Upcoming Business Events and Economic Indicators: A Weekly Overview

This week, key business events and economic indicators are set to provide insights into the current state of the economy. On Tuesday, Lowe's, the North Carolina-based hardware store chain, will release its quarterly earnings report. Analysts predict a decline in earnings to $3.96 per share, with sales expected to reach $23.9 billion. The ongoing slump in the housing market, exacerbated by elevated mortgage rates, has led to decreased consumer interest in home renovations. On Wednesday, Target, the Minneapolis-based retailer, will unveil its second-quarter earnings. Following a trend of declining revenue due to rising prices on essential goods, Target is anticipated to report a profit of $2.19 per share and sales of $25.2 billion. This marks the fourth consecutive quarter of declines in comparable sales, indicating ongoing challenges for the retailer as consumers tighten their spending. Additionally, the Census Bureau will release its July count of new home sales on Friday. The housing market has shown signs of weakness, with new home sales dropping 7.4% year-over-year in June, following a significant 16% decline in May. Despite a slight retreat in interest rates, which have remained around 7%, many potential homebuyers remain hesitant, impacting overall sales. The anticipated figures for new home sales in July are estimated at 633,000, reflecting a continued struggle in the housing sector as it adjusts to the current economic climate.