This week was a tough week in the market, with the S&P down 1.77%, the Nasdaq down 2.22%, the Dow down 2.89%, and the Russell down a whopping 4.31%. This was due mainly to some worse-than-anticipated earnings out of some key companies, like Walmart, as well as continued news that grocery staples, like eggs, are continuing to increase in price. Unfortunately, though, we’re not out of the woods yet, as we’ve got the most influential company in the stock market reporting earnings this week!
As we alluded to in the previous section, certain grocery items, mainly eggs, are making headlines lately, with average pricing being the highest it’s ever been! A single dozen eggs is averaging roughly $5, which is putting major pressure on the average American budget. When you combine this with some worse-than-expected guidance out of Walmart, you’ve got yourself a recipe for quite the selloff!
Unfortunately, this week does not get any easier, as we have some key economic data coming out, starting with consumer confidence on Tuesday, followed by new home sales on Wednesday. We then have the second reading of Q4 GDP and various Fed officials speaking on Thursday, and we cap the week off with nominal personal income and spending as well as PCE data on Friday. Depending on where the numbers land this week, we could see another incredibly volatile week ahead of us!
Earnings season continues, as some of the largest companies in the world report their earnings, such as:
02/24 – ONEOK (OKE), Public Storage (PSA), Realty Income Corp (O), Trip.com (TCOM), Li Auto (LI), Zoom Communications (ZM), Domino’s Pizza (DPZ), Hims & Hers Health (HIMS)
02/25 – Home Depot (HD), Intuit (INTU), American Tower (AMT), Bank of Montreal (BMO), Workday (WDAY), Sempra (SRE), Coupang (CPNG), Keurig Dr Pepper (KDP), Alcon (ALC), Extra Space Storage (EXR), Viking Holdings (VIK), First Solar (FSLR), Amer Sports (AS), CAVA (CAVA)
02/26 – NVIDIA (NVDA), Salesforce (CRM), Lowe’s Companies (LOW), TJX Companies (TJX), Anheuser-Busch (BUD), Synopsys (SNPS), CRH (CRH), Snowflake (SNOW), Stellantis (STLA), Verisk Analytics (VRSK), Crown Castle (CCI), Agilent (A), eBay (EBAY), TKO Holdings (TKO)
02/27 – Royal Bank of Canada (RY), Toronto Dominion Bank (TD), Dell Technologies (DELL), Autodesk (ADSK), Vistra (VST), Argenx (ARGX), HP (HPQ), Warner Bros Discovery (WBD), Rocket Companies (RKT), NetApp (NTAP)
02/28 – Berkshire Hathaway (BRK.A/BRK.B)
This week, everyone will be paying attention to what NVDA has to say about their forecast for AI chips and their launch of their new 50 series consumer-grade GPUs. NVDA’s numbers and Jensen Huang’s commentary will undoubtedly move the market in a meaningful way!
Additionally, it will be important to pay attention to what retailers like HD, LOW, and TJX are seeing, as they will be able to give incredibly important commentary around what they are seeing in terms of consumer spending!
Monitoring the market conditions this week.
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