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FeaturesWeek Ahead

Apple, Fed Meeting, and Hamilton—5 Things to Know for the Week Ahead

By
Tom Huddleston Jr.
Tom Huddleston Jr.
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By
Tom Huddleston Jr.
Tom Huddleston Jr.
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June 12, 2016, 10:37 AM ET
Apple Introduces New Products
CUPERTINO, CA - MARCH 21: Apple CEO Tim Cook speaks during an Apple special event at the Apple headquarters on March 21, 2016 in Cupertino, California. The company is expected to update its iPhone and iPad lines, and introduce new bands for the Apple Watch. (Photo by Justin Sullivan/Getty Images)Photograph by Justin Sullivan—Getty Images
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Hello friends and Fortune readers.

Investors could be on the edges of their seats this week as they wait to see if the Fed will move ahead with plans to further raise interest rates. Meanwhile, techies will have their eyes on San Francisco and Apple’s annual conference for software developers. Also this week, retail sales data and quarterly updates from Oracle and Rite Aid, while broadway’s biggest hit will try to have a record-setting night at the Tony Awards.

Here’s what you need to know for the week ahead.

1. The Fed’s June meeting

Officials from the U.S. Federal Reserve meet for two days this week, starting Tuesday, to discuss fiscal policy and the trajectory of the U.S. economy in the wake of a weak employment report for the month of May. Investors will be watching closely on Wednesday for Fed chair Janet Yellen’s statement, as she has dropped numerous hints that the central bank would introduced another interest rate hike this summer. Still, the central bank is unlikely to raise interest rates further this week due to the disappointing jobs data and unimpressive first-quarter economic growth.

2. Apple’s WWDC

Starting Monday, Apple’s community of software developers will gather in San Francisco for the tech giant’s annual Worldwide Developers Conference. CEO Tim Cook will deliver a keynote address on Monday afternoon in which he will likely discuss statistics and updates related to Apple’s wide range of apps, while also potentially announcing new software or services. Apple is expected to unveil a new operating system, iOS 10, as well as improvements to its Apple Music streaming music app and other updates.

3. Earnings: Oracle, Kroger

Business software giant Oracle reports its fourth-quarter financials on Thursday and the company is expected to post quarterly profit that barely beats Wall Street’s expectations. However, investors will be interested in any comments from Oracle on a recent lawsuit from shareholders alleging questionable accounting practices related to the company’s growing cloud business. Also on Thursday, supermarket operator Kroger will likely report first-quarter profit that meets analysts’ expectations as the company has benefitted from the Walmart decision to close hundreds of stores, though the company could also have been hurt by higher wages for its workers.

Other companies reporting quarterly earnings this week include Rite Aid and gunmaker Smith & Wesson.

4. Economic data

The markets will parse over a series of economic reports this week, led by Tuesday’s report from the Commerce Department on May retail sales, which likely improved by roughly 0.3% after posting strong growth of 1.3% in April. Meanwhile, the Labor Department is expected to report that U.S. producer prices rose 0.3% last month, which is slightly higher than the previous month’s growth, and the consumer price index also likely improved by 0.3% in May. On Friday, the Commerce Department is expected to say that housing starts dropped to 1.15 million-unit annualized rate last month, from a rate of 1.17 million units the previous month.

5. Hamilton goes for the record

The highly-acclaimed broadway musical Hamilton, which plays to sold-out crowds and has inspired New Yorkers to pay exorbitant amounts for tickets, could potentially set a record for wins at Sunday night’s Tony Awards. The musical is nominated in 16 categories heading into the 70th Tony Awards, which air on CBS on Sunday, making the show a strong contender to top the Tony’s record of 12 wins, set by Mel Brooks’ The Producers in 2001.

 

—Reuters contributed to this article.

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By Tom Huddleston Jr.
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