Investors will get a fresh update on the state of the labor market as several key reports will be released during the week. Bed Bath & Beyond will also be closely watched as the retailer’s management outlines its next strategic steps.
On Friday, US stocks saw a sharp selloff with the Dow Jones Industrial Average at a 1[ads1]000+ point drop.
The S&P 500 and Nasdaq Composite fell over 3%. Federal Reserve Chairman Jerome Powell delivered a warning about the health of the economy, with interest rates expected to rise further as policymakers try to tame red-hot inflation.
|Me: DJI||DOW JONES AVERAGE||32283.4||-1,008.38||-3.03%|
|In: COMP||NASDAQ COMPOSITE INDEX||12141.710195||-497.56||-3.94%|
FOX Business takes a look at the upcoming events likely to move the financial markets in the coming days.
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While Monday will be quiet for corporate earnings and financial data, CME Group will expand its cryptocurrency derivatives offering with the introduction of Bitcoin Euro and Ether Euro futures.
|CME||CME GROUP INC.||196.35||-2.78||-1.40%|
Russia’s Moscow Stock Exchange will also ban the use of dollars as collateral to guarantee transactions.
The week’s earnings start on Tuesday with Baidu, Best Buy, Big Lots and Kirkland’s before the market opens and ChargePoint Holdings, Chewy, CrowdStrike, Hewlett-Packard Enterprise and PVH Corporation after the bell.
|BBY||BEST BUY CO. INC.||74.15||-4.04||-5.17%|
|BIG||BIG LOTS INC.||22.02||-1.34||-5.74%|
|CRUD||CROWDSTRIKE HOLDINGS INC.||194.56||-8.38||-4.13%|
On the economic data front, investors will take in the JOLTs report, consumer confidence and the FHFA and Case-Shiller home price indexes.
Richmond Fed President Thomas Barkin will also speak in person to the Huntington Regional Chamber of Commerce on inflation and the economy, and New York Fed President John Williams will participate in a moderated discussion prior to the Wall Street Journal’s Live Q&A event.
The US Securities and Exchange Commission is also expected to decide whether it will approve the listing and trading of the ARK 21Shares spot bitcoin ETF.
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On Wednesday, Barnes & Noble Education, Brown-Forman, Chico’s FAS, Designer Brands, Express and Vera Bradley will deliver earnings results before the market opens. Meanwhile, Cooper Companies, Five Below, Nutanix and Okta will take the spotlight after the watch.
|BENED||BARNES & NOBLE EDUCATION INC COM||2.29||-0.15||-6.15%|
|CHS||CHICOS FAS INC.||6.38||-0.15||-2.30%|
|DBI||DESIGNER BRANDS INC.||17.22||-0.26||-1.49%|
|VRA||VERA BRADLEY INC.||4.53||-0.24||-5.03%|
|COO||THE COOPER COS. INC.||296.72||-17.48||-5.56%|
|FIVE||FIVE UNDER INC.||127.14||-7.06||-5.26%|
The updated ADP national employment report will be the main event on Wednesday for economic data. Investors will also digest weekly mortgage applications and the Energy Information Administration’s weekly crude oil stocks.
In addition, Cleveland Fed President Loretta Mester will address the economic outlook and monetary policy before the Dayton Area Chamber of Commerce Government Affairs Breakfast Series and Atlanta Fed President Raphael Bostic will provide remarks and participate in a moderated conversation at the Georgia Fintech Academy.
|BBBY||BED BATH & BEYOND INC.||10.70||+0.60||+5.94%|
Bed Bath & Beyond will also provide a “business and strategic update” to investors during a conference call on Wednesday. The call will take place at 8:15 a.m. Eastern Time, with a press release and related materials to be issued approximately 45 minutes prior.
“We recognize the strong interest in our company and our plans to better serve customers, regain market share, drive growth and profitability, ensure our suppliers are supported, and strengthen our balance sheet,” said Bed Bath & Beyond Interim CEO Sue Gove.
The announcement coincides with a Wall Street Journal report that the domestic goods retailer is reportedly nearing final terms on a nearly $400 million loan from Sixth Street Partners to bolster liquidity.
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Rounding out the week for earnings before the market opens will be 1-800-Flowers, Build-A-Bear Workshop, Campbell Soup, Duluth Holdings, Hormel Foods, Hovnanian Enterprises, J. Jill, Lands’ End, Ollie’s Bargain Outlet, Signet Jewelers and Thor.
|FLWS||1,800 FLOWERS COM||8.94||-0.38||-4.08%|
|BBW||BUILD A BEAR WORKSHOP INC||16.86||-1.36||-7.46%|
|CPB||CAMPBELL SOUP CO.||50.69||-0.55||-1.07%|
|DLTH||DULUTH HOLDINGS INC||8.99||-0.59||-6.16%|
|HRL||HORMEL FOODS CORP.||51.09||-0.38||-0.73%|
|OLLY||OLLIE’S BAGAIN OUTLET HOLDINGS INC.||61.13||-4.64||-7.05%|
|SAY||SIGNET JEWELERS LTD.||68.41||-2.31||-3.27%|
|TTC||THE VISIT CO.||84.46||-3.17||-3.62%|
Meanwhile, Broadcom and lululemon athletic will be in focus after the bell.
|LULU||LULULEMON ATHLETICA INC.||311.31||-12.05||-3.73%|
Economic data on the agenda for Thursday will be ISM manufacturing PMI, construction spending, vehicle sales, productivity and initial and persistent jobless claims. Atlanta Fed President Raphael Bostic will also give a presentation to the finance class at Georgia Tech’s Scheller College of Business.
|MNST||MONSTER BEVERAGE CORP.||89.15||-2.03||-2.23%|
|ATVI||ACTIVISION BLIZZARD INC.||78.63||-0.44||-0.56%|
Other notable events include Monster Beverage’s 6% US price increase due to “continued cost pressures” and the deadline for UK regulators to make an initial decision on whether Microsoft’s $68.7 billion deal to buy Activision Blizzard could result in a “significant lessening of competition within any market or markets in the United Kingdom for goods or services.”
The August jobs report and factory orders will round out the week for economic data.
|META||META PLATFORMS INC.||161.78||-7.00||-4.15%|
Friday also marks the deadline for Meta, Twitter, TikTok, Truth Social, Rumble, Gettr, Telegram and Gab to provide information to the House Oversight Committee on how they are responding to an increase in online threats against law enforcement officers following the Federal Bureau of Investigation’s court-authorized search of former President Trump’s Mar-a-Lago Club earlier this month.