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Apple's WWDC, earnings: Top stories to watch this week

Apple is expected to unveil its latest mixed reality headset at its Worldwide Developers Conference on Monday. Plus, earnings season rolls on as meme stock favorite GameStop is set to report its quarterly results. Yahoo Finance markets reporter Josh Schafer takes a look at what to watch this week.

Video transcript

BRAD SMITH: This week, there's much more on tap. Why? Well, today's Monday. So we're just kicking things off. From key earnings reports to Apple's Worldwide Developers Conference, Yahoo Finance's Josh Schafer is here to give us a full breakdown. Hey, Josh.

JOSH SCHAFER: Yeah, Brad. So the calendar is not quite as exciting as we've had the past couple of weeks, but we'll find some bright spots in here, right? So when you take a look at the earnings calendar, you can see pretty light week this week. We're going to get a little bit more in the consumer when you think about a Casey's and even Dave and Buster's where people are still going out and having some fun, right? But the big one on the earnings calendar for me this week is GameStop. Always--

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We love GameStop, right? We're interested in that meme trade. And it'll be interesting to see how investors react, sort of is there more froth, more bubble to go in this rally we've seen. I think it's going to be interesting to see if we get that meme reaction when we think about GameStop. On the economic front, it's pretty quiet. We've been talking already about that services number coming in a little bit lower than expected for the ISM. And that was really kind of the big report to watch this week. You're going to get more on mortgage applications on Wednesday. And then, of course, as always on Thursday, we have those initial jobless claims.

But really that services number was the number to watch this week when thinking about the Fed and what other data we're going to get because remember, one of the bigger things happening this week is that the Fed isn't talking. They're now in that blackout period ahead of their meeting next week. And I do want to take a look at where things stand with the SME projections for the Fed target rate. You can see investors right now are pricing in a pause. That's at about 76% pricing. And I'm going to be interested to watch this throughout the week here, guys, just to see if it moves at all.

Because remember, while it's not an accurate full projection of what's going to happen next week, the Fed also doesn't love the surprise of the market. And if this thing is sitting at 76% entering that meeting next week, it would be very surprising if they chose to surprise investors in that way. The main thing though that I'm excited for, I think everyone's excited for, is that Apple Worldwide Developers Conference and what we hear later this afternoon. Mainly what I'm curious about is the commentary regarding AI. I'm interested in the headset. Don't get me wrong. I'm very excited for the headset.

But when we think about this market rally we've seen in the NASDAQ over the last couple of weeks, I just want to hear from Tim Cook and hear what he has to say about AI, or if once again, they have nothing to say about AI. You think back to that earnings call, they only mentioned AI twice compared to about 50 times from Google and 50 times for Microsoft. So do they talk about AI more today? Is AI part of the strategy, or is this all about that headset? I think it'll be interesting when we think about what it means for the tech rally this week.

JULIE HYMAN: See, I thought you were going to say the NBA Finals are what--

BRAD SMITH: I thought that's where you were going too.

JULIE HYMAN: I totally--

JOSH SCHAFER: I am excited for the NBA Finals, and so is Brad.

JULIE HYMAN: But that's less relevant for the market, so fair play. Thanks, Josh.

JOSH SCHAFER: The Heat are on fire.

JULIE HYMAN: Thanks, Josh. Appreciate it.