What to Expect in the Week Ahead (LEN and KMX Earnings; U.S. Retail Sales and Fedspeak)

19 analysts forecast earnings of $3.23 per share as opposed to earnings of $3.01 in the same quarter of the previous year.

Lennar is expected to report sales of $8.48 billion, an increase of 5.48% over the same period last year.

Overall, analysts expect an average profit of $14.54 per share for the current fiscal year, compared to $13.73 per share in the previous year. On average, analysts predict that the company will report annual sales of $35.21 billion, according to BusinessInsider.

The market expects CarMax to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended May 2024. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on June 21. On the other hand, if they miss, the stock may move lower.

According to Zacks consensus estimate, this used car dealership chain is expected to post quarterly earnings of $1.02 per share in its upcoming report, which represents a year-over-year change of -12.1%. Revenues are expected to be $7.23 billion, down 5.9% from the year-ago quarter.

Economists are expecting retail sales to have risen 0.3%, after they were unexpectedly flat in April.

Consumer spending is an area of focus for Wall Street as investors seek to gauge the impact of higher interest rates on the economy.

Last week the Fed reiterated that it needs to see more evidence of cooling inflation before lowering borrowing costs.

The BoE is to hold its latest policy setting meeting on Thursday and will likely dash any hopes the ruling Conservative party had of a pre-July 4 election rate cut. Markets now expect easing later rather than sooner, pricing a roughly 40% chance of an August quarter point move and a 70% chance in September with pay and services inflation sticky.

The U.K. is to release May inflation data a day before the BoE meets, with the consumer price index expected to come down to the bank's 2% target for the first time in nearly three years. But underlying inflation is expected to remain above 3% and with the election campaign in full swing the BoE is seen holding for now.

Switzerland and Norway are also to hold central bank meetings on Thursday. The SNB kicked off rate cuts in March and another cut is seen as 50-50 after steady March inflation data. No change is expected from Norway's central bank. Meanwhile, Australia's central bank meets on Tuesday but is not expected to ease for some time.

Brent and the U.S. benchmark gained nearly 4% last week, the highest weekly rise in percentage terms since April, buoyed by forecasts for solid demand for crude oil and fuel in 2024.

The U.S. Energy Information Administration (EIA) upgraded its oil demand growth estimate for 2024 slightly, and the Organization of the Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth of 2.2 million barrels a day (bpd).

The International Energy Agency (IEA) meanwhile cut its demand growth forecast to under 1 million bpd.

However, all three forecasters predicted a supply deficit at least until the beginning of winter, Commerzbank analysts pointed out.