Although the market has been in a very difficult position over the past couple of weeks, with most indices entering into correction territory, things were relatively stagnant this week, with all four major indices ending the week roughly flat. Additionally, the FOMC had its interest rate decision this week and decided to hold rates where they’re currently at, despite growing economic concerns.
Although the economic data that everyone was paying attention to over the past week was the FOMC interest rate decision, there were a few other new economic datapoints that were very interesting. To start things off, retail sales came in quite a bit lower than anticipated, with analysts expecting 0.6% growth, while there was only 0.2% growth. Additionally, the Empire State Manufacturing Survey came in at -20.9, compared to an anticipated -1.8 and a previous reading of -2.4.
This week, we have another important week in terms of economic data releases. We start things off on Tuesday with consumer confidence and new home sales. We then have the second revision of Q4 GDP and pending home sales on Thursday, followed by personal income and spending, PCE, and final consumer sentiment on Friday. These metrics will help us gauge whether or not the average consumer is being squeezed by tariffs and the rapidly rising costs of basic necessities, like eggs.
Earnings season is beginning to slow down this week. However, we still have some relatively important companies reporting earnings, such as:
03/24 – KB Home (KBH), Oklo (OKLO)
03/25 – McCormick & Company (MKC/MKC.V), GameStop (GME), Core & Main (CNM)
03/26 – Cintas Corporation (CTAS), Paychex (PAYX), Dollar Tree (DLTR), Chewy (CHWY), Jefferies Financial Group (JEF), SailPoint (SAIL)
03/27 – lululemon athletica (LULU), Walgreens Boots Alliance (WBA)
This week, it will be particularly important to pay attention to what KB Home has to say. As one of the premier home builders in the United States, they should offer some great commentary surrounding the US housing market. Additionally, you should pay attention to what DLTR, CHWY, and LULU have to say in their earnings reports. These retailers will give us a great idea of how the average consumer is faring amidst these increasingly trying economic times.
Monitoring the market conditions this week.
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