What to Expect in the Markets In Upcoming 7 Days
The State of the Union address, testimony from the Fed Chair, the February employment report, earnings reports from major retailers, and additional updates.
Politics and economic updates in the United States are expected to be in focus in Upcoming 7 Days. This includes the President’s State of the Union address, congressional testimony by Federal Reserve Chair Jerome Powell, and the Super Tuesday primary elections.
Friday’s employment report will provide insights into February’s job market, following earlier releases of private sector payrolls and job openings reports. Additionally, the week will feature earnings announcements from retailers such as Target, Costco, and Ross Stores, as well as tech companies like CrowdStrike and Broadcom.
On Monday, March 4th:
- GitLab (GTLB) releases its earnings report.
- Philadelphia Fed President Tom Harker delivers a speech
On Tuesday, March 5th:
- Super Tuesday primary elections will take place in 16 states.
- Earnings reports will be announced by CrowdStrike (CRWD), Target Corp (TRGT), Ross Stores (ROST), and Nordstrom (JWN).
- The ISM Services PMI for February will be reported.
- Factory orders for January will be released.
On Wednesday, March 6th:
- Fed Chair Jerome Powell will testify before a House Panel.
- San Francisco Fed President Mary C. Daly and Minneapolis Fed President Neel Kashkari will deliver remarks.
- ADP will release employment data for February.
- US wholesale inventories data for January will be released.
- Job openings data for January will be published.
- The Federal Reserve Beige Book will be released.
- Campbell Soup (CPB) and Abercrombie & Fitch (ANF) will report earnings.
On Thursday, March 7th:
- The State of the Union Address will be given.
- Testimony by Fed Chair Jerome Powell to a Senate Panel.
- Remarks by Cleveland Fed President Loretta Mester.
- Release of initial jobless claims data for March 2nd.
- Revisions to U.S. productivity for the fourth quarter will be announced.
- Release of the U.S. trade balance data for January.
- Earnings reports will be announced by Broadcom (AVGO), Costco Wholesale Corp (COST), Kroger Company (KR), Marvell Technology (MRVL), and Victoria’s Secret (VSCO).
On Friday, March 8th:
- The U.S. payrolls report for February will be released.
- Remarks will be delivered by New York Fed President John C. Williams.
The February jobs report follows a surge in inflation seen in January.
Following January’s inflation reports, attention will shift to Friday’s payrolls report to gauge the extent of job gains by U.S. employers in February. According to data from the Bureau of Labor Statistics, the economy added 353,000 jobs in January, surpassing expectations and maintaining a robust labor market trend that some economists fear may fuel further inflation.
Ahead of Friday’s report, the ADP private payrolls employment report on Wednesday could provide an early indication of the potential direction of Friday’s national report, although it is not always a reliable predictor. For instance, last January’s ADP report fell short of expectations just days before the Labor Department’s strong report. Additionally, Wednesday will see the release of the latest Job Openings and Labor Turnover Survey (JOLTS) report.
ALSO READ : 5 Best Cryptocurrency Trading Platform in 2024
Earnings reports from prominent retailers and additional updates.
Retail and technology companies will be among the largest to report earnings this week as earnings season draws to a close. Target, Ross Stores, and Nordstrom (JWN) are scheduled to report on Tuesday. Abercrombie & Fitch (ANF) will follow on Wednesday, while Costco and Victoria’s Secret (VSCO) will report on Thursday.
Cybersecurity provider CrowdStrike will release its results on Tuesday after raising its full-year guidance last quarter. Marvell Technology (MRVL), a manufacturer of networking chips used in data centers, will report its quarterly earnings on Thursday, projecting that demand for its artificial intelligence (AI) products will accelerate revenues in the second half of the year. Another chipmaker, Broadcom, will also report on Thursday.
Investors will also be watching for Kroger’s (KR) report this week, as executives may comment on issues related to its proposed acquisition of Albertsons and the recent actions by the Federal Trade Commission to block the merger.
Comments from Fed Chair Powell and President Biden on Capitol Hill.
Next week, Capitol Hill will be in the spotlight as Fed Chair Jerome Powell testifies before Congress for two days and President Joe Biden delivers his State of the Union address.
Powell is scheduled to testify to a House of Representatives panel on Wednesday, followed by an appearance before the Senate Banking Committee on Thursday as part of the Fed’s annual report to Congress. Lawmakers are expected to question Powell about inflation projections, the timing of potential interest rate adjustments, and the overall economic outlook.
President Biden’s State of the Union address on Thursday will focus on the economy, with reported proposals to raise taxes for corporations and high-income individuals, as well as initiatives to lower prescription drug prices and health insurance premiums. The speech is also anticipated to highlight projects related to the CHIPS and Inflation Reduction Act. Alabama Senator Katie Britt will deliver the Republican response.
The address follows Super Tuesday primary elections in 16 states earlier in the week, which will play a significant role in shaping the landscape for the upcoming 2024 presidential, congressional, and gubernatorial races.
