5 things to know before the stock market opens on Monday, May 13

  • Retail income is still declining.
  • The fast fashion giant wants to join a major trade group but has been rejected several times.
  • SoftBank’s Vision Fund posted its first annual profit in three years.

Here are the most important news investors need to start their trading day:

The Dow Jones Industrial Average had its best week so far in 2024 with a gain of 2.16%. This was also the index’s fourth consecutive weekly gain. The S&P 500 and Nasdaq Composite also had winning weeks, rising 1.85% and 1.14%, respectively. Investors have been upbeat recently since Fed Chairman Jerome Powell indicated that a rate hike is unlikely. But some of that enthusiasm was tempered after consumer sentiment data released Friday morning showed a big rise in inflation expectations. The next test will come with the release of the April consumer price index, which is scheduled to be released on Wednesday. Follow live market updates.

The Walmart logo is visible on the side of a trailer outside a Walmart fulfillment center. Walmart fulfillment centers help sellers store, manage, and ship their products. Walmart fulfillment centers are similar to Amazon’s fulfillment centers to stay competitive.

Gabe Ginsberg | LightRocket | getty images

The earnings season is just about to end. In fact, only seven S&P 500 companies are set to report this week. Of the 92% of S&P 500 companies that have already reported, nearly 80% have outperformed expectations. But the companies that survive can provide insight into how consumers are doing. Here are the earnings to watch this week:

Shoppers Ashley Sanchez, in the center of Fontana, poses for her friend Joscelin Flores, not in photo, after being one of the first group of shoppers to take the opportunity to shop on the opening day of the fast fashion e-commerce Was taking pictures with his bag. Commerce giant Sheen, who is hosting a brick-and-mortar pop up inside Forever 21 at the Ontario Mills Mall in Ontario, on Thursday, October 19, 2023. (Alan J. Schaben/Los Angeles Times via Getty Images)

Alan J. Cockroach Los Angeles Times | getty images

China-based fast fashion giant Shein is trying to win over lawmakers and the broader retail industry. CNBC’s Gabriel Fonrouge reports that Shein wants to become part of the National Retail Federation, the industry’s largest trade association, but has been rejected multiple times. Sheen, which filed to go public in the US late last year, has been working to convince lawmakers that a As a public company it can be trusted. Joining the NRF could be an important stamp of approval and help legitimize the company as it takes on an aggressive campaign in Washington.

SoftBank’s Vision Fund posted record losses in the year ending March 31, 2023. The major tech investment unit has been hit by falling prices of tech stocks.

Akio Kon | Bloomberg | getty images

SoftBank’s Vision Fund, its flagship technology investment arm, reported its first annual profit in three years of 724.3 billion Japanese yen (US$4.6 billion). For the fiscal year, SoftBank’s Vision Fund swung to a profit of 128.2 billion yen after a loss of 4.3 trillion yen a year earlier. That recovery — thanks largely to the IPO last year of SoftBank subsidiary chip designer Arm — helped SoftBank Group turn a profit in its fiscal fourth quarter that ended in March.

The Sweetgreen logo is displayed at a Sweetgreen restaurant in Los Angeles, California on May 10, 2024.

Mario Tama | getty images

The restaurant industry has seen declining sales and declining traffic as customers scale back their spending. Fast-food restaurants have been particularly hard hit, as low-income consumers have become more budget-conscious. In fact, McDonald’s is working on introducing $5 worth of meals in US stores to help combat this problem. But fast-casual chains like Chipotle Mexican Grill, Wingstop and Sweetgreen seem to be exceptions to the trend. He says the higher-income consumers who frequent his stores are not as concerned about spending, and they are benefiting from having better value than some fast food restaurants.

— CNBC’s Piya Singh, Fred Imbert, Gabriel Fonrouge, Arjun Kharpal, Kate Rogers and Amelia Lucas contributed to this report.

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