Week Ending April 22, 2023: $165.02 -($0.19) -(0.11%)
Apr 21, 2023 12:35:07 GMT -8
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Post by Dave on Apr 21, 2023 12:35:07 GMT -8
Running in place.
What to Expect in the Markets Next Week
Looks like someone made a mistake.
What to Expect in the Markets Next Week
Events Calendar:
Monday, April 24
Coca-Cola Company (KO), Canadian National Railway (CNI), Cadence Design Systems (CDNS), Ameriprise Financial Services (AMP), Brown & Brown Inc. (BRO), Crown Holdings Inc. (CCK), and Whirlpool Corporation (WHR) report earnings
Chicago Fed National Activity Index (Mar)
Dallas Fed Manufacturing Index (Apr)
Tuesday, April 25
Microsoft (MSFT), Alphabet (GOOGL), Visa (V), PepsiCo. (PEP), McDonald’s (MCD), Novartis (NVS), Danaher Corporation (DHR), United Parcel Service (UPS), Verizon Communications (VZ), Texas Instruments (TXN), NextEra Energy (NEE), Raytheon (RTX), HSBC Holdings (HSBC), General Electric (GE), Chubb Limited (CB), Fiserv (FISV), UBS (UBS), Banco Santander (SAN), Sherwin-Williams Company (SHW), 3M (MMM), Moody’s (MCO), General Motors (GM), Chipotle Mexican Grill (CMG), and Kimberly-Clark Corporation (KMB) report earnings
S&P Case-Shiller National Home Price Index (Feb)
FHFA House Price Index (Feb)
New Home Sales (Mar)
Building Permits - Final Read (Mar)
CB Consumer Confidence Index (Apr)
Richmond Fed Manufacturing Index (Apr)
Wednesday, April 26
Meta Platforms (META), Thermo Fisher Scientific (TMO), Boeing (BA), American Tower Corporation (AMT), ServiceNow (NOW), Automatic Data Processing (ADP), Boston Scientific Corporation (BSX), GlaxoSmithKline (GSK), Canadian Pacific Kansas City Limited (CP), CME Group (CME), General Dynamics (GD), Edwards Lifesciences (EW), Norfolk Southern Corp. (NSC), Hess Corporation (HES), and Aflac (AFL) report earnings
Durable Goods Orders (Mar)
Wholesale Inventories (Mar)
Retail Inventories (Mar)
Goods Trade Balance (Mar)
Thursday, April 27
Amazon (AMZN), Mastercard (MA), Eli Lilly (LLY), Merck (MRK), AbbVie (ABBV), AstraZeneca (AZN), T-Mobile (TMUS), Linde (LIN), Comcast Corporation (CMCSA), TotalEnergies (TTE), Bristol-Myers Squibb (BMY), Sanofi (SNY), Intel (INTC), Amgen (AMGN), Honeywell International (HON), Caterpillar (CAT), S&P Global (SPGI), Gilead Sciences (GILD), Mondelez International (MDLZ), Altria Group (MO), Northrop Grumman (NOC), Activision Blizzard (ATVI), The Hershey Company (HSY), and Keurig Dr. Pepper (KDP) report earnings
U.S. Gross Domestic Product (GDP) - Advance Estimate (Q1 2023)
Real Consumer Spending (Q1 2023)
Pending Home Sales (Mar)
Kansas City Fed Composite Index (Apr)
Friday, April 28
ExxonMobil (XOM), Chevron (CVX), Sony (SONY), Charter Communications (CHTR), Aon (AON), Colgate-Palmolive (CL), and TC Energy Corporation (TRP) report earnings
Personal Consumption Expenditures (PCE) Price Index (Mar)
Personal Income and Spending (Mar)
Chicago Purchasing Managers’ Index (PMI) (Mar)
University of Michigan Consumer Sentiment Index - Final (Mar)
Earnings From Big Tech
We’ll get earnings from some of the world’s biggest companies next week, including big tech firms Apple, Amazon, Google parent Alphabet, Microsoft, and Meta Platforms. Other noteworthy companies scheduled to report earnings will include Coca-Cola Company, McDonald’s, Visa, Mastercard, Verizon, T-Mobile, UPS, Raytheon, GE, Boeing, ADP, Intel, ExxonMobil, and Chevron, among others.
Just under one-fifth of S&P 500 companies have reported earnings so far. Of these, 76% have reported EPS above estimates, in line with the trailing five-year average of 77%, according to FactSet.
However, the information technology sector is one of six sectors expected to post a year-over-year decline in earnings. Google parent Alphabet is expected to report net income fell 16% in the first quarter as revenue from cloud services grew at the slowest pace since 2016. A slowdown in cloud growth could also negatively impact Microsoft, which is expected to report earnings unchanged from a year ago.
First Quarter GDP Release
On Thursday, the Bureau of Economic Analysis (BEA) will issue its advance estimate for first-quarter gross domestic product (GDP). The U.S. economy likely grew at a seasonally-adjusted annual rate of 2% in the first three months of the year, slowing from 2.6% in the fourth quarter of 2022. The Conference Board forecasts full-year GDP growth of 0.7% this year, down from 2.1% last year, as persistent inflation and the Federal Reserve’s hawkish monetary policy weighs on growth.
The Fed's Preferred Inflation Gauge
On Friday, the BEA will release the latest Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge. Prices are projected to have risen 0.3% last month, matching February’s pace. They were likely up 4.5% year-over-year, which would mark the slowest annual gain since the summer of 2021. Core prices, which exclude volatile food and energy costs, also likely rose 0.3% from February and 4.5% over a 12-month period.
