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Welcome to your new week.
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Let’s dive right in.
Key Earnings Announcements:
The earnings calendar is relatively quiet for investors during this shortened week in the markets.
Monday (6/15): Dave & Busters
Tuesday (6/16): La-Z-boy
Wednesday (6/17): Carmaz, Jabil, Progressive
Thursday (6/18): Accenture, Kroger
Friday (6/19): Markets closed for Juneteenth Holiday
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What We’re Watching:
Accenture (ACN)
Accenture (-36.5% YTD) reports Q3 FY2026 earnings Thursday before the open, with investors focused on whether the company can prove AI consulting demand is still translating into durable bookings, revenue growth, and margin expansion. Accenture has been under heavy pressure this year as investors question whether AI will be a tailwind for enterprise transformation work or a long-term threat to traditional consulting headcount and pricing power.
Last quarter, Accenture delivered $18.04 billion in revenue (+8% YoY) and $2.93 in diluted EPS (+4% YoY), with operating margin expanding 30 basis points to 13.8%. New bookings hit a record $22.11 billion, including $11.33 billion in consulting bookings and $10.78 billion in managed services bookings. The company also generated $3.7 billion in free cash flow, returned $2.7 billion to shareholders, and raised its full-year revenue growth outlook to 3% to 5% in local currency.
Heading into this print, I’ll be watching whether Accenture can keep bookings strong, show continued AI-driven demand, and give investors more confidence that enterprise AI adoption is creating more work for the company, not less. Commentary on consulting demand, managed services growth, U.S. federal spending pressure, acquisition activity, margins, and full-year guidance will be key as investors look for signs that Accenture can reaccelerate after a brutal stretch for the stock.
“We’re accelerating our critical work with clients to scale advanced AI across their enterprise, and we’re seeing strong AI-driven growth.”
Accenture plc (ACN) Stock Performance, 5-Year Chart, Seeking Alpha
Jabil (JBL)
Jabil (+68.7% YTD) reports Q3 FY2026 earnings Wednesday before the open, with investors focused on whether the company can keep riding the AI infrastructure boom after one of the strongest runs in the S&P 500 this year. Jabil has become a major AI hardware readthrough as demand for cloud, data center infrastructure, networking, communications, and capital equipment continues to drive upside across its Intelligent Infrastructure segment.
Last quarter, Jabil delivered $8.3 billion in revenue and $2.69 in core diluted EPS, both ahead of expectations. Core operating income came in at $436 million, while management raised its full-year outlook to $34 billion in revenue, 5.7% core operating margin, $12.25 in core diluted EPS, and more than $1.3 billion in adjusted free cash flow. The company also guided Q3 revenue to a range of $8.1 billion to $8.9 billion, with core diluted EPS expected between $2.83 and $3.23.
For this report, the key question is whether Jabil’s AI infrastructure momentum is still strong enough to support another guidance raise. Investors will be listening closely for updates on data center demand, customer concentration, margin durability, free cash flow, and supply chain execution as the market looks for confirmation that this AI hardware cycle still has room to run.
“Demand remains robust across cloud and data center infrastructure, networking and communications, and capital equipment.”
Jabil Inc. Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
Geopolitical discussions take center stage with the G7 Summit in France and everyone is anxiously awaiting the official framework for the Iran deal.
G7 Summit in France
The G7 summit in Évian-les-Bains, France will be closely watched this week as world leaders gather with Iran, Ukraine, trade, energy security, and global defense spending all near the top of the agenda. While the market’s biggest focus will likely be any update on a potential U.S.-Iran deal, the summit gives investors a broader read on how aligned the world’s largest advanced economies remain during a more fragile geopolitical moment.
For markets, the G7 matters because it can shape the policy backdrop around sanctions, oil flows, defense commitments, tariffs, and diplomatic coordination. Any progress around Iran could help ease pressure in energy markets, while a lack of consensus could keep investors focused on Middle East risk, supply-chain uncertainty, and higher geopolitical premiums across commodities and defense stocks.
