Key housing and inflationary data and the stock market debut of eyeglasses retailer Warby Parker top the week ahead as the U.S. Government faces a shutdown.
This after the Dow Jones Industrial Average and S&P 500 edged higher on Friday, while the Nasdaq finished little changed.
|I:DJI||DOW JONES AVERAGES||34899.34||-905.04||-2.53%|
|I:COMP||NASDAQ COMPOSITE INDEX||15491.656804||-353.57||-2.23%|
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
August durable goods and core capital goods orders will kick off the week for economic data.
New York Federal Reserve Bank President John Williams will also deliver remarks on the economy and monetary policy before the National Association for Business Economics' 2021 annual meeting entitled "Shocks, Shifts, and the Emerging Economic Landscape."
In addition, House Speaker Nancy Pelosi has set Monday as the deadline to pass the bipartisan $1.2 trillion infrastructure bill. However, that deadline may be missed due to a $3.5 trillion budget reconciliation package possibly taking longer than expected to be finalized. Progressives like Alexandria Ocasio-Cortez have expressed they will only support the infrastructure bill if it's passed in tandem with the reconciliation package.
|UAL||UNITED AIRLINES HOLDINGS, INC.||42.26||-4.47||-9.57%|
Other notable events include the deadlines for all United employees and corporate McDonald's employees to be fully vaccinated.
Earnings will kick off on Tuesday with FactSet Research Systems, IHS Markit, United Natural Foods before the market opens and Cal-Maine Foods and Micron Technology after the bell. What management says about the current chip shortage will be closely watched by investors.
|FDS||FACTSET RESEARCH SYSTEMS, INC.||458.49||-10.58||-2.26%|
|INFO||IHS MARKIT LTD.||127.32||-2.46||-1.90%|
|UNFI||UNITED NATURAL FOODS, INC.||48.96||-1.64||-3.24%|
|CALM||CAL-MAINE FOODS, INC.||36.91||-0.59||-1.57%|
|MU||MICRON TECHNOLOGY, INC.||83.42||-2.79||-3.24%|
Housing and the consumer will be on focus for economic data with the FHFA monthly home price index, Case-Shiller home price index and consumer confidence.
More Fed speak is on tap with St. Louis Fed President James Bullard speaking at the Community Banking Research Conference and the Central Bank of the Philippines and Reinventing Bretton Woods Committee event, Atlanta Fed President Raphael Bostic on the economic outlook at the virtual Mid-Sized Bank Coalition of America CEO Talks and Chicago Fed President Charles Evans delivering remarks before the virtual Federal Reserve Bank of Chicago Payments Symposium.
In addition, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen set to testify at a Senate hearing on CARES Act oversight of the Treasury and Federal Reserve.
Amazon is also set to hold a hardware event, in which the e-commerce giant is expected to release details on its latest devices, features, and services.
On Wednesday, investors will take in earnings from Cintas, Jabil Circuit and Herman Miller and pending home sales, weekly mortgage applications, and the Energy Information Administration's weekly crude stocks.
In addition, Warby Parker will make its New York Stock Exchange debut through a direct listing under the symbol WRBY. The company plans to sell up to 77.7 million class A shares. During the first half of 2021, about 2 million shares were sold in private transactions at $24.53 per share. If the company listed its initial public offering shares at that price, Warby Parker would have a fully diluted market value of $2.9 billion.
Also on Wednesday, a $47.5 million payment for March 2024 notes will come due for China's Evergrande.
|USO||UNITED STATES OIL FUND L.P.||49.63||-6.25||-11.18%|
And the OPEC+ Joint Technical Committee, which assesses market fundamentals, is set to meet on Wednesday ahead of an Oct. 4 meeting to finalize its oil production cut compliance figures. Earlier this month, OPEC+ agreed to increase output targets by 400,000 barrels per day starting in October.
Wrapping up the week for earnings will be Bed Bath & Beyond, CarMax, McCormick & Co, Paychex and Jefferies Financial Group. Investors will also watch second-quarter GDP, corporate profits, the Chicago purchasing manager's index, and weekly initial and continuing jobless claims.
|BBBY||BED BATH & BEYOND, INC.||20.90||-1.39||-6.24%|
|MKC||MCCORMICK & CO., INC.||85.49||+0.05||+0.06%|
|JEF||JEFFERIES FINANCIAL GROUP, INC.||39.08||-0.90||-2.25%|
Thursday also marks the deadline for Congress to fund the federal government and the expiration of the Families First Coronavirus Response Act.
Finishing out the week for economic data will be real disposable income and real consumer spending, core inflation, the Markit manufacturing PMI, the ISM manufacturing index, construction spending, the consumer sentiment index, and the 5-year expected inflation rate.
|DIS||THE WALT DISNEY CO.||148.11||-3.23||-2.13%|
The day also marks the beginning of Walt Disney World's 50th-anniversary celebration.
In addition, the USDA will raise the average SNAP benefit by $36.24 per person per month, or $1.19 per day, for fiscal 2022.