This Week: US home sales, Nvidia earns, durable goods orders
A look at some of the key business events and economic indicators upcoming this week:
HOUSING MARKET BAROMETER
The National Association of Realtors releases its July tally of existing U.S. home sales Tuesday.
Economists project that sales of previously occupied homes slowed slightly last month from June to a seasonally adjusted annual rate of 4.12 million. A near-historic low number of homes on the market nationally and rising mortgage rates have kept many would-be homebuyers on the sidelines this year. Sales in June slowed to the slowest pace since January.
Existing home sales, in millions, seasonally adjusted annual rate:
Feb. 4.55
March 4.43
April 4.29
May 4.30
June 4.16
July (est.) 4.12
Source: FactSet
ON A ROLL
Wall Street expects another strong quarterly snapshot from Nvidia.
Analysts predict the chipmaker will report Wednesday that its fiscal second-quarter earnings and revenue rose sharply compared to the same quarter last year. Nvidia, which in May hit a $1 trillion market capitalization, has benefited from the growing use of artificial intelligence. In its fiscal first quarter, the company posted a profit of more than $2 billion and revenue of $7 billion, both exceeding Wall Street’s forecasts.
MANUFACTURING BELLWETHER
The government’s latest snapshot of U.S. durable goods orders should provide insight on how the manufacturing sector is doing.
Orders to U.S. factories for big-ticket manufactured durable goods, which are meant to last three years, rose 4.6% in June, more than double the previous month’s gain. Economists project that July’s orders fell 3.8%. The Commerce Department releases its latest data on durable goods orders Thursday.
Durable goods orders, monthly percent change, seasonally adjusted:
Feb. -2.7
March 3.3
April 1.2
May 2.0
June 4.6
July (est.) -3.8
Source: FactSet
