Key insights
- The market faces key earnings reports from Dollar General and Ulta Beauty, with focus on consumer spending trends and outlooks. The JOLTS report will provide insights into labor market cooling, a key Fed watchpoint. Nvidia's AI chip announcements at Computex could influence the AI trade. Overall, a mixed bag of data and events with no clear directional signal.
Asking for a Trend Host Josh Lipton shares the top stories to keep an eye out for on Tuesday, June 2, including key earnings reports and the latest from Computex in Taiwan.
Time now for to watch Tuesday, June 2nd. It's going to be a busy day ahead for investors with fresh reads on the consumer, the labor market, and the AI trade.
Starting with earnings, Dollar General is announcing results before the markets open. Analysts expecting sales growth in the mid single digits, driven by new store openings and improving traffic.
But this could end up being a slow quarter for same store sales growth, putting a microscope on management's outlook on lower income consumers.
Turning to a different consumer story, Ulta Beauty reporting earnings after the closing bell. Analysts anticipating the beauty retailer to hold up well despite a challenging economic backdrop.
Same store sales expected to land at the high end of the company's full year guidance.
And on the labor front, we're getting the latest JOLTS report on Tuesday. Economists forecasting job openings in April to come in roughly unchanged from March, with the Fed closely watching signs of labor market cooling.
And finally, all eyes on Taiwan with Computex kicking off on Tuesday. Nvidia already making headlines after unveiling its new chip to bring AI directly to personal computers at Nvidia's GTC Taipei event.