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Looking Ahead In The Macro Market—Stock Market Preview For The Week Of June 27, 2022

A weekly stock market preview and the data that will impact the tape.

Early Futures Open (6:24pm, June 26, 2022) – Stock Market Preview

Weekend News And Developments

Canadian Prime Minister drives action on food security, climate change and gender equality at Commonwealth Heads of Government Meeting.

Carvana (NYSE:CVNA) Sought to Disrupt Auto Sales. It Delivered Undriveable Cars—OpEd Barron’s

Honourable Jean-Yves Duclos, Minister of Health, and Member of Parliament for Bourassa, Emmanuel Dubourg, will make an important funding announcement supporting long-term care in Quebec; June 27, 11:15am.

Ionis Pharmaceuticals, Inc. (Nasdaq: IONS), announced that GSK presented positive results from an interim analysis of the Phase 2b B-Clear clinical study of bepirovirsen (formerly IONIS-HBVRx), an investigational antisense medicine for the treatment of patients with chronic hepatitis B virus (CHB).

Madrigal Pharmaceuticals, Inc. announced data from multiple resmetirom abstracts presented at the European Association for the Study of the Liver’s International Liver Congress (EASL 2022), including a late-breaking presentation of data from the Phase 3 MAESTRO-NAFLD-1 study and three additional oral presentations from the resmetirom clinical development program.

Pfizer Inc. (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) announced positive data evaluating the safety, tolerability, and immunogenicity of two Omicron-adapted COVID-19 vaccine candidates: one monovalent and the other bivalent, a combination of the Pfizer-BioNTech COVID-19 Vaccine and a vaccine candidate targeting the spike protein of the Omicron BA.1 variant of concern. 

President Joe Biden and Western allies opened a three-day summit in the Bavarian Alps on Sunday intent on keeping economic fallout from the war in Ukraine from fracturing the global coalition working to punish Russia’s aggression.

Saudi Exchange announces its intention to launch Single Stock Futures Contracts on the 4th of July 2022.

United States: The Biden admin alongside the G-7 announced that they will ban Russian gold imports to “further impose financial costs on Moscow for its invasion of Ukraine.”

👀What We’re Watching👀

U.S. Economic Calendar

TIME (ET)REPORTPERIODACTUALMEDIAN FORECASTPREVIOUS
Monday, June 27
8:30 AMDurable goods ordersMay0.20%0.50%
8:30 AMCore capital goods ordersMay0.80%
10:00 AMPending home sales indexMay-4.00%-3.90%
Tuesday, June 28
8:30 AMTrade in goods (advance)May-$105.9 billion
9:00 AMS&P Case-Shiller U.S. home price index (year-over-year)April20.60%
10:00 AMConsumer confidence indexJune101.1106.4
Wednesday, June 29
8:30 AMGross domestic product revision (SAAR)Q1-1.50%-1.50%
8:30 AMFinal domestic demand revision (SAAR)Q12.70%
8:30 AMGross domestic income revision (SAAR)Q12.10%
Thursday, June 30
8:30 AMPCE inflation (monthly)May0.20%
8:30 AMCore PCE inflation (monthly)May0.40%0.30%
8:30 AMPCE inflation (year-over-year)May6.30%
8:30 AMCore PCE inflation (year-over-year)May4.70%4.90%
8:30 AMReal disposable incomeMay0.00%
8:30 AMReal consumer spendingMay0.70%
8:30 AMNominal personal incomeMay0.50%0.40%
8:30 AMNominal consumer spendingMay0.40%0.90%
8:30 AMInitial jobless claimsJune 25227,000229,000
8:30 AMContinuing jobless claimsJune 181.32 million
9:45 AMChicago PMIJune60.3
Friday, July 1
9:45 AMS&P Global U.S. manufacturing PMI (final)June52.4
10:00 AMISM manufacturing indexJune54.90%56.10%
10:00 AMConstruction spendingJune0.40%0.20%

😎Meme Of The Week😎

Key Upcoming Earnings (US Markets)

