest acquisition since it bought Slack in 2021, could have been valued at around $10 billion.

On average, analysts estimate the quarter’s earnings per share to be $1.82, compared to the reported EPS of $1.15 for the same quarter last year. Furthermore, investors would like to know how the software company is incorporating AI—which is in demand these days—and how this is going to generate revenue.

Other earnings to watch

In addition to these, IT company HP will release its quarterly report on Wednesday, while BestBuy and Dollar General will release theirs on Thursday.

There may be some action on the crypto market

With Ether ETFs approved by the Securities and Exchange Commission, the crypto market may see some action soon. It is ironic that the market became volatile before the landmark decision but did not respond afterward. 

In the last week, Bitcoin reached over $70,000, and Ether went up over 20% in a day before slowing down. Still, there is hope that the crypto market will rise, with some expecting Ether to surge around $6,000 with a 60% increase in its price.

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