The coming week includes earnings from big names like Nike and FedEx, along with a new batch of economic reports, including GDP, which may be the loudest read in years.
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|I: COMP||NASDAQ COMPOSITE INDEX||14030.375849||-130.97||-0.92%|
This as the Dow Jones Industrial Average posted its worst week since October and the S&P 500 and Nasdaq fell sharply on Friday after St. Louis Federal Reserve Chairman James Bullard said he was expects interest rates to rise towards the end of 2022.
FOX Business takes a look at upcoming events that are likely to move Financial markets in the coming days.
Amazon’s highly anticipated Prime Day event kicks off on Monday. Amazon CFO Brian Olsavsky said during the company’s earnings call in April that the decision to postpone the date was based on a number of factors, including the Olympics and July being a “big one.” month of vacation “. Amazon said it marks the two biggest days for small and medium-sized businesses across the world, surpassing $ 3.5 billion in sales last year.
|AMZN||AMAZON.COM, INC.||3 486.90||-2.34||-0.07%|
Rival retailers including Walmart, Target, Best Buy, Kohl’s and Bed, Bath & Beyond, are planning their own sales events this week.
|BBY||BEST PURCHASE CO., INC.||107.63||-1.87||-1.71%|
|BBBY||BED BATH & BEYOND, INC.||27.38||-1.97||-6.71%|
Customers in the United States who make purchases during the events may see an increase in peak surcharges and residential delivery rates on FedEx packages. According to the company, the peak surcharge will drop from 75 cents to $ 1 per package, the additional handling surcharge will drop from $ 3 to $ 3.50 per package, and the residential delivery charge will drop from 30 cents to 60 cents per package.
FedEx, a global economic indicator, will release its fourth quarter 2021 and full year results on Thursday.
On Tuesday, sales of existing homes will be in the spotlight, along with earnings from employment company Korn Ferry.
Also on Tuesday, Federal Reserve Chairman Jerome Powell will testify at a House hearing titled “Lessons Learned: The Federal Reserve’s Response to the Coronavirus Pandemic.”
This is after policymakers signaled last week that interest rates could rise by 2023, with some signaling an earlier timeline.
- In the world of politics, voters in New York City will vote in the primary race for mayor. Leading the pack of Democratic candidates is Eric Adams, former captain of the New York Police Department and president of the Brooklyn Borough. Other candidates include former city sanitation commissioner Kathryn Garcia, tech entrepreneur and former Democratic presidential candidate Andrew Yang, former town hall lawyer Maya Wiley, former housing secretary and Urban Development Shaun Donovan, New York City Comptroller Scott Stringer, former vice president of Citigroup. Ray McGuire and former nonprofit leader Dianne Morales.
Tuesday also marks the deadline for counties to report the number of signatures on recall petitions against California Gov. Gavin Newsom.
Additionally, Starbucks will reintroduce its 10-cent rebate for customers who use personal reusable cups after a disruption due to the coronavirus.
STARBUCKS REVIVING REUSABLE CUPS
Profits will rise on Wednesday with Winnebago, KB Home and Steelcase all set to report.
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|SCS||CASE OF STEEL, INC.||13.86||-0.33||-2.33%|
Investors will also collect a wealth of housing data, including new home sales, mortgage applications and building permits, as well as weekly crude inventories from the Energy Information Administration.
THE ELEPHANT IN THE HOUSING MARKET IS A WIN FOR BUILDERS
Other notable market related events include BlackBerry Annual Meeting of Shareholders and Sprinklr’s initial public offering, which begins Wednesday on the New York Stock Exchange under the ticker CXM. The technological start-up, which offer 19 million shares at $ 18 to $ 20 per share, could reach a valuation of up to $ 5 billion.
Treasury Secretary Janet Yellen is also expected to appear at a Senate hearing Wednesday for the proposed estimates and justification of the agency’s 2022 fiscal year budget.
Popstar Britney Spears is also set to appear remotely in court to discuss her guardianship case. His main goal will be to remove his 69-year-old father Jamie Spears from the case, according to page six.
In addition to FedEx, BlackBerry, Nike, Rite Aid and Olive Garden’s parent company Darden Restaurants are among the major players expected to release their results on Thursday.
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|DRI||DARDEN RESTAURANTS, INC.||130.10||-1.81||-1.37%|
Investors will also take data on corporate profits, durable goods, the final GDP revision, and initial and continuing weekly jobless claims.
Other notable events on Thursday included the Federal Reserve’s results of its annual bank stress tests, which, if adopted by financial institutions, will allow a restart of buybacks and dividend increases.
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CarMax and Paychex will close the week for gains, while personal income, personal consumption and the preliminary reading of the University of Michigan Consumer Confidence Index will end the week for economic data.
Meme stocks will also be the center of attention following the market close on Friday, as FTSE Russell releases final listings for its annual rebalance, which impacts indices such as the Russell 1000, the Russell 2000, the Russell microcap index and several others. The changes in the membership of each index are determined based on the companies’ market capitalizations as of May 7.
To enter the Russell 1000 Index, an existing Russell 2000 member would need to have a market cap of over $ 7.3 billion on that day, according to Catherine Yoshimoto, director of product management at FTSE Russell. Reddit sensation GameStop qualifies for the list with a market cap of $ 11.97 billion on filing day, while AMC Entertainment Holdings failed with just $ 4.28 billion on May 7.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||59.26||-1.47||-2.42%|
The future of the second largest cryptocurrency, Ethereum, will also be determined on Friday as $ 1.5 billion in digital currency options are set to expire.