Inflation at the consumer level will be a major economic focus this coming week, along with a new round of corporate income and what may be more volatility for US equities.
The Nasdaq Composite fell 2.4% on Friday, the S&P 500 fell 1.6% and the Dow Jones Industrial Average fell over 1% or 349 points. The 10-year government interest rate rose to 2.955% as investors expect more interest rate hikes from the Federal Reserve.
|Me: DJI||DOW JONES AVERAGE||32899.7||348.58||-1[ads1].05%|
|I: COMP||NASDAQ COMPOSITE INDEX||12012.733912||-304.16||-2.47%|
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Apple will also hold its annual Worldwide Developers Conference, which will showcase the latest innovations in iOS, iPadOS, macOS, watchOS and tvOS. The event lasts until Friday.
Amazon’s split stocks will also start trading after a 20-for-1 adjustment. Investors with a record on 27 May 2022 will receive 19 additional shares for each share held.
Revenues will increase on Tuesday with Chicos FAS, Cracker Barrel, JM Smucker, REV Group and United Natural Foods before the market opens. In the meantime, Casey’s General Stores will focus on after-hours revenue.
|CHS||CHICOS FAS INC.||4.83||-0.04||-0.82%|
|CBRL||CRACKER BARREL OLD COUNTRY STORE INC.||99.65||-2.47||-2.42%|
|SJM||JM SMUCKER CO.||122.77||-0.27||-0.22%|
|REVG||REV GROUP INC||12.02||-0.23||-1.84%|
|UNFI||UNITED NATURAL FOODS INC.||44.42||+0.56||+1.28%|
|CASY||CASEY’S GENERAL STORE INC.||211.68||+0.73||+0.35%|
On the economic data front, investors will digest international trade deficits and consumer credit. On Capitol Hill, the Senate will hold a hearing on the growing threat of ransomware attacks and ransom activated by cryptocurrencies.
Revenue on Wednesday’s document will include Brown-Forman, Campbell Soup, J. Jill, Ollie’s Bargain Outlet and Vera Bradley before the market opens and Five Below after noon.
|CPB||CAMPBELL SUPPE CO.||45.70||-0.13||-0.28%|
|OLLI||OLLIE’S BAGAIN OUTLET HOLDINGS INC.||47.39||+0.37||+0.79%|
|VRA||VERA BRADLEY INC.||6.74||-0.11||-1.61%|
|FIVE||FEM UNDER INC.||130.85||-0.55||-0.42%|
Wednesday’s financial data will include wholesale inventories and sales, weekly mortgage applications and the Energy Information Administration’s weekly crude oil inventories. Oil hovered near $ 120 a barrel as gas prices continued to approach $ 5.00 per gallon nationally.
Finance Minister Janet Yellen will also testify before the House of Representatives’ roads and funds committee to discuss President Joe Biden’s 2023 budget.
To end the week for earnings will be Hooker Furniture, NIO and Signet Jewelers before the market opens and Rent the Runway, Stich Fix and Vail Resorts after noon.
|SIG||SIGNET JEWELERS LTD.||62.58||-0.27||-0.43%|
Meta Platforms, formerly Facebook, will also start trading under a new ticker symbol, ‘META’, before the market opens.
|FB||META PLATFORMS INC.||190.78||-8.08||-4.06%|
When it comes to financial data, investors will keep up with the latest in initial and ongoing unemployment claims.
An end to the week for economic data will be the consumer price index, which is expected to hold at 8.3%, a 40-year high.
In addition, the University of Michigan’s consumer sentiment index will be published.
|SAVE||SPIRIT AIRLINES INC.||20.74||-0.37||-1.75%|
|ULCC||FRONTIER GROUP HOLDINGS||9.81||-0.43||-4.20%|
|JBLU||JETBLUE AIRWAYS CORP.||10.47||-0.06||-0.57%|
Spirit Airlines shareholders will also vote on an agreement to merge with Frontier Airlines. The transaction values Spirit at a fully diluted equity value of $ 2.9 billion and a transaction value of $ 6.6 billion when the acquisition of net debt and operating leases is taken into account. JetBlue is also trying to win the carrier.