Investors are looking for another busy week for corporate earnings and will be looking at a slew of economic data, including the latest on consumer prices. The Federal Reserve has hiked interest rates by up to half a percentage point in the first two years for an effort to bring prices down to record high inflation.
|I: DJI||DOW JONES AVERAGES||32899.37||-98.60||-0.30%|
|I: COMP||NASDAQ COMPOSITE INDEX||12144.661895||-173.03||-1.40%|
On Friday, the S&P 500 and the Nasdaq Composite fell 0.6% and 1.4%, respectively, while the Dow Jones Industrial Average bounced back from a near 400+ point deficit to a 98 point loss or 0.3%. All three major averages posted weekly losses.
FOX Business takes a look at the next events that are likely to move financial markets in the coming days.
APRIL JOBS REPORT LIKELY REINFORCES FED’S AGGRESSIVE RATE HIKE PLAN
The market will open the week before the Earnings kick off, including BioNTech, Lordstown Motors, Palantir Technologies, Party City and Tyson Foods before the market opens.
|PLTR||PALANTIR TECHNOLOGIES INC.||9.48||-0.64||-6.32%|
|PRTY||PARTY CITY HOLDCO INC.||3.06||-0.15||-4.67%|
|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.||12.74||-0.37||-2.82%|
|SPG||SIMON PROPERTY GROUP INC.||121.42||-1.04||-0.85%|
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 by former President Donald Trump.
APRIL JOBS REPORT: WHICH INDUSTRIES SAW THE BIGGEST PAYROLL GAIN LAST MONTH?
The market opens before the Fox Business Parent Corporation, Hyatt Hotels, Peloton Interactive, Planet Fitness, Sysco and Warner Music Group.
|H||HYATT HOTELS CORP.||85.50||-1.08||-1.25%|
|PTON||PELOTON INTERACTIVE INC.||15.70||-1.31||-7.70%|
|PLNT||PLANET FITNESS INC.||74.86||-1.02||-1.35%|
|WMG||WARNER MUSIC GROUP CORP.||29.14||+0.01||+ 0.03%|
Meanwhile, Electronic Arts, Occidental Petroleum, Roblox, Rocket Companies and SoFi Technologies will be on the bell after leading earnings.
|EA||ELECTRONIC ARTS INC.||115.29||-4.32||-3.61%|
|OXY||OCCIDENTAL PETROLEUM CORP.||64.90||+2.67||+ 4.29%|
|RKT||ROCKET COMPANIES INC.||8.58||-0.18||-2.05%|
The NFIB’s business optimism index will be the economic data for the main event. 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 a briefing before the bank’s Atlanta Financial Markets Conference. Cleveland Fed President Loretta Mester will also attend the conference’s “Balance Sheet Normalization during Monetary Policy and Financial Stability Challenges” session.
In the politics of the world, President Biden will welcome Italian Prime Minister Mario Draghi to the White House to discuss “ongoing measures of coordination with allies and partners in support of the people of Ukraine and its unprovoked aggression for Russia.”
The United Nations General Assembly will vote on whether to replace Russia.
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Earnings on the Docket Wednesday include Krispy Kreme, Perrigo and Wendy’s Before The Market Open and Beyond Meat, Bumble, Rivian, Virgin Orbit, Disney and ZipRecruiter.
|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.||35.83||-2.60||-6.77%|
|RIVN||RIVIAN AUTOMOTIVE INC.||28.79||-1.92||-6.25%|
|DIS||THE WALT DISNEY CO.||110.32||-2.38||-2.11%|
The Consumer Price Index, the federal budget deficit, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks for economic data. Atlanta Fed President Raphael Bostic will also speak at the World Affairs Council of Jacksonville before a moderated conversation on economic outlook and monetary policy.
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.
Investors will also be looking at the producer price index and the latest on initial and continuing jobless claims. Former San Francisco Fed Seattle Branch Director Sophie Minich, a fireside chat moderated by San Francisco Fed President Mary Daly.
|SIX||SIX FLAGS ENTERTAINMENT CORP.||34.10||-0.36||-1.06%|
|USFD||US FOODS HOLDING CORP.||36.56||-0.63||-1.69%|
|UTZ||UTZ BRANDS, INC.||13.38||-0.14||-1.04%|
|JOBY||JOBY AVIATION||5.33||+0.05||+ 0.95%|
|UP||WHEELS UP EXPERIENCE INC||2.91||-0.08||-2.68%|
President Joe Biden will host a special US-ASEAN summit for the Association of Southeast Asian Nations (ASEAN) in Washington, DC.
“The Special Summit Will Meet the United States’ Enduring Commitment to ASEAN, recognizing its central role in delivering sustainable solutions to the region’s most pressing challenges, and commemorating 45 years of US-ASEAN relations,” said White House press secretary Jen Psaki statement. “It is a top priority for the Biden-Harris Administration to serve as a strong, trusted partner in Southeast Asia. , connected, and resilient. “
Other notable events include the second Global COVID-19 Summit, where the US, Belize, Germany, Indonesia and Senegal will redouble their collective efforts to “end the acute phase of COVID-19 pandemic and prepare for future health threats”, and Microsoft’s Security Summit, which features 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 impact on 6G networks.