Investors are preparing for another busy week for corporate earnings and will be watching a slew of economic data, including the latest on consumer prices. The Federal Reserve has hiked interest rates by half a percentage point for the first time in two decades in an effort to start taming record high inflation to bring prices down.
|I:DJI||DOW JONES AVERAGES||32383.2||-516.17||-1.57%|
|I:COMP||NASDAQ COMPOSITE INDEX||11732.806581||-411.86||-3.39%|
On Friday, the S&P 500 and Nasdaq Composite fell 0.6% and 1.4%, respectively while the Dow Jones Industrial Average bounced between losses and gains coming back from a 400+ point deficit to end with a 98 point loss or off 0.3%. All three major averages posted weekly losses.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
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Earnings kicking off the week before the market open will include BioNTech, Lordstown Motors, Palantir Technologies, Party City and Tyson Foods before the market open.
|PLTR||PALANTIR TECHNOLOGIES INC.||7.47||-2.01||-21.20%|
|PRTY||PARTY CITY HOLDCO INC.||1.21||-1.84||-60.39%|
|TSN||TYSON FOODS INC.||90.82||-0.08||-0.09%|
Meanwhile, AMC Entertainment, GoodRx, Simon Property Group, SmileDirectClub and thredUp will be among the companies taking the spotlight after the bell.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||13.76||-0.93||-6.33%|
|GDRX||GOODRX HOLDINGS INC.||11.21||-1.53||-12.05%|
|SPG||SIMON PROPERTY GROUP INC.||121.42||-0.92||-0.75%|
On the economic data front, investors will be watching wholesale inventories and sales and employment trends.
|FB||META PLATFORMS INC.||203.77||-4.51||-2.17%|
Other notable events include the opening of the first-ever Meta Store and a National Republican Congressional Committee fundraising dinner headlined by former president Donald Trump.
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The earnings parade continues on Tuesday with Fox Business parent Fox Corporation, Hyatt Hotels, Peloton Interactive, Planet Fitness, Sysco and Warner Music Group before the market open.
|H||HYATT HOTELS CORP.||85.50||-0.97||-1.12%|
|PTON||PELOTON INTERACTIVE INC.||14.52||-1.18||-7.52%|
|PLNT||PLANET FITNESS INC.||74.88||-1.06||-1.40%|
|WMG||WARNER MUSIC GROUP CORP.||27.71||-1.43||-4.89%|
Meanwhile, Electronic Arts, Occidental Petroleum, Roblox, Rocket Companies and SoFi Technologies will lead earnings after the bell on Tuesday.
|EA||ELECTRONIC ARTS INC.||115.29||-4.32||-3.61%|
|OXY||OCCIDENTAL PETROLEUM CORP.||64.94||+2.65||+4.25%|
|RKT||ROCKET COMPANIES INC.||8.31||-0.27||-3.15%|
The NFIB’s business optimism index will be the main event for economic data. New York Fed president John Williams will also deliver keynote remarks at the National Association for Business Economics/ Bundesbank International Economic Symposium.
In addition, Atlanta Fed president Raphael Bostic will give introductory remarks and moderate a conversation before the bank’s Atlanta Financial Markets Conference. Cleveland Fed president Loretta Mester will also participate in the conference’s “Monetary Policy and Financial Stability Challenges During Balance Sheet Normalization” session.
In the world of politics, President Biden will welcome Italian Prime Minister Mario Draghi to the White House to discuss “ongoing coordination with Allies and partners on measures to support of the people of Ukraine and to impose economic costs on Russia for its unprovoked aggression.”
The United Nations General Assembly will also vote on whether to replace Russia on the Human Rights Council.
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Earnings on the docket for Wednesday include Krispy Kreme, Perrigo and Wendy’s before the market open and Beyond Meat, Bumble, Rivian, Virgin Orbit, Disney and ZipRecruiter after the bell.
|PRGO||PERRIGO CO. PLC||32.48||+0.17||+0.53%|
|WEN||THE WENDY’S CO.||18.43||-0.41||-2.18%|
|BYND||BEYOND MEAT INC.||31.90||-3.93||-10.97%|
|RIVN||RIVIAN AUTOMOTIVE INC.||23.52||-5.28||-18.32%|
|DIS||THE WALT DISNEY CO.||110.29||-2.32||-2.06%|
The consumer price index, federal budget deficit, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks will be in focus for economic data. Atlanta Fed president Raphael Bostic will also speak on the economic outlook and monetary policy and participate in a moderated conversation before the World Affairs Council of Jacksonville.
In addition, Google will hold its annual I/O developers conference.
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Thursday’s earnings will include Six Flags Entertainment, Tapestry, US Foods, UTZ Brands and WeWork before the market open and Joby Aviation, Poshmark and Wheels Up Experience after the bell.
Investors will also be watching the producer price index and the latest on initial and continuing jobless claims. San Francisco Fed president Mary Daly will also participate in a fireside chat moderated by former San Francisco Fed Seattle Branch Director Sophie Minich.
|SIX||SIX FLAGS ENTERTAINMENT CORP.||31.37||-2.74||-8.03%|
|USFD||US FOODS HOLDING CORP.||36.56||-0.63||-1.69%|
|UTZ||UTZ BRANDS, INC.||13.38||-0.14||-1.04%|
|UP||WHEELS UP EXPERIENCE INC||2.71||-0.20||-6.87%|
President Joe Biden will host leaders from the Association of Southeast Asian Nations (ASEAN) in Washington, D.C. for a special U.S.-ASEAN summit.
“The Special Summit will demonstrate the United States’ enduring commitment to ASEAN, recognizing its central role in delivering sustainable solutions to the region’s most pressing challenges, and commemorate 45 years of U.S.-ASEAN relations,” White House press secretary Jen Psaki said in a statement. “It is a top priority for the Biden-Harris Administration to serve as a strong, reliable partner in Southeast Asia. Our shared aspirations for the region will continue to underpin our common commitment to advance an Indo-Pacific that is free and open, secure, connected, and resilient.”
Other notable events include second Global COVID-19 Summit, where the U.S., Belize, Germany, Indonesia and Senegal will redouble their collective efforts to “end the acute phase of the COVID-19 pandemic and prepare for future health threats”, and Microsoft’s Security Summit, which will feature tech demos and discussions on the modern-day cyber threat landscape.
Wrapping up the week will be the import price index and the University of Michigan’s consumer sentiment index. In addition, Minneapolis Fed president Neel Kashkari will speak at a virtual event on energy prices and their influence on inflation and Samsung will hold its first forum on 6G networks.