Primary Pennsylvania: The state is holding its primary elections, with the Republican race for the Senate probably the most closely watched competition. Mehmet Oz, TV personality and retired doctor who was backed by Donald Trump, will take on David McCormick, former managing director of hedge fund Bridgewater Associates. The former president’s endorsement has been a hot commodity in Republican primaries across the country and today’s election could give an indication of just how important his support is to voters.
Retail sales: Total sales are expected to have risen 0.9% in April, from 0.5% in March. Sales in the so-called control group, which excludes automobiles, gasoline, building materials and food services, are expected to have risen 0.5% in April.
Walmart: The world’s largest retailer is expected to report first-quarter revenue of $138.9 billion, according to analysts polled by Refinitiv. This would be a slight jump from the same quarter last year as supply chain bottlenecks and inflation continue to create challenges. Analysts expect earnings of $1.48 per share, which would reflect a decline of 21 cents from a year ago.
Home deposit: The home improvement retailer is expected to post revenue of $36.72 billion in the first quarter of 2022, according to analysts polled by Refinitiv. This was down 2% from a year earlier as inflation, supply chain constraints and slowing demand weighed on margins. Analysts expect earnings of $3.67 per share, down 19 cents from the year-ago quarter.
Builder confidence: The National Association of Home Builders’ housing market index is expected to fall from a reading of 77 in April to 75 in May, according to economists polled by Refinitiv.
Fedspeak: Federal Reserve Chairman Jay Powell will discuss the central bank’s plan to control inflation during a panel discussion at the Wall Street Journal’s Future of Everything conference. Chicago Fed President Charles Evans, Cleveland Fed President Loretta Mester, Philadelphia Fed President Patrick Harker and St Louis Fed President James Bullard are also expected to take the word.