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Costco and Salesforce earnings, inflation, cryptocurrencies: this week’s markets
After a week in which the Nasdaq has reached a new all-time high AND Ether ETFs have received SEC approvalHighlights next week include several earnings reports, new economic data, and potentially some further action in the cryptocurrency market.
Nvidia’s earnings are jaw-dropping and the stock is rising sharply
Oh, and most importantly, US markets will be closed on Monday for the Memorial Day holiday. Watch best deals for Memorial Day weekend here.
Macroeconomic data expected this week
Consumer confidence declined as inflation concerns persisted. According to a statement released Friday by the University of Michigan, the consumer confidence index for May fell to 69.1 from 77.2 in April. The university will release the results of its May consumer confidence survey on Tuesday.
The Commerce Department will release its GDP report on Thursday. Last month, growth was much weaker than expected. Additionally, on Friday, the investor will watch the Personal Consumption Expenditures Price Index, which measures the prices U.S. residents pay for goods and services.
Last month, the key measure of inflation rose more than expected. In March, the price index of major personal consumption expendituresexcluding food and energy, they increased by 2.8% compared to a year ago, an increase similar to that of February but higher than expected.
Analysts are bullish on Costco’s report
Wholesale giant Costco will release its quarterly report on Thursday. Analysts expect earnings per share to average $3.71, up from their initial projection of $3.61 for the third quarter of 2024. Its competitiveness with e-commerce giant Amazon will also draw attention . In the latest quarter, Costco’s e-commerce sales grew 18.4% compared to the previous year. Costco’s membership base will also be an important factor in determining the company’s growth.
Salesforce’s earnings report is coming
On Wednesday, Salesforce, a cloud-based software company, will release its quarterly report. The company made headlines initially announced plans to acquire Informatica, a maker of data management software But he later decided not to. The acquisition of Informatica, which would be Salesforce’s largest acquisition since it bought Slack in 2021, it could have been valued at around $10 billion.
On average, analysts estimate earnings per share for the quarter to be $1.82, compared to the reported EPS of $1.15 for the same quarter last year. Additionally, investors would like to know how the software company is incorporating artificial intelligence, which is in high demand these days, and how this will generate revenue.
Other earnings to keep an eye on
Apart from these, IT company HP will release its quarterly report on Wednesday, while BestBuy and Dollar General will release theirs on Thursday.
There may be some action in the cryptocurrency market
With Ether ETFs approved by the Securities and Exchange Commission, the cryptocurrency market may soon see some action. It is ironic that the the market became volatile before the reference point decision but he did not respond afterwards.
Over the past week, Bitcoin has surpassed $70,000, while Ether rose more than 20% in a day before slowing down. However, there is hope that the cryptocurrency market will increase, with some expecting Ether to rise to around $6,000 with a 60% increase in its price.