The Week Ahead: Optimism for Nike Ahead of Earnings

Jeremy Glaser: Welcome to The Week Ahead. The second quarter will wrap up with a smattering of earnings and data.

Morningstar's Nike analyst, R.J. Hottovy, is optimistic about the firm's future given its momentum outside of North America and the way they are adjusting to evolving consumer preferences. Despite the upbeat outlook, he still sees shares as fully valued heading into this week's quarterly update.

General Mills and Conagra will provide a glimpse of the strength of packaged foods space, while narrow-moat beer, wine, and spirits giant Constellation Brands is also due to release earnings. Walgreens, Monsanto, and KB Home are also on tap.

Consumption data is one of the key economic reports along with its embedded inflation gauge, which is the Fed's preferred way of looking at price levels. Other data include durable good orders, consumer confidence and sentiment, the third reading of first-quarter GDP, and pending home sales.

Stay tuned for our take on all of these stories.