Investors are in for another busy week of earnings and economic data, including the JOLTS report and consumer price index, as uncertainty over the Russia-Ukraine crisis continues to weigh on the markets.
Stocks finished lower on Friday as the escalating conflict overshadowed solid jobs growth with 678,000 additions in February. The Dow Jones Industrial Average fell 180 points or 0.5%, while the S&P 500 and Nasdaq Composite fell by 0.8% and 1.7%, respectively.
|I:DJI||DOW JONES AVERAGE||32844.3||-770.50||-2.29%|
|I:COMP||NASDAQ COMPOSITE INDEX||12847.395276||-466.04||-3.50%|
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
RUSSIA, UKRAINE HITS STOCKS IN DOWN WEEK AS OIL TOPS $115
Earnings for the week will kick off telecommunications equipment and software services supplier Ciena before the market open and IDT and thredUP after the bell. As for economic data, investors will be watching for the latest on consumer credit.
On Capitol Hill, the Senate Foreign Relations Committee will hold a closed briefing on Russia’s invasion of Ukraine. Monday also marks the deadline for expelled Russia diplomats to leave the United States. In addition, the World Court will hold hearings on Monday and Tuesday on whether they should order “provisional measures” in response to a lawsuit brought against Russia by the Ukraine seeking to halt Moscow’s invasion of the country.
UKRAINE RUSSIAN WAR CREATING ‘HUGE SUPPLY SHOCK’: WORLD BANK PRESIDENT
Earnings will continue on Tuesday with Barnes & Noble Education, Dick’s Sporting Goods and Petco before the market open and Bumble, Casey’s General Stores and Stitch Fix after the bell.
|BNED||BARNES & NOBLE EDUCATION INC COM||4.79||-0.24||-4.87%|
|DCS||DICK’S SPORTING GOODS INC.||99.85||-9.87||-9.00%|
|WOOF||PETCO HEALTH AND WELLNESS COMPANY INC.||17.84||-0.41||-2.22%|
|CASY||CASEY’S GENERAL STORES INC.||178.10||-12.31||-6.46%|
|SFIX||STITCH FIX INC.||10.58||-0.59||-5.28%|
Economic data on the docket for Tuesday includes the NFIB’s business optimism index, the international trade deficit and revision of wholesale inventories.
It will also be a big day for Apple, who will hold a special online event, dubbed “Peeked Performance.” Reports have speculated that Apple could announce a new low-cost iPhone SE that will feature 5G capabilities, camera upgrades and a faster processor. In addition, the rumors suggest the tech giant could unveil a new iPad Air with 5G capabilities and a newer chip and at least one new Mac laptop with Apple-designed chips.
On Capitol Hill, Congress is expected to vote on a spending bill to fund the US government through the end of September.
In addition, the Senate will hold hearings on the US and international response to Russia’s invasion of Ukraine, US Strategic Command and US Space Command’s defense authorization request and a closed briefing on the Department of Defense’s cyber operations. Meanwhile, the House will hold hearings on worldwide threats, the Small Business Innovation Research and Technology Transfer programs, mandatory arbitration in financial service products, American manufacturing of electric vehicles, ensuring women can thrive in the post-pandemic economy and a review of the farm Bill.
MORTGAGE RATES DROP AMID RUSSIA-UKRAINE WAR
The earnings parade continues on Wednesday with Campbell Soup, Express, Oatly Group, United Natural Foods, Vera Bradley in focus before the market open and Asana and CrowdStrike taking the spotlight after the bell.
|CPB||CAMPBELL SOUP CO.||45.55||0.00||0.00%|
|EXP||EAGLE MATERIALS INC.||126.11||-8.06||-6.01%|
|OTLY||OATLY GROUP AB||5.74||-0.45||-7.20%|
|UNFI||UNITED NATURAL FOODS INC.||40.60||-1.69||-4.00%|
|VRA||VERA BRADLEY INC.||6.82||-0.34||-4.75%|
|CRWD||CROWDSTRIKE HOLDINGS INC.||168.39||-10.64||-5.94%|
The main event for economic data on Wednesday will be the JOLTs report. Other economic data being released Wednesday includes weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.
|DIS||THE WALT DISNEY CO.||133.66||-7.04||-5.01%|
Disney will also hold its annual meeting Wednesday, where shareholders will vote on a variety of proposals, including CEO Bob Chapek’s re-election to the board of directors.
Wednesday also marks the deadline to apply for federal funds for expanding high-speed internet access for rural America.
CLICK HERE TO READ MORE ON FOX BUSINESS
Thursday will mark the busiest day for earnings with Build-A-Bear Workshop, Duluth Holdings, JD.com, Vita Coco and Wheels Up Experience all before the market open.
|bbw||BUILD A BEAR WORKSHOP INC||17.68||-1.71||-8.82%|
|DLTH||DULUTH HOLDINGS INC||12.44||-0.89||-6.68%|
|COCO||VITA COCO CO.||10.39||-0.50||-4.59%|
|UP||WHEELS UP EXPERIENCE INC||3.32||+0.19||+6.15%|
American Outdoor Brands, Red Robin Gourmet Burgers, Rivian and Ulta Beauty will be among the companies leading earnings after the bell.
|OUT||AMERICAN OUTDOOR BRANDS INC.||15.17||-0.01||-0.07%|
|RRGB||RED ROBIN GOURMET BURGERS INC.||03/13||-2.27||-14.83%|
|RIVN||RIVIAN AUTOMOTIVE INC.||42.47||-4.92||-10.39%|
|ULTA||ULTA BEAUTY INC.||350.82||-15.94||-4.35%|
Investors will also take in the consumer price index, federal budget deficit, real household wealth and real domestic non-financial debt and latest on initial and continuing jobless claims. In international news, EU leaders will gather for a summit in Versailles and the European Central Bank will hold its monthly meeting.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Wrapping up the week will be earnings from Buckle and WeWork before the market open, the University of Michigan’s consumer sentiment index and the Fed’s preliminary five-year inflation expectations.
|BKE||THE BUCKLE INC.||34.56||-1.26||-3.52%|
In addition, shareholders will vote on whether to approve Discovery’s $43 billion merger with AT&T’s WarnerMedia.
Automaker Stellantis also wants to dish out its largest employee profit sharing payment in 35 years, totaling more than $14,000.
About 43,000 UAW-represented Stellantis employees will receive checks, with the total payments based on individual compensated hours. The eligible profit sharing amount is $14,670.