Retail Profits: Investors will be eager to see how Dollar Tree’s consumer spending is delayed, as the discount retailer benefits from an inflationary environment that has driven more bargain-hunting customers to its doors. There should also be clues to the health of high-end spenders, with quarterly results from luxury clothing retailer Ralph Lauren due before the opening bell. Electronics retailer Best Buy also announced this morning, while warehouse retailer Costco reported after the closing bell.
US GDP: Economists expect the second estimate of economic growth in the first quarter to come in at 1.1 percent, unchanged from the prior figure, but still down from 2.6 percent in the fourth quarter of 2022.
Other economic data: New claims for unemployment assistance are expected to have risen to 245,000 in the week ending May 20, from 242,000 claims in the previous week. Pending home sales are expected to rise 1 percent in April, down from a 5.2 percent decline in March, according to a Refinitiv poll of economists.
Fedspeak: Federal Reserve Bank of Richmond President Thomas Barkin will discuss economic opportunities for rural communities in southwest Virginia ahead of the Southwest Virginia Economic Forum. Susan Collins, President of the Boston Federal Reserve, will participate in a conversation with students and staff of Community College of Rhode Island.