What will drive the markets this week?
Markets surged last week on news that the Federal Reserve would raise interest rates by 25 basis points as expected to fight inflation. The rate increase would likely weigh on the US housing market as mortgages and other loans become more expensive for potential buyers. This week, the market will get more data on the housing market with new and pending home sales.
On the consumer side, investors will digest the final reading of University of Michigan’s Consumer Sentiment Index for March. In its preliminary reading earlier this month, worries about rising inflation and Russia’s invasion of Ukraine sent the index to its lowest level in more than a decade.
In addition, companies including Nike, Tencent, Adobe, Nio, Darden Restaurants, FactSet, and more will report earnings.
Monday, March 21:
- Earnings from Nike, Tencent, and HireRight.
Tuesday, March 22:
- Earnings from Adobe, Poshmark, and BuzzFeed.
Wednesday, March 23:
- Earnings from Cintas, General Mills, and Trip.com.
- U.S. New Home Sales (February)
Thursday, March 24:
- Earnings from Nio, Darden Restaurants, FactSet, and Kingsoft Cloud.
- U.S. Durable Goods Orders (February)
- U.S. IHS Markit Composite PMI, flash (March)
Friday, March 25:
- U.S. Pending Home Sales (February)
- University of Michigan Consumer Sentiment Index, final (March)