3. Retail earnings rush
Retail will dominate the slate of corporate earnings this week. Reports from Home Depot, Target and Walmart on consecutive days will give more clues about how high prices have affected discretionary spending — and how companies are adapting to more cost-conscious consumers. Investors will also watch for hints the companies offer about the health of the economy moving forward. Here’s the earnings schedule this week:
- Tuesday: Home Depot (before the bell)
- Wednesday: Target (before the bell)
- Thursday: Walmart (before the bell)
4. Vice bankruptcy
Vice Media was once valued at $5.7 billion, as a digital upstart that drew attention and money from legacy companies. Vice filed Monday for Chapter 11 bankruptcy protection. The brand is one of a handful of digital outlets that have taken a hit this year as economic concerns mount. A consortium that includes Fortress Investment, Soros Fund Management and Monroe Capital has made a $225 million credit bid for Vice, including $20 million to fund its operations during the sale process.
5. Turkey election could go to runoff
Turkey’s high-stakes presidential election appears headed to a runoff. With nearly all votes counted, neither incumbent President Recep Tayyip Erdogan nor challenger Kemal Kilicdaroglu had secured the 50% of votes needed to win the race outright. Kilicdaroglu has run as a reform candidate after Erdogan increasingly consolidated power during his two decades as the country’s leader. Turkey’s economy has struggled, and Erdogan has come under scrutiny for his skepticism about expanding NATO during Russia’s war in Ukraine.
— CNBC’s Jacob Pramuk wrote this newsletter. Sarah Min, Elliott Smith and Natasha Turak contributed.
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