What will drive the markets this week?
Most global stocks ended last week in losses. Equities in the US extended their losses on Friday to end the week in losses, following four weeks of gains. Europe also saw sheddings in the pan-European Stoxx 600 as Germany’s producer prices in July recorded their highest ever jump, effectively dropping sentiment over the economic outlook for the region’s biggest economy.
For this week, the most anticipated economic activity will be the meeting of the Federal Reserve policymakers, who will meet at the U.S. central bank’s annual Jackson Hole Symposium on Thursday to discuss the most pressing issues facing the U.S. economy.
On Friday, the latest update to the Personal Consumption Expenditures (PCE) Price Index, which could possibly indicate whether inflation has peaked, will be released. The University of Michigan is expected to release the final August reading of its Consumer Sentiment Index (MCSI) on the same day.
In terms of earnings, several companies are scheduled to release their reports in the week. They include Zoom Video Communications, Macy’s, Nordstrom, NVIDIA, Salesforce, Dell, and TD Bank, among others.
Events, expected to move markets this week
Monday, August 22
- Palo Alto Networks (PANW), Zoom Video Communications (ZM), Nordson Corp. (NDSN), and Legend Biotech (LEGN) report earnings
- Chicago Fed National Activity Index (July)
Tuesday, August 23
- Intuit Inc. (INTU), Medtronic (MDT), JD.com (JD), Bank of Nova Scotia (BNS), Pinduoduo (PDD), J.M. Smucker Company (SJM), Advance Auto Parts (AAP), Dick’s Sporting Goods (DKS), Aluminum Corp. of China (ACH), Toll Brothers (TOL), Macy’s (M), Nordstrom (JWN), Urban Outfitters (URBN), and La-Z-Boy Inc. (LZB) report earnings
- S&P Global Composite PMI - Flash Estimate (Aug)
- Richmond Fed Manufacturing Index (Aug)
- New Home Sales (July)
Wednesday, August 24
- NVIDIA (NVDA), Salesforce (CRM), Royal Bank of Canada (RY), Snowflake Inc. (SNOW), Autodesk (ADSK), China Life Insurance Company (LFC), NetApp (NTAP), Williams Sonoma (WSM), and Petco (WOOF) report earnings
- Durable Goods Orders (July)
- Pending Home Sales (July)
Thursday, August 25
- TD Bank (TD), PetroChina Company (PTR), Dollar General (DG), Vmware (VMW), Marvel Technology (MRVL), Dollar Tree (DLTR), Dell (DELL), Ulta Beauty (ULTA), Grab Holdings (GRAB), Burlington Stores Inc. (BURL), Gap Inc. (GPS), Peloton Interactive (PTON), and Abercrombie & Fitch (ANF) report earnings
- U.S. GDP Growth Rate - Second Estimate (Q2 2022)
- Real Consumer Spending (Q2 2022)
- Kansas Fed Composite Index (Aug)
- Day 1 of Federal Reserve’s annual Jackson Hole Symposium
Friday, August 26
- Personal Income and Spending (July)
- PCE Price Index (July)
- Goods Trade Balance (July)
- Michigan Consumer Sentiment Index - Final (Aug)
- Day 2 of Federal Reserve’s annual Jackson Hole Symposium