After a few rocky days, the stock market ended the week on a positive note following the release of the Federal Reserve’s preferred inflation measure. The latest price index of personal consumption expenditures, which excludes food and energy costs, rose by 0.2% during the period, which was in line with estimates.
The report soothed investors going into this week.
With sales struggling, Lululemon is reporting this week
Lululemon will release its first quarter results for the year on Wednesday. The athletic apparel company has been struggling with low sales for quite some time and earlier this year, had to lay off hundreds of employees and close its distribution center. Amid the chaos, Zacks Investment Research has forecasted consensus earnings per share for the quarter to be $2.39, up from $2.28 in the same quarter last year.
Dollar Tree will report its earnings
Dollar Tree announced on May 30 that it would buy hundreds of 99 Cents Only stores, news that boosted its stock price that day. The company will release its earnings report on Wednesday morning. The consensus earnings per share forecast for the quarter is $1.43, according to Zacks Investment Research, compared with $1.47 in the same quarter last year.
New IPOs this week
Novelis, owned by Indian billionaire Kumar Mangalam Birla’s Hindalco Industries, is going public on Thursday. The company intends to raise $945 million through the sale of 45 million shares at a price of $18 to $21 per share. Novelis’ IPO is expected to be the largest by an Indian company in the U.S.
Healthcare payments software firm Waystar Holding Corp. is also proceeding with its planned initial public offering. As per its SEC filing last week, the company intends to raise approximately $968 million through an IPO.
The jobs report will be out
The Labor Department’s Bureau of Labor Statistics will release the job report on Friday. As of last month, the number of weekly jobless claims rose to 231,000, the highest level since August. This benefited the stock market, as it sparked hopes that the Fed might lower interest rates soon.