This week features several key business events and economic indicators. On Tuesday, Lowe’s, the hardware store chain based in North Carolina, will report its recent quarterly results. Analysts predict that Lowe’s earnings may have dropped to $3.96 per share on $23.9 billion in sales for its second quarter. The housing market has been sluggish due to higher mortgage rates, leading to fewer home renovation projects.

On Wednesday, Minneapolis-based retailer Target is set to reveal its second-quarter earnings report. Target experienced a decline in revenue last quarter as higher prices on essential items led to reduced consumer spending. It marked the fourth consecutive quarter of declines in comparable sales. Analysts anticipate Target to report a profit of $2.19 per share on $25.2 billion in sales.

Looking ahead to Friday, the Census Bureau will release its July count of new home sales. In June, new home sales dropped by 7.4% compared to the previous year, following a more significant decline of over 16% in May. This slowdown contrasts with the previous year when sales increased nationally for the first time in two years, rising by 4.2%. Despite a recent decrease in interest rates, which have been hovering around 7%, many potential homebuyers remain discouraged.

Here is the seasonally adjusted annual rate of new home sales by month earlier this year: February – 643,000, March – 683,000, April – 730,000, May – 621,000, June – 617,000, July (estimated) – 633,000. Sources for this data are derived from FactSet.