Fed decision, Apple union vote, Kroger earnings top week ahead

The Federal Reserve is widely expected to announce another interest rate hike this week as it looks to tame scorching-hot inflation. 

U.S. stocks sank on Friday after consumer inflation jumped 8.6% to a 40-year high and consumer sentiment sank to an all-time low as tracked by the University of Michigan. The Dow Jones Industrial Average fell 880 points or 2.7%, while the S&P lost 2.9% and the Nasdaq Composite 3.5%. For the week, all three of the major averages fell between 4.6% and 5.6%.

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days. 

SCORCHING-HOT INFLATION WIPED OUT MOST AMERICANS' WAGE GAINS IN MAY

Monday 6/13

Oracle will kick off the week's earnings, deliver results after the bell. 

Also on Monday, Denny's outgoing CEO John Miller will hand over the reins of the diner-style restaurant chain to former Chili's Bar & Grill chief operating officer Kelli Valade ahead of his retirement, effective on Aug. 3. 

Tuesday 6/14

On Tuesday, the Federal Reserve will kick off its two-day policy-setting meeting on interest rates. The NFIB business optimism index and producer price index will be on the docket for Wednesday's economic data. President Biden will also attend the AFL-CIO's Constitutional Convention. 

The Food and Drug Administration's Vaccines and Related Biological Products Advisory Committee (VRBPAC) will also discuss Moderna's request to approve its COVID-19 vaccine for emergency use in individuals ages 6 through 17. 

The following day, the committee will discuss Moderna's emergency use request for children who are 6 months through 5 years of age and Pfizer and BioNTech's emergency use request for children who are 6 months through 4 years of age.

MARKETS ARE NOWHERE NEAR THE BOTTOM, EXPERT WARNS

Wednesday 6/15

Earnings taking the spotlight on Wednesday include John Wiley & Sons before the market open and Haivision Systems after the bell. 

Meanwhile, the main economic event will be the Federal Reserve's decision on interest rates. Investors will also digest import and export prices, retail sales, business inventories, the NAHB housing market index, weekly mortgage applications and the Energy Information Administration's weekly crude stocks.

Wednesday also marks the deadline for U.S. citizens living overseas to file income tax. In addition, retail workers at Apple's Towson Center store in Maryland are slated to vote in the tech giant's first union election. The election comes after workers at Apple's Cumberland Mall store in Atlanta dropped a union election bid, citing intimidation from the company and a rise in COVID-19 cases at the store.

Thursday 6/16

Wrapping up the week for earnings will be Jabil Circuit and Kroger before the market open and Adobe and Beyond Air after the bell. 

On the economic data front, investors will take in building permits, housing starts and the latest in initial and continuing jobless claims. The Bank of England will also make a decision on interest rates. 

Former president Donald Trump will also be deposed in a class action lawsuit that alleges he and his sons, Donald Trump Jr. and Eric Trump, defrauded investors through the promotion of a multi-level marketing company called ACN. The investors claim that the Trumps received millions of dollars in secret payments to fraudulently promote and endorse ACN.

Thursday also marks the deadline for Jared Kushner to turn over information to the House Oversight Committee about the Saudi government's $2 billion investment in his firm, Affinity. Kushner created the firm after leaving his position at the White House. 

Friday 6/17

Finishing out the week for economic data will be industrial production and the Conference Board's index of leading economic indicators. 

PayPal will also increase its transfer fees for consumer and business accounts. Consumer accounts will pay 1.75% of the transfer amount, up from 1.5%, with a minimum fee of 25 cents and a maximum fee of $25.

Meanwhile, merchant accounts will maintain the existing rate of 1.5% of the transfer amount, while the minimum fee will increase from 25 to 50 cents and the existing $15 cap will be removed in place of a new, no-maximum-fee cap structure.