Investors are gearing up for a big week that may include a dramatic shift from the Federal Reserve as well as a highly anticipated initial public offering breathing some life into what has been a dry spell for capital markets.
This as stocks continue to move higher with the S&P 500 in a fresh bull market it entered last week, leaving the longest bear market, about a year, in history.
While the Nasdaq Composite registered its seventh straight weekly win.
Investors will also keep a close eye on shares of Target and Bud Light parent Anheuser-Busch.
TARGET MARKET CAP SWELLS TO $15 AMID TRANS MARKETING PUSHBACK
Both have seen their market caps drop sharply since marketing controversies tied to transgender issues have caused consumer pushback. The retailer has lost over $15 billion since mid-May, while the beer maker has lost over $41 billion since late March.
FOX Business breaks down other likely marketing moving events in the coming week, which includes the restaurant chain Cava's IPO, marking just the 10th company to go public in 2023 while potentially giving a boost to other restaurant stocks.
Cava IPO
Under the ticker CAVA listed on the New York Stock Exchange, the Mediterranean fast-casual restaurant chain will offer potential investors over 14 million shares between $17 and $19, with an expectation of raising between $245.6 million to $274.4 million. The company is expected to price on Wednesday, with trading begriming on Thursday.
Tech giant Oracle is set to report earnings after the bell. Shares of Larry Ellison's company have gained 34% this year, outperforming the Nasdaq Composite's 26% jump.
Elsewhere, the U.S. Open will kick off in Los Angeles. After the stunning merger between the PGA and LIV golf last week, the sporting world will be watching for any further insight into the leagues.
PGA - LIV MERGER POISED TO DISRUPT GOLF INDUSTRY
Additionally, companies involved in the tournament as sponsors include Cisco, American Express, Deloitte and Rolex.
Consumer Price Index
The Consumer Price Index for May will be released. Inflation year-over-year is expected to trend down to 5.3% vs. 5.5% in the prior month, according to economist estimates. Despite the expected dip, prices remain high across certain food categories, including beef and eggs. And the inflation rate is still way above the Federal Reserve's 2% goal.
Elsewhere, Tesla CEO Elon Musk is expected to deliver the keynote speech at EEI, Edison Electric Institute's annual event, in Austin, Texas.
And Ripple is expected file its remaining redactions in its case against the Securities and Exchange Commission. The cryptocurrency firm is facing regulators following the SEC's lawsuit against Coinbase last week.
SEC Chairman Gary Gensler is taking a strong stance against crypto regulation, which has pressured Bitcoin prices in recent weeks.
Federal Reserve Decision
The latest inflation read will likely focus on the Federal Reserve's decision on interest rates. Still, market participants predict policymakers will pause after 10 consecutive rate hikes. The CME's Fed Watch tool shows 70% expect no action.
FED SEEN PAUSING RATE HIKES: SURVEY
Producer Price Index
Investors will also get the Producer Price Index for May, which is expected to dip to 2.2% from 2.9% year over year.
Finally, Wednesday marks the deadline for bids on assets of embattled retailer Bed Bath & Beyond.
Retailer Kroger will report earnings and investors will be looking for an update on its $26.4 billion merger with Albertson's which is under review by the Federal Trade Commission.
Retail Sales
On the economic front, retail sales are expected to rise just 1% vs. 1.6% in the prior month, a reflection that consumers are pulling back spending amid high inflation.
And GameStop will host its annual meeting. Last week, in a surprise move, the video game retailer fired CEO Matt Furlong and replaced him with Ryan Cohen, the founder of Chewy.com and the largest individual shareholder in the company whose future remains uncertain after the shake-up.
U. of Michigan Consumer Survey
The week will wind down with University of Michigan's consumer sentiment index, which is considered a real-time view on how Americans are feeling about the economy and jobs.
FOX Business' Megan Henney contributed to this report.
https://www.foxbusiness.com/markets/fed-pause-cpi-inflation-data-cava-ipo-top-week-ahead
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