Week Ending March 4, 2023: $151.03 +$4.32 +2.86%
Mar 3, 2023 14:11:01 GMT -8
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Post by Dave on Mar 3, 2023 14:11:01 GMT -8
What to Expect in the Markets Next Week
Events Calendar:
Monday, March 6
Trip.com (TCOM), Ciena Corp. (CIEN), and Nutanix Inc. (NTNX) report earnings
Factory Orders (Jan)
Tuesday, March 7
Sea Limited (SEA), CrowdStrike Holdings (CRWD), Dick’s Sporting Goods (DKS), Casey’s General Stores (CASY), Thor Industries (THO), and Manchester United Ltd. (MANU) report earnings
Day 1 of Fed Chair Powell’s Congressional Testimony
IBD/TIPP Economic Optimism Index
Wholesale Inventories (Jan)
Wednesday, March 8
Petrobras (PBR), Woodside Energy Group (WDS), Prudential Public Limited Co. (PUK), Brown Forman Corp. (BF.A), KE Holdings Inc. (BEKE), and Campbell Soup Company (CPB) report earnings
JOLTS Report (Jan)
U.S. Imports and Exports (Jan)
ADP National Employment Report (Feb)
Day 2 of Fed Chair Powell’s Congressional Testimony
China Inflation Rate (Feb)
Thursday, March 9
Oracle Corporation (ORCL), JD.com (JD), Wheaton Precious Metals Corp. (WPM), DocuSign (DOCU), The Toro Company (TTC), BJ’s Wholesale Club (BJ), Vail Resorts Inc. (MTN), The Gap Inc. (GPS), and National Beverage Corp. (FIZZ) report earnings
Challenger Job Cuts (Feb)
Bank of Japan (BoJ) Interest Rate Decision
President Biden’s Budget Proposal to Congress
Friday, March 10
Embraer S.A. (ERJ) reports earnings
Apple Shareholders’ Meeting
Nonfarm Payrolls Report (Feb)
U.S. Government Budget Balance (Feb)
Labor Market Updates
On Wednesday, the Bureau of Labor Statistics (BLS) will release the Job Openings and Labor Turnover Survey (JOLTS) report for January, tracking the number of openings, hires, quits, and separations for the month. Job openings are projected to have fallen to 10.6 million in January, down from 11 million in December. As of the latest report, there are nearly two job openings for every job seeker, highlighting the tight national labor market.
Also on Wednesday, payroll provider ADP will release its National Employment Report, tracking growth in private sector payrolls for February. Economists project private businesses added 185,000 positions last month, compared to 108,000 in January which marked the smallest increase since a loss of 69,000 jobs in January of 2021. This will set the stage for the February nonfarm payrolls report due from the BLS on Friday. Economists project the U.S. added 200,000 jobs last month, well below a 517,000 gain in January that marked the strongest job growth in six months. The unemployment rate is forecast to remain unchanged at a 53-year low of 3.4%.
Jerome Powell's Testimony to Congress
Fed Chair Jerome Powell will speak before the U.S. Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday as part of the Fed chair’s semiannual testimony to Congress on monetary policy. With hotter-than-expected inflation figures in January, Fed officials could raise interest rates more aggressively in the upcoming months, and keep rates higher for longer. Traders are now projecting up to four additional rate hikes of 25 basis points (bps) this year, resulting in a terminal fed funds rate between 5.5% and 5.75% by September, according to fed funds futures data published by CME Group.
President Biden's Budget Proposal
On Thursday, President Biden will outline his budget proposal for the upcoming fiscal year to Congress. The new budget may contain higher taxes on billionaires and upper-income households, but will not feature any tax increases for households making less than $400,000 a year. The announcement will come amid an impasse on the debt ceiling, and the federal government could run out of money to pay its bills as early as the summer if an agreement isn’t reached.
Monday, March 6
Trip.com (TCOM), Ciena Corp. (CIEN), and Nutanix Inc. (NTNX) report earnings
Factory Orders (Jan)
Tuesday, March 7
Sea Limited (SEA), CrowdStrike Holdings (CRWD), Dick’s Sporting Goods (DKS), Casey’s General Stores (CASY), Thor Industries (THO), and Manchester United Ltd. (MANU) report earnings
Day 1 of Fed Chair Powell’s Congressional Testimony
IBD/TIPP Economic Optimism Index
Wholesale Inventories (Jan)
Wednesday, March 8
Petrobras (PBR), Woodside Energy Group (WDS), Prudential Public Limited Co. (PUK), Brown Forman Corp. (BF.A), KE Holdings Inc. (BEKE), and Campbell Soup Company (CPB) report earnings
JOLTS Report (Jan)
U.S. Imports and Exports (Jan)
ADP National Employment Report (Feb)
Day 2 of Fed Chair Powell’s Congressional Testimony
China Inflation Rate (Feb)
Thursday, March 9
Oracle Corporation (ORCL), JD.com (JD), Wheaton Precious Metals Corp. (WPM), DocuSign (DOCU), The Toro Company (TTC), BJ’s Wholesale Club (BJ), Vail Resorts Inc. (MTN), The Gap Inc. (GPS), and National Beverage Corp. (FIZZ) report earnings
Challenger Job Cuts (Feb)
Bank of Japan (BoJ) Interest Rate Decision
President Biden’s Budget Proposal to Congress
Friday, March 10
Embraer S.A. (ERJ) reports earnings
Apple Shareholders’ Meeting
Nonfarm Payrolls Report (Feb)
U.S. Government Budget Balance (Feb)
Labor Market Updates
On Wednesday, the Bureau of Labor Statistics (BLS) will release the Job Openings and Labor Turnover Survey (JOLTS) report for January, tracking the number of openings, hires, quits, and separations for the month. Job openings are projected to have fallen to 10.6 million in January, down from 11 million in December. As of the latest report, there are nearly two job openings for every job seeker, highlighting the tight national labor market.
Also on Wednesday, payroll provider ADP will release its National Employment Report, tracking growth in private sector payrolls for February. Economists project private businesses added 185,000 positions last month, compared to 108,000 in January which marked the smallest increase since a loss of 69,000 jobs in January of 2021. This will set the stage for the February nonfarm payrolls report due from the BLS on Friday. Economists project the U.S. added 200,000 jobs last month, well below a 517,000 gain in January that marked the strongest job growth in six months. The unemployment rate is forecast to remain unchanged at a 53-year low of 3.4%.
Jerome Powell's Testimony to Congress
Fed Chair Jerome Powell will speak before the U.S. Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday as part of the Fed chair’s semiannual testimony to Congress on monetary policy. With hotter-than-expected inflation figures in January, Fed officials could raise interest rates more aggressively in the upcoming months, and keep rates higher for longer. Traders are now projecting up to four additional rate hikes of 25 basis points (bps) this year, resulting in a terminal fed funds rate between 5.5% and 5.75% by September, according to fed funds futures data published by CME Group.
President Biden's Budget Proposal
On Thursday, President Biden will outline his budget proposal for the upcoming fiscal year to Congress. The new budget may contain higher taxes on billionaires and upper-income households, but will not feature any tax increases for households making less than $400,000 a year. The announcement will come amid an impasse on the debt ceiling, and the federal government could run out of money to pay its bills as early as the summer if an agreement isn’t reached.