DaySymbolCompanyEarnings Call TimeEPS Estimate
KPRXKiora Pharmaceuticals IncAfter Market Close-0.23
BYSIBeyondSpring IncTime Not Supplied-0.23
Monday, June 27KLDOKaleido Biosciences IncBefore Market Open-0.51
BMTXBm Technologies IncAfter Market Close0.08
CNTGCentogene NVBefore Market Open-0.53
CGRNCapstone Green Energy CorpAfter Market Close-0.28
CNXCConcentrix CorpAfter Market Close2.84
GPGreenPower Motor Company IncBefore Market Open-0.08
CTKYYCooTek (Cayman) IncBefore Market Open0.13
DLNGDynagas LNG Partners LPAfter Market Close0.17
TALTAL Education GroupBefore Market Open-0.05
EXPIeXp World Holdings IncTime Not Supplied0.01
JEFJefferies Financial Group IncAfter Market Close0.51
TCOMTrip.com Group LtdAfter Market Close-0.08
LVOLiveOne IncTime Not Supplied-0.13
NKENike IncTAS0.81
Tuesday, June 28AEMDAethlon Medical IncTAS-0.14
XAIRBeyond Air IncAfter Market Close-0.27
AVAVAeroVironment IncAfter Market Close0.39
FIZZNational Beverage CorpTime Not Supplied0.43
SJRShaw Communications IncTime Not Supplied0.3
SNXTD Synnex CorpBefore Market Open2.65
EPACEnerpac Tool Group CorpBefore Market Open0.28
PRGSProgress Software CorpAfter Market Close0.95
Wednesday, June 29CDMOAvid Bioservices IncAfter Market Close0.01
BSETBassett Furniture Industries IncTime Not Supplied0.45
BNEDBarnes & Noble Education IncBefore Market Open-0.17
BBBYBed Bath & Beyond IncBefore Market Open-1.37
CULPCulp IncAfter Market Close-0.35
CJREFCorus Entertainment IncBefore Market Open0.15
PDCOPatterson Companies IncBefore Market Open0.55
MKCMcCormick & Company IncBefore Market Open0.65
UNFUniFirst CorpBefore Market Open1.9
FCFranklin Covey CoAfter Market Close0.18
MSMMSC Industrial Direct Co IncBefore Market Open1.74
FTRPField Trip Health LtdAfter Market Close-0.18
SGHSMART Global Holdings Inc.After Market Close0.75
GISGeneral Mills IncBefore Market Open1.01
SCHNSchnitzer Steel Industries IncBefore Market Open2.3
NGNovaGold Resources IncAfter Market Close-0.03
PAYXPaychex IncBefore Market Open0.79
MLKNMillerKnoll IncAfter Market Close0.47
Thursday, June 30ACCDAccolade IncAfter Market Close-0.66
AYIAcuity Brands IncTAS2.95
WBAWalgreens Boots Alliance IncTAS0.92
WTERAlkaline Water Company IncBefore Market Open-0.1
STZConstellation Brands IncBefore Market Open2.52
LNNLindsay CorpBefore Market Open1.6
SMPLSimply Good Foods CoBefore Market Open0.35
TNPTsakos Energy Navigation LtdBefore Market Open-0.21
MUMicron Technology IncAfter Market Close2.44
Friday, July 1None

FDA Calendar

Spero Therapeutics, Inc. (Nasdaq: SPRO): The FDA is planning to hold an Advisory Committee meeting to discuss this application and has also set a Prescription Drug User Fee Act (PDUFA) target action date of June 27, 2022.

Short Interest Gainers

Carvana (CVNA) +33%: Short interest increased from 33.3% to just shy of the 35% mark—the highest level since December of 2020. Days to cover on Carvana rose from 1.3 to 1.6.

Chewy (CHWY) +32.96%: Short interest increased two percentage point increase to 28% to a two-month high. In the four-day period covered through Thursday, shares of Chewy are up 14.7%, though the stock remains down nearly 40% year-to-date.

Lemonade (LMND) +13.95% : Estimated short interest on the stock rose for the third consecutive week from 30.5% to 32.0%. Days to cover on Lemonade was also up nearly two points from 12.2 to 14.1- an all-times high.

Short Interest Decliners

Canoo (GOEV) -7.46%: Estimates short interest was down for the fourth consecutive week this week, slipping from 25.1% to 22.3%. Trading volume in the name has been particularly heavy this week with 5.5M-7.1M shares exchanging hands despite the absence of any meaningful news.

Citi Trends (CTRN) +3.58%: Estimated short interest peaked at an all-time high above 55% in mid-May, but has declined to just 30.1% since then as shorts cover on declining price action.

Tags: stock market preview, stock market preview June 27, 2022.

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