What will drive the markets this week?
Last week was one of the worst for financial markets so far this year with all three major U.S. indices ending the week with a drop. Hawkish comments from Fed officials, inflation, and a rebound in rates were the main driving factors in the U.S. market in the week. Europe also saw a slight drop in shares with The pan-European Stoxx 600 index trading down 1% on Friday.
This week will be a short one, with U.S. markets closed on Monday. Earnings season continues with reports from major retailers including Walmart and Home Depot. Other prominent companies reporting this week include Nvidia, Alibaba, Coinbase, and Moderna, among others.
We’ll receive updates on the housing market this week, including new and existing home sales for January. On Wednesday, the Federal Reserve will release meeting minutes from the latest FOMC meeting. On Friday, we’ll get a key update on inflation with the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred gauge of inflation.
Events expected to influence financial markets in the week
Monday, February 20, 2023
- Markets Closed in the U.S. (Presidents’ Day Holiday)
- The Williams Companies (WMB), Copart Inc. (CPRT), and Nordson Corporation (NDSN) report earnings
Tuesday, February 21, 2023
- Walmart (WMT), Home Depot (HD), Medtronic (MDT), Public Storage (PSA), Palo Alto Networks (PANW), Realty Income Corp. (O), Keysight Technologies (KEYS), CoStar Group Inc. (CSGP), SBA Communications Corp. (SBAC), Diamondback Energy (FANG), and Coinbase Global (COIN) report earnings
- S&P Global Composite PMI - Flash Estimate (Feb)
- Existing Home Sales (Jan)
Wednesday, February 22, 2023
- NVIDIA Corporation (NVDA), TJX Companies (TJX), Petrobras (PBR), Stellantis N.V. (STLA), Baidu Inc. (BIDU), Pioneer Natural Resources Company (PXD), eBay (EBAY), Lucid Group (LCID), Coterra Energy (CTRA), Garmin (GRMN), and Etsy (ETSY), and NetApp Inc. (NTAP) report earnings
- FOMC Meeting Minutes
Thursday, February 23, 2023
- Alibaba (BABA), Intuit Inc. (INTU), American Tower Corp. (AMT), Booking Holdings (BKNG), Moderna (MRNA), NetEase Inc. (NTES), Monster Beverage Corp. (MNST), Keurig Dr. Pepper Inc. (KDP), Vmware Inc. (VMW), Autodesk Inc. (ADSK), Warner Bros. Discovery (WBD), and Newmont Corp. (NEM) report earnings
- U.S. GDP Growth Rate - Second Estimate (Q4 2022)
- Real Consumer Spending Growth (Q4 2022)
- Kansas Fed Composite Index (Feb)
Friday, February 24, 2023
- Canadian Imperial Bank of Commerce (CM) reports earnings
- Personal Income and Spending (Jan)
- Personal Consumption Expenditures (PCE) Price Index (Jan)
- University of Michigan Consumer Sentiment Index - Final Reading (Feb)
- New Home Sales (Jan)