Here are 3 big things to watch in the stock market this coming week

Club name FedEx will soon step into the earnings spotlight after a holiday-shortened week of trading brought good news on the Iran war and oil prices. Also on our radar in the week ahead is May inflation data — though caveats are needed, as we'll explain later — and earnings from memory chipmaker Micron , one of the most consequential companies in the artificial intelligence trade. 1. FedEx earnings: On Tuesday evening, FedEx reports fiscal 2026 fourth-quarter results, which cover the March-to-May period. It will be a complex print for a couple of reasons. For starters, the reported results will cover both FedEx and the newly spun-out FedEx Freight, which started trading on its own on June 1. As is usually the case with spin-offs, FedEx will begin reporting restated financials that reflect the company's current makeup — a logistics solutions and parcel delivery firm. Complicating matters, FedEx is also shifting to a traditional fiscal year ending in December, ditching its current June-to-May calendar. This change, announced in January 2025 , will bring FedEx in line with rival UPS and other transportation industry players. While a reasonable decision, the combination of the calendar switch and the spin-off will make it difficult to compare FedEx's guidance against Wall Street's estimates. FedEx may provide an outlook for both the June-to-September period — four months, not the usual three in a quarter — and the seven-month transition window from June to December. …