Jobs report, Fed decision, CVS earnings top week ahead
Inflation is going to stay elevated for awhile: Bill Stone
The Glenview Trust Company CIO provides insight on the stock market on ‘The Claman Countdown.’
Investors are slated to digest the Fed's decision on interest rates, key jobs and manufacturing data and a slew of corporate earnings in the upcoming week.
On Friday, the Nasdaq Composite dropped 4% and paced the declines as the volatile and losing month ended for equities. The S&P 500 fell 3.6%, while the Dow Jones Industrial Average lost 2.7% or over 900 points.
|I:DJI||DOW JONES AVERAGES||32977.21||-939.18||-2.77%|
|I:COMP||NASDAQ COMPOSITE INDEX||12334.640025||-536.89||-4.17%|
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Loews Corporation, Moody's and Six Flags Entertainment will be among the companies leading earnings before the market open on Monday. Meanwhile, companies taking the spotlight after the bell will include Avis Budget Group, Clorox, Devon Energy, Diamondback Energy, Expedia and Willams Companies.
|SIX||SIX FLAGS ENTERTAINMENT CORP.||38.27||-1.28||-3.24%|
|CAR||AVIS BUDGET GROUP INC.||267.67||-5.38||-1.97%|
|CLX||THE CLOROX CO.||143.57||-4.74||-3.20%|
|DVN||DEVON ENERGY CORP.||58.17||-1.72||-2.87%|
|FANG||DIAMONDBACK ENERGY INC.||126.23||-3.24||-2.50%|
|EXPE||EXPEDIA GROUP INC.||174.75||-8.65||-4.72%|
|WMB||THE WILLIAMS COS. INC.||34.28||-0.55||-1.56%|
As for economic data, investors will take in construction spending, the S&P Global U.S. manufacturing PMI and the ISM manufacturing PMI. In addition, the CME will expand its suite of micro metals products with the launch of micro copper futures, which will be one-tenth the size of a standard sized Copper futures contract and will be cash settled.
Another union election will also wrap up at Amazon's LDJ5 warehouse on Staten Island on Monday. If the election is successful, LDJ5 would be the second facility to form a union, following the historic victory at the e-commerce giant's JFK8 warehouse earlier this month.
The earnings parade will continue on Tuesday with big names including Estee Lauder, Hilton Worldwide, Pfizer, Restaurant Brands International and Teva Pharmaceuticals reporting before the market open. After the bell, Advanced Micro Devices, Airbnb, Caesars Entertainment, Denny's, Lyft and Starbucks are all slated to deliver earnings results.
|EL||THE ESTÉE LAUDER COMPANIES INC.||263.94||-8.40||-3.08%|
|HLT||HILTON WORLDWIDE HOLDINGS INC.||155.29||-5.93||-3.68%|
|TEVA||TEVA PHARMACEUTICAL INDUSTRIES LTD.||8.71||-0.24||-2.68%|
|AMD||ADVANCED MICRO DEVICES INC.||85.52||-4.12||-4.60%|
|CZR||CAESARS ENTERTAINMENT INC.||66.28||-1.11||-1.65%|
The JOLTs report will be the main event on Tuesday for economic data. In addition, factory orders and motor vehicle sales will be in focus. The Federal Reserve will also kick off its two-day policy-setting meeting on interest rates.
Earnings on the docket for Wednesday include CVS, Dine Brands Global, Ferrari, Marriott International, Moderna, Wingstop and YUM! Brands before the market open and Allstate, eBay, Etsy, Hostess Brands and Uber after the bell.
|CVS||CVS HEALTH CORP.||96.11||-4.84||-4.79%|
|DIN||DINE BRANDS GLOBAL INC.||71.69||-2.27||-3.07%|
|MAR||MARRIOTT INTERNATIONAL INC.||177.52||-7.04||-3.81%|
|YUM||YUM! BRANDS INC.||117.01||-2.51||-2.10%|
|ALL||THE ALLSTATE CORP.||126.54||-3.80||-2.92%|
|TWNK||HOSTESS BRANDS INC.||22.69||-0.06||-0.26%|
|UBER||UBER TECHNOLOGIES INC.||31.48||-1.34||-4.08%|
Economic data will include the Fed's decision on interest rates, the ADP national employment report, the ISM non-manufacturing PMI, weekly mortgage applications, the Energy Information Administration's weekly crude stocks and the international trade balance.
Wednesday also marks the deadline for the Education Department to respond to Sen. Elizabeth Warren and other lawmakers' questions on student loans.
Conoco Phillips, Crocs, Hain Celestial Group, Hanesbrands, Intercontinental Exchange, Kellogg, Papa John’s, Penn National Gaming, Royal Caribbean, SeaWorld Entertainment, Shopify and Wayfair will be among the companies delivering earnings results on Thursday before the market open.
|HAIN||THE HAIN CELESTIAL GROUP INC.||33.54||-0.88||-2.56%|
|ICE||INTERCONTINENTAL EXCHANGE INC.||115.71||-3.57||-2.99%|
|PZZA||PAPA JOHN’S INTERNATIONAL INC.||91.05||-0.99||-1.08%|
|RCL||ROYAL CARIBBEAN GROUP||77.73||-2.96||-3.67%|
|SEAS||SEAWORLD ENTERTAINMENT INC||67.45||-1.34||-1.95%|
After the bell, investors will take in earnings from Block, DoorDash, Dropbox, FAT Brands, News Corp, Potbelly, Redfin, Shake Shack, Texas Roadhouse, Virgin Galactic, WW International, Yelp, Zillow Group.
|FAT||FAT BRANDS INC.||5.95||+0.20||+3.48%|
|TXRH||TEXAS ROADHOUSE INC.||82.33||-2.04||-2.42%|
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||7.49||-0.41||-5.19%|
|WW||WW INTERNATIONAL INC.||9.79||-0.32||-3.17%|
|ZG||ZILLOW GROUP INC.||38.65||-0.96||-2.42%|
On the economic data front, investors will be watching labor costs and productivity for the first quarter of 2022 and the latest in initial and continuing jobless claims. Thursday also marks the deadline for Russian-based companies to pull their depositary receipts from foreign exchanges.
Wrapping up the week will be earnings from Cigna, Cinemark Holdings, DraftKings, Ruth's Hospitality Group and Under Armour before the market open, the April jobs report and March consumer credit.
|CNK||CINEMARK HOLDINGS INC.||15.86||0.00||0.00%|
|RUTH||RUTH’S HOSPITALITY GROUP INC.||20.97||-0.10||-0.47%|
|UAA||UNDER ARMOUR INC.||15.37||-0.27||-1.73%|
New York Fed president John Williams will also give opening remarks before the bank's Environmental Economics and Policy event hosted in partnership with the Columbia University Center for Environmental Economics and Policy.
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