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Wall Street inched higher on Thursday, helped by gains in defensive sectors such as consumer staples and utilities. However, sentiment was under pressure due to a combination of buyer exhaustion and some lackluster economic data. Meanwhile, U.S. stocks were also attempting to extend a three-day rally sparked by a surprise trade deal between the U.S. and China and a benign consumer inflation report.
Investors will be closely looking at the economic events of next week to get a better understanding of the current global sentiment. Certain economic events scheduled for next week will include the Euro area’s core CPI on Monday, and the UK’s core CPI on Wednesday. Meanwhile, Thursday will include Jobless Claims for the U.S. with New Home Sales on Friday. Friday will also include the Retail Sales report for the UK.
Home Depot (HD), Palo Alto Networks (PANW), Medtronic (MDT), Snowflake (SNOW), Intuit (INTU), and Workday (WDAY) will report earnings next week.
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Earnings spotlight: Tuesday, May 20: Home Depot, Palo Alto Networks, Keysight Technologies (KEYS). See the full earnings calendar.
Earnings spotlight: Wednesday, May 21: Lowe’s (LOW), Medtronic, Snowflake. See the full earnings calendar.
Earnings spotlight: Thursday, May 22: Intuit, Workday, Autodesk (ADSK), See the full earnings calendar.
Earnings spotlight: Friday, May 23: Booz Allen Hamilton (BAH), Inventiva (IVA) See the full earnings calendar.
Volatility watch: Tesla (TSLA) and GameStop (GME) have a higher level of implied volatility than normal based on options trading. Companies with an elevated level of short interest outstanding on them include
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