Retail Yields: Investors will be eager to hear how consumer spending has fared at Dollar Tree as the discount retailer has benefited from an inflationary environment that has pushed more bargain-seeking shoppers to its doors. There should also be clues on the health of upscale consumers as luxury apparel retailer Ralph Lauren’s quarterly results are due before the opening bell. Electronics retailer Best Buy is also reporting this morning, while inventory retailer Costco is reporting after the closing bell.
US GDP: Economists expect the second estimate for first-quarter economic growth to come in at 1.1 percent, unchanged from the flash estimate but still below the 2.6 percent seen in the final quarter of 2022.
More economic data: New jobless claims are expected to have risen to 245,000 in the week ending May 20, compared to 242,000 claims the week before. According to economists polled by Refinitiv, pending home sales are likely to have risen 1 percent in April, compared to a 5.2 percent drop in March.
Fedspeak: Thomas Barkin, President of the Federal Reserve Bank of Richmond, will address the Southwest Virginia Economic Forum on economic opportunities for rural communities in Southwest Virginia. Boston Fed President Susan Collins will participate in a fireside chat with students and staff at the Community College of Rhode Island.
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