Monday, April 24
Coca-Cola Company (KO), Canadian National Railway (CNI), Cadence Design Systems (CDNS), Ameriprise Financial Services (AMP), Brown & Brown Inc. (BRO), Crown Holdings Inc. (CCK), and Whirlpool Corporation (WHR) report earnings
Chicago Fed National Activity Index (Mar)
Dallas Fed Manufacturing Index (Apr)
Tuesday, April 25
Microsoft (MSFT), Alphabet (GOOGL), Visa (V), PepsiCo. (PEP), McDonald’s (MCD), Novartis (NVS), Danaher Corporation (DHR), United Parcel Service (UPS), Verizon Communications (VZ), Texas Instruments (TXN), NextEra Energy (NEE), Raytheon (RTX), HSBC Holdings (HSBC), General Electric (GE), Chubb Limited (CB), Fiserv (FISV), UBS (UBS), Banco Santander (SAN), Sherwin-Williams Company (SHW), 3M (MMM), Moody’s (MCO), General Motors (GM), Chipotle Mexican Grill (CMG), and Kimberly-Clark Corporation (KMB) report earnings
S&P Case-Shiller National Home Price Index (Feb)
FHFA House Price Index (Feb)
New Home Sales (Mar)
Building Permits - Final Read (Mar)
CB Consumer Confidence Index (Apr)
Richmond Fed Manufacturing Index (Apr)
Wednesday, April 26
Meta Platforms (META), Thermo Fisher Scientific (TMO), Boeing (BA), American Tower Corporation (AMT), ServiceNow (NOW), Automatic Data Processing (ADP), Boston Scientific Corporation (BSX), GlaxoSmithKline (GSK), Canadian Pacific Kansas City Limited (CP), CME Group (CME), General Dynamics (GD), Edwards Lifesciences (EW), Norfolk Southern Corp. (NSC), Hess Corporation (HES), and Aflac (AFL) report earnings
Durable Goods Orders (Mar)
Wholesale Inventories (Mar)
Retail Inventories (Mar)
Goods Trade Balance (Mar)
Thursday, April 27
Amazon (AMZN), Mastercard (MA), Eli Lilly (LLY), Merck (MRK), AbbVie (ABBV), AstraZeneca (AZN), T-Mobile (TMUS), Linde (LIN), Comcast Corporation (CMCSA), TotalEnergies (TTE), Bristol-Myers Squibb (BMY), Sanofi (SNY), Intel (INTC), Amgen (AMGN), Honeywell International (HON), Caterpillar (CAT), S&P Global (SPGI), Gilead Sciences (GILD), Mondelez International (MDLZ), Altria Group (MO), Northrop Grumman (NOC), Activision Blizzard (ATVI), The Hershey Company (HSY), and Keurig Dr. Pepper (KDP) report earnings
U.S. Gross Domestic Product (GDP) - Advance Estimate (Q1 2023)
Real Consumer Spending (Q1 2023)
Pending Home Sales (Mar)
Kansas City Fed Composite Index (Apr)
Friday, April 28
ExxonMobil (XOM), Chevron (CVX), Sony (SONY), Charter Communications (CHTR), Aon (AON), Colgate-Palmolive (CL), and TC Energy Corporation (TRP) report earnings
Personal Consumption Expenditures (PCE) Price Index (Mar)
Personal Income and Spending (Mar)
Chicago Purchasing Managers’ Index (PMI) (Mar)
University of Michigan Consumer Sentiment Index - Final (Mar)
Earnings From Big Tech
We’ll get earnings from some of the world’s biggest companies next week, including big tech firms Apple, Amazon, Google parent Alphabet, Microsoft, and Meta Platforms. Other noteworthy companies scheduled to report earnings will include Coca-Cola Company, McDonald’s, Visa, Mastercard, Verizon, T-Mobile, UPS, Raytheon, GE, Boeing, ADP, Intel, ExxonMobil, and Chevron, among others.
Just under one-fifth of S&P 500 companies have reported earnings so far. Of these, 76% have reported EPS above estimates, in line with the trailing five-year average of 77%, according to FactSet.
However, the information technology sector is one of six sectors expected to post a year-over-year decline in earnings. Google parent Alphabet is expected to report net income fell 16% in the first quarter as revenue from cloud services grew at the slowest pace since 2016. A slowdown in cloud growth could also negatively impact Microsoft, which is expected to report earnings unchanged from a year ago.
First Quarter GDP Release
On Thursday, the Bureau of Economic Analysis (BEA) will issue its advance estimate for first-quarter gross domestic product (GDP). The U.S. economy likely grew at a seasonally-adjusted annual rate of 2% in the first three months of the year, slowing from 2.6% in the fourth quarter of 2022. The Conference Board forecasts full-year GDP growth of 0.7% this year, down from 2.1% last year, as persistent inflation and the Federal Reserve’s hawkish monetary policy weighs on growth.
The Fed's Preferred Inflation Gauge
On Friday, the BEA will release the latest Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge. Prices are projected to have risen 0.3% last month, matching February’s pace. They were likely up 4.5% year-over-year, which would mark the slowest annual gain since the summer of 2021. Core prices, which exclude volatile food and energy costs, also likely rose 0.3% from February and 4.5% over a 12-month period.
Looks like someone made a mistake.