The upcoming week will be jam-packed with earnings and key economic data including the consumer and producer price indexes and the University of Michigan’s consumer sentiment index and 5-year inflation expectations.
|I:DJI||DOW JONES AVERAGE||34417.91||-303.21||-0.87%|
|I:COMP||NASDAQ COMPOSITE INDEX||13466.951822||-244.04||-1.78%|
US stocks finished mixed on Friday as investors continued to digest last month’s Federal Reserve minutes. The Dow Jones Industrial Average reversed earlier losses and finished the session up 137.55 points at 34,721.12. Meanwhile, the S&P 500 and the Nasdaq Composite fell 0.27% and 1.34%, respectively.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
DEUTSCHE BANK PREDICTS US RECESSION IN 2023 DUE TO FED RATE HIKES
Monday will be relatively quiet with Atlanta Fed president Raphael Bostic delivering remarks before a Fed Listens event, New York Fed president John Williams moderating a discussion organized by the Economic Club of New York and Chicago Fed president Charles Evans participating the Detroit Economic Club’s “A Conversation on the Economy and Monetary Policy” event.
Etsy will also raise transaction fees for sellers from 5% to 6.5%, a 30% increase. Some sellers on the platform are planning to go on strike to protest the increase and are calling for consumers to boycott the platform.
|CS||CREDIT SUISSE GROUP AG||7.73||+0.01||+0.13%|
It also marks the deadlines for Credit Suisse to turn over documents to the House Oversight Committee related to its compliance with Russia sanctions and Apple employees to return to the office at least one day per week. Final bids are also expected in the sale of Chelsea Football Club.
RED-HOT HOUSING MARKET CAN’T ‘POSSIBLY SUSTAIN ITSELF,’ REAL ESTATE AGENT WARNS
Earnings will kick off on Tuesday with Albertsons and CarMax before the market open.
Meanwhile, the NFIB’s business optimism index, the consumer price index and the federal budget deficit will be in focus for economic data. Richmond Fed President Thomas Barkin speaks before the Money Marketeers of New York University Inc. Other notable events on Tuesday include Apple CEO Tim Cook delivering the keynote at the IAPP Global Privacy Summit and the launch of Lizzo’s new shapewear brand, Yitty.
STAGFLATION RISKS GROW AS UKRAINE WAR FUELS EVEN HIGHER INFLATION
Earnings will ramp up on Wednesday with Bed Bath & Beyond, BlackRock, Delta Air Lines, Fastenal, First Republic Bank and JPMorgan Chase before the market open. Rent the runway will take the spotlight after the bell.
|BBBY||BED BATH & BEYOND INC.||19.48||-0.39||-1.96%|
|DAL||DELTA AIR LINES INC.||36.74||-0.39||-1.05%|
|FRC||FIRST REPUBLIC BANK (SAN FRANCISCO CALIFORNIA)||158.13||+1.22||+0.78%|
|JPM||JPMORGAN CHASE & CO.||133.49||+2.40||+1.83%|
|RENT||RENT THE RUNWAY INC.||5.25||-0.17||-3.14%|
The producer price index, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks are on the docket for Wednesday’s economic data.
|RAIN||REGENERON PHARMACEUTICALS INC.||738.84||+17.04||+2.36%|
The Food and Drug Administration is also expected to decide on whether to clear Regeneron’s REGEN-COV treatment for non-hospitalized COVID-19 patients and as prophylaxis in certain individuals. It is currently authorized for emergency use in high-risk patients with mild to moderate COVID-19 infection.
Other notable events include PVH Corp’s investor day, the Bank of Canada’s decision on interest rates and Hulu’s roll out of unlimited DVR for Hulu + Live TV subscribers at no additional cost.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Banks will dominate earnings on Thursday with Ally Financial, Citigroup, Goldman Sachs, Morgan Stanley, PNC Financial Services Group, State Street, US Bancorp and Wells Fargo all reporting before the market open. Investors also want to hear from Rite Aid and UnitedHealth Group.
|ALLY||ALLY FINANCIAL INC.||42.89||+0.68||+1.61%|
|C||CITI GROUP INC.||50.88||+0.85||+1.70%|
|GS||THE GOLDMAN SACHS GROUP INC.||321.39||+7.24||+2.30%|
|pnc||THE PNC FINANCIAL SERVICES GROUP INC.||184.70||+3.32||+1.83%|
|STT||STATE STREET CORP.||84.17||+0.21||+0.25%|
|USB||US BANK CORP||52.25||-0.33||-0.63%|
|WFC||WELLS FARGO & CO.||48.73||+0.99||+2.07%|
|WHEEL||RITE AID CORP.||7.51||+0.01||+0.07%|
|UNH||UNITED HEALTH GROUP INC.||545.96||+9.01||+1.68%|
As for economic data, investors will take in initial and continuing jobless claims, the import price index, retail sales, business inventories and the University of Michigan’s consumer sentiment index and 5-year inflation expectations.
Cleveland Fed President Loretta Mestar will also speak in person before the University of Akron College of Business’ “Education and Workforce Development: The Key to Ohio’s Economic Future” forum, while Philadelphia Fed President Patrick Harker will speak in person before Rider University’s “The Economy and the Job Market” event.
Publix’s 5-for-1 stock split will also take effect at the close of business on Thursday. Purchasing shares of Publix stock is an exclusive benefit of eligible Publix associates and members of the Publix board of directors.
Associates and board members will receive four additional shares for each share they own in book entry form as an electronic certificate. The additional shares will be reported by Publix to the shareholder on a stock account transaction statement. Shareholders should keep existing paper stock certificates.
Publix stock will begin trading at the split‑adjusted price of $13.76 per share after the stock split.
CLICK HERE TO READ MORE ON FOX BUSINESS
The New York Stock Exchange will be closed on Friday in observation of Good Friday. However, investors will still be watching economic data including industrial production, capacity utilization and the Empire State manufacturing index.
It also marks the deadline for the SEC to respond to information provided by XRP parent Ripple. The regulator has filed a lawsuit alleging the cryptocurrency firm engaged in an unregistered security offering that brought in $1.3 billion.