Investors will be watching the Federal Reserve closely this week as the central bank publishes its latest interest rate decision.
Wall Street is betting that politicians will approve a third consecutive 75bp interest rate hike or potentially go even bigger with a historic 100bp hike.
Costco and FedEx will also be among the major players set to deliver quarterly earnings this week.
Shares in the shipping giant plummeted more than 20% as the market opened on Friday after news that it would close company windows and offices, postpone new hires, and cancel its fiscal guidance for 2023.
EQUITY NEWS: US EQUITIES CLIMB TO LEVELS NOT SEEN SINCE MID-JULY
|Me: DJI||MEDIA DOW JONES||30822.42||-139.40||-0.45%|
|ME: COMP||COMPOSITE INDEX NASDAQ||11448.403659||-103.95||-0.90%|
On Friday, all three major US equity indices fell to levels untouched since mid-July, with the S&P 500 closing below 3,900, a closely monitored support level. The S&P 500 lost 0.72% to close 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 reviews upcoming events that may change financial markets in the next days.
AutoZone’s earnings before the market opens and the National Association of Home Builders Real Estate Market Index will start the week.
|AZO||AUTOZONE INC.||2.167.04||+19.80||+ 0.92%|
Additionally, 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 until September 22.
|AMD||ADVANCED MICRO DEVICES INC.||76.51||-0.15||-0.20%|
|NVDA||NVIDIA CORP.||131.99||+ 2.70||+ 2.09%|
In the world of politics, President Biden and First Lady Jill Biden will attend the funeral of Queen Elizabeth II, Britain’s longest-lived monarch, who died at the age of 96.
Stitch Fix will bring the spotlight on earnings after the bell on Tuesday, while building permits and housing commissions will be at the center of economic data. The Federal Reserve’s two-day meeting for policy-making on interest rates will also begin on Tuesday.
|SFIX||FIXED POINT INC.||4.78||-0.15||-3.04%|
On Capitol Hill, the House Commodity Exchanges, Energy and Credit Subcommittee will hold a hearing titled “Evaluating Cryptocurrencies as a Tool for Financial Inclusion.”
Meanwhile, the Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on tightening screws on Russia, focusing on smart sanctions, economic governance and next steps, and the Subcommittee on Competition Policy. , the Senate antitrust and consumer rights will hold a hearing on federal antitrust law enforcement policy.
BANK OF AMERICA ADVISES NEW LOWS FOR THE S&P 500 AS “THE INFLATION SHOCK IS NOT OVER”
The earnings parade will continue Wednesday with General Mills ahead of the market opening and HB Fuller, KB Home, Lennar Corporation and Steelcase after the bell.
|GIS||GENERAL MILLS INC.||75.23||+0.16||+ 0.21%|
|FULL||HB FULLER CO.||59.79||-1.76||-2.86%|
|KBH||KB HOME||28.38||+0.67||+ 2.42%|
|LEN||LENNAR CORP.||75.78||+1.96||+ 2.66%|
The Federal Reserve will also release its long-awaited interest rate decision. 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 weekly crude oil inventories from the Energy Information Administration will also be at the center on Wednesday.
Additionally, the US Department of Energy will host the Global Clean Energy Action Forum 2022 in Pittsburgh in partnership with Carnegie Mellon University. The forum, which will run until 23 September, will bring together the 31 countries of the Clean Energy Ministerial for CEM13, Mission Innovation for MI-7 and a large presence of clean energy companies, innovators and civil society.
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Thursday 22/9 and Friday 23/9
Earnings up for grabs for Thursday will include Accenture, Darden Restaurants and FactSet Research Systems before the market opens and Costco and FedEx after the bell.
|DRI||DARDEN RESTAURANTS INC.||129.71||-0.69||-0.53%|
|FDS||FACTSET RESEARCH SYSTEMS INC.||446.03||-0.94||-0.21%|
|COST||WHOLESALE COSTCO CORP.||504.14||+0.64||+ 0.13%|
On the economic data front, investors will absorb the current account deficit for the second quarter, the Conference Board’s index of key economic indicators, and the latest initial and ongoing jobless claims.
The Senate Committee on Energy and Natural Resources will also hold a hearing on the opportunities and challenges in implementing innovative technologies for batteries and non-energy storage.
|TUEM||TUESDAY MORNING CORP.||0.18||-0.02||-10.00%|
Discount retailer Tuesday Morning will end the week with gains on Friday before the market opens.