Investors will be keeping a close eye on the fate of Federal Reserve chairman Jerome Powell and other agency officials as the Senate Banking Committee prepares to hold a series of confirmation votes this week. Wall Street will also be watching a slew of incoming economic data, including the producer price index and existing home sales.
On Friday, stocks plunged amid growing fears that the Fed could hike interest rates by 25 basis points at least seven times in 2022 and escalating tensions overseas between Russia and the Ukraine.
|I:DJI||DOW JONES AVERAGE||34738.06||-503.53||-1.43%|
|I:COMP||NASDAQ COMPOSITE INDEX||13791.154014||-394.49||-2.78%|
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Weber, Advanced Auto Parts, Avis Budget Group and Vornado Realty Trust will be among the companies kicking off the week for earnings on Monday.
|AAP||ADVANCE AUTO PARTS INC.||222.94||+0.21||+0.09%|
|CAR||AVIS BUDGET GROUP INC.||181.25||-8.96||-4.71%|
|VNO||VORNADO REALTY TRUST||41.31||-0.04||-0.10%|
Other notable events on Monday include the Valentine’s Day holiday, a $1,250 “profit-sharing payout” for Delta Air Lines workers following its strong earnings results for the end of 2021, the debut of McDonald’s McPlant burgers at the majority of its Dallas-Fort Worth Area locations and a report from Pensions & Investments on the 1,000 biggest plan sponsors in the United States.
Marriot International, Restaurant Brands International, Airbnb, Denny’s, La-Z-Boy, Roblox, ViacomCBS and Wyndham Hotels & Resorts will lead the earnings parade on Tuesday. As for economic data, investors will focus in on the producer price index.
The PPI is expected to rise 9.1%, below the 9.7% jump in December which was the fastest on record as inflation remains red-hot.
|MAR||MARRIOTT INTERNATIONAL INC.||169.88||-4.80||-2.75%|
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It will also be a busy day on Capitol Hill. The Senate banking committee will hold votes on the nominations of Federal Reserve officials, including current chairman Jerome Powell, and hear testimony from Treasury undersecretary for domestic finance Nellie Liang on a President’s Working Group report on stablecoins.
The Senate will also hold hearings on enhancing US trade and promoting American exports to create jobs and examining ways to address barriers to employment and young people’s access to mental health services. Meanwhile, the House will hold hearings examining the economic impact of federal infrastructure investment, the Infrastructure Investment and Jobs Act’s benefits for small business owners and strategies for power grid resilience and reliability.
Earnings on the docket for Wednesday include Cedar Fair, Crocs, Kraft Heinz, Shopify, Wingstop Restaurants, Applied Materials, Boston Beer, Cheesecake Factory, Cisco Systems, DoorDash, Fisker and NVIDIA.
|CHC||THE KRAFT HEINZ CO.||34.73||+0.44||+1.28%|
|AMAT||APPLIED MATERIALS INC.||132.49||-7.28||-5.21%|
|SAM||BOSTON BEER CO. INC.||432.52||-7.04||-1.60%|
|CAKE||CHEESECAKE FACTORY INC.||39.68||-0.06||-0.15%|
|CSCO||CISCO SYSTEMS INC.||53.90||-0.97||-1.77%|
Wednesday will be the busiest day for economic data with retail sales, the import and export price index, industrial production, business inventories, the National Association of Home Builders’ housing market index, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.
The Senate will also hold a hearing on challenges and opportunities with the Environmental Protection Agency’s Renewable Fuel Standard program and the House will hold a hearing entitled “Big Data: Privacy Risks and Needed Reforms in the Public and Private Sectors”.
Key earnings on Thursday will include AutoNation, SolarWinds, US Foods and Walmart before the market open and Dropbox, Redfin, Roku and Shake Shack after the bell.
|USFD||US FOOD HOLDING CORP.||37.74||-0.90||-2.33%|
Economic data taking the spotlight will be building permits, housing starts, the Philadelphia Fed manufacturing index and the latest on weekly initial and continuing jobless claims. St. Louis and Cleveland Fed presidents James Bullard and Loretta Mester will also speak on the US economy and monetary policy before a fireside chat hosted by Columbia University and SGH Macro Advisors and a virtual event for the Volatility and Risk Institute and the Center for the Global economy and business, respectively.
Wrapping up the week will be earnings from Bloomin’ Brands, Deere & Company and DraftKings before the market open, the latest on existing home sales and the index of leading economic indicators.
|BLMN||BLOOMIN’ BRANDS INC.||22.31||-0.04||-0.18%|
|EN||DEERE & CO.||392.67||-0.48||-0.12%|
|DKNG||DRAFT KINGS INC.||23.33||+0.55||+2.41%|
Chicago Fed President Charles Evans will also speak on current economic conditions and monetary policy before the 2022 US Monetary Policy Forum at the University of Chicago’s Booth School of Business.
In the world of politics, Vice President Kamala Harris will attend the Munich Security Conference, which runs through Sunday. Tuesday also marks National Employee Appreciation Day and the beginning of price increases for Amazon Prime.