What will drive the markets this week?
Last week,US stocks rebounded in a volatile trading session, with all indices finishing higher. The 2-year treasury yield retreated to 3.8267%, amid moderate rate expectations and a potential rate pause. Despite the pan-European STOXX 600 index falling 1.4%, it still posted a weekly gain due to a sharp recovery earlier in the week, with a year-to-date increase of only 3.5%. Regional bank stocks bounced back, with the SPDR S&P Regional Banking ETF gaining 3.01%. However, market sentiment remained confused as investors evaluated the impact of the banking crisis on the US and European markets. The Swiss franc lost against the dollar, while the yen gained over 5.5% against the dollar since the issues emerged at Silicon Valley Bank on March 9.
This week, we’ll receive the latest updates on home prices, with the Case-Shiller National Home Price Index and the FHFA House Price Index (HPI) for January. On Friday, the Bureau of Economic Analysis (BEA) will release the Personal Consumption Expenditures (PCE) Price Index—the Fed’s preferred gauge of inflation—for February. Consumer sentiment readings from the Conference Board and University of Michigan will also become available on Tuesday and Friday, respectively.
Events expected to move the markets this week
Monday, March 27
- BioNTech (BNTX), H World Group Ltd. (HTHT), Carnival Corporation (CCL), PVH Corp. (PVH), and Reata Pharmaceuticals (RETA) report earnings
- Dallas Fed Manufacturing Index (Mar)
Tuesday, March 28
- Micron Technology Inc. (MU), Lululemon Athletica (LULU), Walgreens Boots Alliance (WBA), McCormick & Company (MKC), and Jefferies Financial Group (JEF) report earnings
- Retail Inventories (Feb)
- Wholesale Inventories (Feb)
- S&P Case-Shiller National Home Price Index (Jan)
- Freddie Mac House Price Index (Jan)
- CB Consumer Confidence Index (Mar)
- Richmond Fed Manufacturing Index (Mar)
Wednesday, March 29
- Cintas Corporation (CTAS), Paychex Inc. (PAYX), Concentrix Corp. (CNXC), RH (RH), Unifirst Corporation (UNF), and Lithium Americas Corp. (LAC) report earnings
- Pending Home Sales (Feb)
Thursday, March 30
- Yamana Gold Inc. (AUY), National Beverage Corp. (FIZZ), Neogen Corporation (NEOG), Braze Inc. (BRZE), Rumble Inc. (RUM), and BlackBerry Ltd. (BB) report earnings
- Corporate Profits (Q4 2022)
- U.S. GDP Growth Rate - Final Reading (Q4 2022)
- Real Consumer Spending - Final Reading (Q4 2022)
- Quarterly PCE Price Index - Final Reading (Q4 2022)
Friday, March 31
- Personal Income and Spending (Feb)
- Personal Consumption Expenditures (PCE) Price Index (Feb)
- Michigan Consumer Sentiment Index (MCSI) - Final Reading (Mar)
- Chicago Purchasing Managers’ Index (PMI) (Mar)