Stocks and data to watch the week of August 18 though 22

​​Markets entered the weekend with equities holding steady (the Russell 2000 on track for its best week since May), while Treasury yields were flat. Retail sales rose a solid 0.5 % in July, supported by Amazon Prime Day and stronger auto and furniture demand. But financial cheers were tempered as the Producer Price Index (PPI) inflation roared higher — up 0.9 % on the month, a three-year high — as the hotter wholesale print has cast a shadow over hopes for aggressive Fed rate cuts.

With inflation surprising on the upside and consumer demand still resilient, Federal Reserve Jerome Powell’s coming remarks at Jackson Hole loom even larger. Investors will be listening for any hint that the Fed chair is ready to lean into easing despite sticky prices, or whether the hotter PPI print keeps the central bank on a more cautious path. Either way, his speech could help lock in — or upend — market expectations for a September move.

Before Powell takes the podium, the week delivers a clean sweep of U.S. housing data: sentiment, starts, permits, and existing-home sales. Add in earnings from big-box retail, cloud software, and China’s internet giants and markets will have no shortage of catalysts.

This is one of the rare weeks where markets get a full housing pipeline read in a single stretch — sentiment to starts to sales — just as the Fed’s leadership is preparing to telegraph its next move. Powell’s tone in Jackson Hole could either validate the market’s gentle-landing hopes or snap them shut. Add in heavyweight earnings and geopolitical theater, and the stage is set for a Friday that could reset the narrative heading into September.

Monday, Aug. 18

The week opens with the National Association of Home Builders’ August housing market index at 10 a.m. ET. July’s reading rose to 33, but mortgage rates north of 6% have kept optimism in check. Investors will be looking for any cracks in builder confidence that might foreshadow softness in starts and permits later in the week. On the earnings front, Palo Alto Networks reports after the bell, offering a read on enterprise IT budgets, AI-driven security demand, and whether cybersecurity spend is holding up despite tighter corporate wallets.

Tuesday, Aug. 19

The first hard housing data of the week arrives at 8:30 a.m. ET, with July housing starts and building permits breaking out single-family versus multifamily trends. At the same time, Canada’s July CPI offers a cross-border check on inflation pressures, particularly in tariff-sensitive categories. Earnings before the open include Home Depot, a bellwether for home improvement and construction demand, and Medtronic, whose results will shed light on medical-device demand in a still-uneven healthcare recovery.

Story Continues

Wednesday, Aug. 20

Weekly MBA mortgage applications hit at 7 a.m. ET — volatile but a fast-moving gauge of buyer interest. At 10:30 a.m., the EIA releases U.S. crude inventory data, with traders watching for shifts in demand as global growth forecasts get tweaked. The main event lands mid-afternoon, when the Fed releases minutes from its July meeting at 2 p.m., offering clues on how close — or how far — the committee might be from a policy pivot. Premarket earnings bring Target, T.J. Maxx, and Lowe’s, giving back-to-back (to back) reads on discretionary spending and home improvement trends. Baidu’s results will spotlight Chinese ad spending and cloud competition, while Estée Lauder offers a high-end consumer gauge.

Thursday, Aug. 21

Today is the week’s data gauntlet. Initial jobless claims arrive at 8:30 a.m. ET, alongside flash PMIs from the Eurozone and U.S., giving a timely check on manufacturing and services activity. At 10 a.m., July existing-home sales will close the housing loop, revealing the amount by which high mortgage rates are freezing supply and slowing churn, and the Conference Board’s July Leading Economic Indicators will offer a broader gauge of economic momentum. Overnight, Japan’s CPI hits, potentially fanning speculation about a Bank of Japan policy shift. The earnings roster spans retail to tech: Walmart before the bell, Alibaba later in the day, and Intuit and Zoom after the close. Expect commentary on consumer resilience, China’s e-commerce outlook, and whether or not small-business software demand is holding up.

Friday, Aug. 22

There are no major U.S. economic reports scheduled, but the day is anything but quiet. U.K. July retail sales at 2 a.m. ET will give a snapshot of European consumer health under higher rates and tariff pressure. Then it’s straight to Wyoming, where Powell’s Jackson Hole speech will be parsed word-by-word for any sign of a tilt toward easing. His remarks will land alongside the global chatter of the symposium, with markets watching for signals that could lock in or upend September rate-cut bets.

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