Investors have a packed, holiday-shortened week ahead, with FedEx, Micron and the Fed’s preferred inflation gauge all landing within three days. The main items are FedEx’s corporate split, AI-driven memory shortages and oil-price swings tied to the Middle East conflict.
FedEx gets messier
FedEx reports fiscal fourth-quarter results Tuesday evening for the March-to-May period, but the numbers will include both FedEx and the newly spun-out FedEx Freight, which started trading on its own June 1. The company is also moving from a June-to-May fiscal calendar to a December year-end, making its guidance harder to compare with Wall Street estimates. LSEG estimates put FedEx revenue at $24.04 billion and earnings per share at $5.96.
The week’s market checklist is concentrated in a few releases:
- FedEx reports after the bell Tuesday, with investors watching profitability metrics and any update on stock buybacks.
- Micron reports after the bell Wednesday, with analysts looking for earnings per share of $20.47 on revenue of $35.42 billion.
- The May personal consumption expenditures price index, the Fed’s preferred inflation measure, is due Thursday morning.
- FedEx Freight holds an investor day Thursday night, after its fourth-quarter numbers appear in FedEx’s Tuesday report.
Micron’s report matters beyond one chip stock because high-bandwidth memory, a type of memory used in AI servers, is in short supply. Micron is one of three major makers of that product, alongside SK Hynix and Samsung. Meta raised full-year capital-spending guidance in April by 8% to $135 billion, with CEO Mark Zuckerberg pointing mainly to higher component prices, especially memory. Microsoft also said its 2026 capital-spending outlook included a $25 billion hit from higher component pricing.
Inflation data will arrive with an oil caveat. May CPI had reached 4.2% earlier in June, helped by higher energy prices tied to the Iran war, while WTI crude settled around $76 a barrel Thursday after trading in the upper $90s and low $100s through May. Over the weekend, Iran claimed it had closed the Strait of Hormuz, while the U.S. denied the claim.
