The Week Ahead...

The earnings calendar remains thin this week, as we make our way between one earnings seasona dn the next. We won't start hearing Q2 results from the big banks until the second week of July. That said, we will almost certainly hear news from and about some of those big banks this week.

1) Corporate... I see just one corporate event outside of earnings that caught my eattention for the week ahead. Datadog (DDOG) will hold that firm's annual DASH event in New York City this coming Tuesday and Wednesday. As for what few earnings we do have, FedEx (FDX) will report this Tuesday afternoon. We'll hear from General Mills (GIS) ahead of the opening bell on Wednesday morning and from Levi Strauss (LEVI) after the closing bell that same day. On Thursday, the heat turns up a bit with McCormick (MKC), Walgreens Boots Alliance (WBA) and Nike (NKE) all going to the tape with their numbers.

2) The Fed... There are several Fed speakers this week. I am more than a little focused on what message is being prepared for the investinbg public as this Friday, the PCE data for May will hit the tape and the Fed will send out Gov. Michelle Bowman and Richmond Fed Pres. Tom Barkin, both of whom happen to be policy hawks, the very same day. In addition, this Wednesday, after the closing bell, the Fed will release its stress test results for 2024 for the 32 largest banks in the nation.

3) Macro... The headline event for the week will be this Friday's May data for PCE, Core PCE, Personal Income and Personal Spending. Before we get that far, we'll have to get through April home prices, June Consumer Confidence, May New Home Sales, May Durable Goods Orders, and the BEA's final revision to Q1 GDP......

Lastly... This Friday brings with it the annual Russell Rebalancing, also known as the Reconstitution of Russell Indices. This day is typically the busiest day trading day of the year at the NYSE.