Inflation at the consumer level will be a major economic focus this upcoming week along with another round of corporate earnings and what could be more volatility for U.S. stocks.
The Nasdaq Composite, on Friday, fell 2.4%, the S&P 500 shed 1.6% and the Dow Jones Industrial Average fell over 1% or 349 points. The 10-Year Treasury yield rose to 2.955% as investors anticipate more rate hikes by the Federal Reserve.
|I:DJI||DOW JONES AVERAGES||32899.7||-348.58||-1.05%|
|I:COMP||NASDAQ COMPOSITE INDEX||12012.733912||-304.16||-2.47%|
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
Apple will also hold its annual Worldwide Developers Conference, which will showcase the latest innovations in iOS, iPadOS, macOS, watchOS and tvOS. The event will run through Friday.
Amazon’s split shares will also begin trading after a 20-for-1 adjustment. Investors of record on May 27, 2022, will receive 19 additional shares for every one held.
Earnings will ramp up on Tuesday with Chico’s FAS, Cracker Barrel, JM Smucker, REV Group and United Natural Foods before the market open. Meanwhile, Casey’s General Stores will take the earnings spotlight after the bell.
|CHS||CHICO’S FAS INC.||4.83||-0.04||-0.82%|
|CBRL||CRACKER BARREL OLD COUNTRY STORE INC.||99.65||-2.47||-2.42%|
|SJM||THE J. M. SMUCKER CO.||122.77||-0.27||-0.22%|
|REVG||REV GROUP INC||12.02||-0.23||-1.88%|
|UNFI||UNITED NATURAL FOODS INC.||44.42||+0.56||+1.28%|
|CASY||CASEY’S GENERAL STORES INC.||211.68||+0.73||+0.35%|
On the economic data front, investors will digest international trade deficit and consumer credit. On Capitol Hill, the Senate will hold a hearing on the rising threat of ransomware attacks and ransom payments enabled by cryptocurrency.
Earnings on the docket for Wednesday will include Brown-Forman, Campbell Soup, J. Jill, Ollie’s Bargain Outlet and Vera Bradley before the market open and Five Below after the bell.
|CPB||CAMPBELL SOUP CO.||45.70||-0.13||-0.28%|
|OLLI||OLLIE’S BARGAIN OUTLET HOLDINGS INC.||47.39||+0.37||+0.79%|
|VRA||VERA BRADLEY INC.||6.74||-0.11||-1.61%|
|FIVE||FIVE BELOW INC.||130.85||-0.55||-0.42%|
Wednesday’s economic data will include wholesale inventories and sales, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks. Oil hovered near $120 per barrel as gas prices continue to inch closer to $5.00 a gallon nationally.
Treasury Secretary Janet Yellen will also testify before the House of Representatives’ Ways and Means committee to discuss President Joe Biden’s fiscal 2023 budget.
Wrapping up the week for earnings will be Hooker Furniture, NIO and Signet Jewelers before the market open and Rent the Runway, Stich Fix and Vail Resorts after the bell.
|SIG||SIGNET JEWELERS LTD.||62.58||-0.27||-0.43%|
Meta Platforms, formerly Facebook, will also begin trading under a new ticker symbol, ‘META’, before the market open.
|FB||META PLATFORMS INC.||190.78||-8.08||-4.06%|
As for economic data, investors will be watching the latest in initial and continuing jobless claims.
Finishing out the week for economic data will be the consumer price index which is expected to hold at 8.3% a 40-year high.
Additionally, the University of Michigan’s consumer sentiment index will be released.
|SAVE||SPIRIT AIRLINES INC.||20.74||-0.37||-1.75%|
|ULCC||FRONTIER GROUP HOLDINGS||9.81||-0.43||-4.20%|
|JBLU||JETBLUE AIRWAYS CORP.||10.47||-0.06||-0.57%|
Spirit Airlines shareholders will also vote on a deal to merge with Frontier Airlines. The transaction values Spirit at a fully diluted equity value of $2.9 billion and a transaction value of $6.6 billion when accounting for the assumption of net debt and operating lease liabilities. JetBlue is also trying to win the carrier.