Financial markets are likely to focus on the ripple effects from the U.S./Iran agreement signed last week as well as a full schedule of economic data.

President Donald Trump and Iranian President Masoud Pezeshkian agreed to conditions including achieving a final deal within 60 days and reopening the crucial Strait of Hormuz oil-shipping route. This sent U.S. crude oil futures (/CL) to $75.50 per barrel, well below the monthly high of $97 on Jun. 2 and prices above $100 at the peak of the crisis.

There is plenty of economic data on the docket this week, with an especially heavy schedule on Thursday that includes GDP, personal income and spending, and jobless claims. Meanwhile, Micron Technology (MU) is the standout earnings report, set for Wednesday’s post-market session. Other notable companies reporting include Carnival (CCL), FedEx (FDX), KB Home (KBH), and Darden Restaurant Group (DRI).

Monday marks quarterly index rebalancing for the S&P 500 and the Nasdaq 100 after Thursday’s Triple Witching expiration event. Joining the S&P are Marvell Technology (MRVL) and Flex (FLEX), which will replace The Campbell’s Company (CPB) and Pool Corp. (POOL). New additions to the Nasdaq will be Astera Labs (ALAB), CoreWeave (CRWV), Nebius Group (NBIS), Rocket Lab (RKLB) and Teradyne (TER). The companies being removed are Charter Communications (CHTR), Cognizant Technology (CTSH), Insmed (INSM), Verisk Analytics (VRSK), and Zscaler (ZS).

Watch our selection of videos on technology, the Fed and sectors to help jumpstart your week. And listen to an interview on how a global soccer tournament will test prediction markets.

Economic Calendar

Tuesday:

• 9:45AM: S&P Global PMI Flash
• 10:00AM: Richmond Fed Manufacturing Index

Wednesday:

• 7:00AM: MBA Mortgage Applications
• 8:30AM: Building Permits
• 10:00 AM: New Home Sales
• 4:00 PM: Fed Bank Stress Test Results

Thursday:

• 8:30 AM: Durable Goods
• 8:30 AM: GDP
• 8:30 AM: Personal Income & Spending
• 8:30 AM: Jobless Claims

Friday:

• 8:30 AM: U.S. Trade Balance of Goods
• 8:30 AM: Retail Inventories
• 10:00 AM: Michigan Consumer Sentiment

Earnings Calendar

Tuesday:

• AM: Carnival Corporation (CCL)
• PM: FedEx Corporation (FDX), Cerebras Systems Inc. (CBRS), KB Home (KBH)

Wednesday:

• AM: Paychex, Inc. (PAYX)
• PM: Micron Technology, Inc. (MU)

Thursday:

• AM: Darden Restaurants, Inc. (DRI), McCormick & Company Inc. (MKC), Acuity Brands, Inc. (AYI), BlackBerry Limited (BB)
• PM: n/a

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice