Numerous technology and retail companies will report their latest quarterly results this week. Federal Reserve watchers will tune into the central bank’s annual confab in Jackson Hole, Wyo., at the end of the week.
Zoom video communication
will be Monday’s earnings highlight, followed by results from
Advanced Auto Parts
Ulta Beauty, and
publishes quarterly results on Thursday.
The Kansas City Fed’s three-day symposium on economic policy begins Thursday, with economists and officials discussing this year’s theme, “Reassessing Constraints on Economics and Policy.”
Economic data out this week will include S&P Global’s manufacturing and services purchasing managers’ indexes for August on Tuesday. The Census Bureau will also release its durable goods report for July on Wednesday, and the Bureau of Economic Analysis will report personal income and consumption figures for July on Friday.
Palo Alto Networks and Zoom Video Communications report quarterly results.
Federal Reserve The Bank of Chicago publishes its national activity index for July. The consensus estimate is negative 0.14, somewhat better than in June.
Nvidia reports results for the second quarter of 2023. In early August, the company pre-announced weaker-than-expected sales for the quarter on softness in the gaming segment. Shares are down 6 percent since then.
Advanced Auto Parts,
Bank of Nova Scotia
Nordstrom and Toll Brothers announce earnings.
The Census Bureau reports new home sales data for July. Economists estimate that sales of new detached houses were at a seasonally adjusted rate of 577,500, 12,500 less than in June. Sales of new homes are down over 40% from summer 2020.
S&P Global launches both the manufacturing and services purchasing manager’s indices for August. The expectations are for the production
to be 52, while the Services PMI is seen at 50. This compared with readings of 52.2 and 47.3 respectively in July. It was the first reading below 50 for the Services PMI in more than two years, indicating contraction in that sector.
Royal Bank of Canada
Salesforce, Snowflake and Williams-Sonoma report earnings.
The Census Bureau launches the report on durable goods for July. The consensus call is for new orders for durable manufactured goods to increase 0.5% month over month to $274 billion.
Canadian Imperial Bank of Commerce
Dell Technologies, Dollar General, Dollar Tree,
Ulta Beauty, VMware and Workday hold conference calls to discuss quarterly results.
Federal Reserve Bank of Kansas City is hosting the three-day 2022 Economic Policy Symposium in Jackson Hole, Wyo. “Reassessing Constraints on the Economy and Policy” is the theme of this year’s confab.
Bureau of Economic Analysis reports its second estimate for gross domestic product growth. The preliminary estimate was that GDP fell at a seasonally adjusted annual rate of 0.9% in the second quarter. This marked two consecutive quarters of decline, and meets one definition of a recession.
This is reported by BEA personal income and expenses for July. Revenues are expected to increase by 0.6% month on month, corresponding to June’s gain. Spending increases by 0.5%, compared to 1.1% previously. The consensus estimate is for the core price index for personal consumption to rise by 4.7% year-on-year, after a jump of 4.8% in June.
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