Costco, FedEx earnings, Fed decision, existing home sales top week ahead
Other earnings on the docket include AutoZone, General Mills, Lennar Corporation, Darden Restaurants
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Investors will be watching the Federal Reserve closely this week as the central bank releases its latest decision on interest rates.
Wall Street is betting that policymakers will approve a third consecutive 75 basis point interest rate hike or potentially go even bigger with a historic 100 basis point increase.
A Wall Street sign in front of an American flag (Reuters/Mike Segar / Reuters Photos)
Costco and FedEx will also be among the major players set to deliver quarterly earnings this week.
Shares of the shipping giant plunged more than 20% at Friday's market open following news it would close storefronts and corporate offices, put off new hiring and scrap its fiscal 2023 guidance.
STOCK MARKET NEWS: US STOCKS SKID TO LEVELS NOT SEEN SINCE MID-JULY
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44458.3 | +217.54 | +0.49% |
| SP500 | S&P 500 | 6263.26 | +37.74 | +0.61% |
| I:COMP | NASDAQ COMPOSITE INDEX | 20611.338249 | +192.87 | +0.94% |
On Friday, all three major U.S. stock indexes slid to levels not touched since mid-July, with the S&P 500 closing below 3,900, a closely watched support level. The S&P 500 lost 0.72% to end at 3,873.33 points, while the Nasdaq Composite lost 0.90%, to 11,448.40. The Dow Jones Industrial Average fell 0.45%, to 30,822.42.
FOX Business looks at the upcoming events likely to move financial markets in the coming days.
Monday 9/19
AutoZone earnings before the market open and the National Association of Home Builders housing market index will kick off the week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AZO | AUTOZONE INC. | 3,742.18 | +0.10 | +0.00% |
In addition, Advanced Micro Devices will replace DuPont in the S&P 100 index, and Nvidia will hold its GTC Conference on artificial intelligence and the metaverse, which runs through Sept. 22.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMD | ADVANCED MICRO DEVICES INC. | 138.41 | +0.59 | +0.43% |
| NVDA | NVIDIA CORP. | 162.88 | +2.88 | +1.80% |
In the world of politics, President Biden and first lady Jill Biden will attend the funeral of Queen Elizabeth II, Britain's longest-reigning monarch, who died at the age of 96.
Tuesday 9/20
Stitch Fix will take the earnings spotlight after the bell on Tuesday, while building permits and housing starts will be in focus for economic data. The Federal Reserve's two-day policy-setting meeting on interest rates will also begin Tuesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SFIX | STITCH FIX INC. | 4.07 | +0.08 | +2.01% |
On Capitol Hill, the House Commodity Exchanges, Energy and Credit Subcommittee will hold a hearing, "Assessing Crypto as a Tool for Financial Inclusion."
Meanwhile, the Senate Banking, Housing and Urban Affairs Committee will hold a hearing on tightening the screws on Russia, focusing on smart sanctions, economic statecraft and next steps, and the Senate Competition Policy, Antitrust and Consumer Rights Subcommittee will hold a hearing on federal enforcement on antitrust laws.
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Wednesday 9/21
The earnings parade will continue Wednesday with General Mills before the market open and HB Fuller, KB Home, Lennar Corporation and Steelcase after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GIS | GENERAL MILLS INC. | 51.18 | -0.67 | -1.29% |
| FUL | H.B. FULLER CO. | 63.32 | +0.47 | +0.75% |
| KBH | KB HOME | 55.95 | +2.70 | +5.07% |
| LEN | LENNAR CORP. | 115.40 | +4.99 | +4.52% |
| SCS | STEELCASE INC. | 10.70 | +0.04 | +0.38% |
The Federal Reserve will also release its highly anticipated decision on interest rates. Federal Reserve Chairman Jerome Powell will hold a press conference on the central bank's outlook on the economy following the release of the decision. Existing home sales, weekly mortgage applications and the Energy Information Administration's weekly crude stocks will also be in focus Wednesday.
Additionally, the U.S. Department of Energy will host the 2022 Global Clean Energy Action Forum in Pittsburgh in partnership with Carnegie Mellon University. The forum, which runs through Sept. 23, will bring together the 31 countries of the Clean Energy Ministerial for CEM13, Mission Innovation for MI-7 and a broad presence of clean energy businesses, innovators and civil society.
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Thursday 9/22 and Friday 9/23
Earnings on the docket for Thursday will include Accenture, Darden Restaurants and FactSet Research Systems before the market open and Costco and FedEx after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ACN | ACCENTURE PLC | 297.40 | -5.93 | -1.95% |
| DRI | DARDEN RESTAURANTS INC. | 215.81 | -1.83 | -0.84% |
| FDS | FACTSET RESEARCH SYSTEMS INC. | 447.81 | +3.24 | +0.73% |
| COST | COSTCO WHOLESALE CORP. | 982.09 | -3.75 | -0.38% |
| FDX | FEDEX CORP. | 236.51 | -2.20 | -0.92% |
On the economic data front, investors will digest the current account deficit for the second quarter, the Conference Board's index of leading economic indicators and the latest in initial and continuing jobless claims.
The Senate Energy and Natural Resources Committee will also hold a hearing on opportunities and challenges in deploying innovative battery and non-battery technologies for energy storage.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TUEM | NO DATA AVAILABLE | - | - | - |
Discount retailer Tuesday Morning will wrap up the week with earnings on Friday before the market open.