This Week: Walmart earns, Fed meeting minutes, US home sales
A look at some of the key business events and economic indicators upcoming this week:
SPOTLIGHT ON WALMART
Wall Street expects another mixed quarterly report card from Walmart.
Analysts predict the nation’s largest retailer will report on Tuesday that its fiscal second-quarter earnings fell and its revenue rose compared with the same period last year. Last month, Walmart lowered its profit outlook for the second quarter and full year, saying shoppers have been cutting back on clothing and other discretionary items that carry higher profit margins.
The Federal Reserve releases the minutes from its most recent interest rate policy meeting Wednesday.
At that meeting last month, the central bank raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time, its most aggressive drive in more than three decades to tame high inflation. By raising borrowing rates, the Fed aims to discourage consumers and businesses from borrowing and spending more. That cools the economy, slowing inflation.
HOUSING MARKET BAROMETER
The National Association of Realtors issues its July snapshot of U.S. home sales Thursday.
Economists predict sales of previously occupied U.S. homes slowed to a seasonally adjusted annual rate of 4.85 million properties last month. Sales dipped in June for the fifth consecutive month. Sharply higher mortgage rates have discouraged house hunters, even as the inventory of homes for sale has begun to edge higher.
Existing home sales, in millions, seasonally adjusted annual rate:
July (est.) 4.85