Next week could be the last big week of this earnings season, with reports from major retailers including Walmart, Target, Home Depot, and Alibaba, among others. The U.S. Census Bureau will report on April retail sales on Tuesday, providing a key update on consumer spending. We’ll get the updates on the housing market with the latest data on building permits, housing starts, existing home sales, and the NAHB’s Housing Market Index for May. We can also expect gross domestic product (GDP) readings from Japan and the eurozone, and an inflation reading from Canada. Lastly, the 2023 Group of Seven (G7) summit will be held in Hiroshima, Japan starting on Friday.


Major retailers including Walmart, Target, Home Depot, and Alibaba will report earnings next week. Walmart, the nation’s largest retailer by revenue, is expected to post earnings per share (EPS) of $1.31, up from $0.74 per share in the year-ago quarter. EPS at Target is projected at $1.80, down from $2.16 a year ago.1

On Tuesday, the U.S. Census Bureau will also report on April retail sales, a proxy for consumer spending. Retail sales, which are not adjusted for inflation, likely rose 0.7% last month, rebounding off a 0.6% decline in March. Year-over-year, they are projected to have risen just 1.4%, at the slowest pace since the onset of the pandemic three years ago. Consumers have become increasingly pessimistic about the economy amid rising interest rates, persistently high inflation, and fears about a recession. The University of Michigan’s Consumer Sentiment Index (MCSI), a key barometer of consumer confidence, fell in early May to its lowest level since November.

Housing Market Updates

We’ll get the latest updates on the housing market next week, starting with the NAHB’s Housing Market Index for May on Tuesday. On Wednesday, the Census Bureau will report on April housing starts and building permits, two indicators of home construction and supply. Housing starts are projected to have fallen slightly to 1.4 million units last month, from 1.42 million in March. On Thursday, the National Association of Realtors (NAR) will report on April existing home sales. They’re projected to have fallen to 4.3 million units, down from 4.44 million in March and compared to a peak of 6.34 million units in January 2022.