“Trump will spend two days at the Group of Seven meeting of leading industrialized nations in the resort town of Evian-les-Bains, in which both the Iran war and the Russia-Ukraine conflict figure to loom large. After launching an attack against Iran on Feb. 28, Trump has complained that European allies haven’t done enough to advance the American war aims.”
Iran Deal Updates
A potential breakthrough in the U.S.-Iran peace deal will be one of the biggest market stories this week. President Trump announced that the deal with Iran is “now complete” and said the Strait of Hormuz would reopen to global shipping, while Pakistan’s Prime Minister said both sides have reached an agreement and that a formal signing is expected to take place later this week in Switzerland.
Markets had already started pricing in de-escalation before the announcement. Crude oil has fallen from roughly $94 on June 8 to near $85 at Friday’s close, reflecting hopes that a deal would restore shipping confidence, reduce the geopolitical risk premium, and ease pressure across global energy markets.
A durable agreement that keeps Hormuz open and pushes crude lower would help cool inflation, reduce pressure on the Fed, and support risk assets broadly. But the agreement still needs to survive the signing process, implementation details, and the reaction from Israel and regional proxies.
“Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED. Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon. The official signing ceremony will be on Friday, 19 June in Switzerland. We would like to thank the United States of America and the Islamic Republic of Iran for their commitment to finding a diplomatic solution to the conflict.”
Major Economic Events:
Fed interest rate decision, Kevin Warsh’s first FOMC meeting, and a look into manufacturing.
Monday (6/15): Capacity utilization, Empire State manufacturing survey, Industrial production, NAHB Housing Market Index
Tuesday (6/16): Housing starts, Import prices
Wednesday (6/17): FOMC interest rate decision, Manufacturing & trade inventories, Pending home sales, Retail sales
Thursday (6/18): Leading indicators, Philadelphia Fed Business Outlook Survey, Weekly jobless claims
Friday (6/19): Markets closed for Juneteenth Holiday
What We’re Watching:
FOMC Interest Rate Decision
The Federal Reserve meets this week with interest rates expected to remain unchanged at the 3.50%–3.75% target range, but the bigger focus will be the tone of Kevin Warsh’s first FOMC meeting as Fed Chair. Markets will be watching closely to see whether Warsh leans into a more hawkish stance after the April meeting minutes showed growing discomfort with inflation remaining above the Fed’s 2% target.
The April minutes showed that a majority of Fed officials believed additional policy firming could become appropriate if inflation continues to run persistently above target. Many participants also preferred removing language from the policy statement that suggested an easing bias, signaling that the Fed may no longer want markets assuming rate cuts are the default next move.
At the same time, several officials noted that cuts could still become appropriate if disinflation clearly gets back on track or if the labor market shows more meaningful weakness. Investors will be looking at whether the Fed’s updated projections show officials moving closer to hikes, cuts, or a longer hold.
Economists expect the following this week:
Fed Funds Rate: 3.50%–3.75% vs. 3.50%–3.75% prior
Policy Decision: Hold rates steady
Key Focus: Warsh’s first press conference, inflation language, and updated Fed projections
“Some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%.”
NY Empire State Manufacturing Index
The NY Empire State Manufacturing Index unexpectedly rose to 19.6 in May, up from 11.0 in April and well above forecasts for 7.5. The reading showed that manufacturing activity in New York grew at its fastest pace in more than four years, adding another sign that parts of the industrial economy remain stronger than expected.
Demand remained solid. New orders increased to 22.7, while shipments stayed elevated at 18.9, marking the second straight month of strong activity. Employment and average hours also continued to expand, while firms became more optimistic about the six-month outlook, with the future business conditions index rising to 33.5.
The inflation side of the report was less encouraging. Delivery times lengthened, supply availability worsened, and price pressures accelerated sharply. The prices paid index rose to 62.6, while prices received climbed to 31.8, suggesting that stronger factory demand is still coming with sticky inflation pressure.
Economists expected the following:
Empire State Manufacturing Index: 19.6 vs. 7.5 expected
Prior Month: 11.0
New Orders: 22.7 vs. 19.3 prior
Prices Paid: 62.6 vs. 51.0 prior
“At first glance, the manufacturing sector seems to be firing on all cylinders, but lift the hood and the picture is not so clear.”
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