Things started off looking rather bleak last week until NVIDIA reported their earnings. Continued strong demand led the stock to rocket upward, pushing the market as a whole up with it. This led the Dow, S&P, and Nasdaq to be up between 1.3% and 1.6% on a week-over-week basis, whereas the Russell was down nearly 1%. Although we’ve gotten through arguably the most important earnings report of the quarter, we’re not quite out of the woods yet!
Last week was rather slow in terms of economic data releases. The few that we did have came in roughly in line with expectations, with initial jobless claims and existing home sales both beating expectations. Jobless claims came in at 201,000, versus an expected 216,000, and existing home sales came in at 4.0 million, compared to an expected 3.97 million.
This week, things heat back up in terms of economic data releases, starting with new home sales on Monday. That’s then followed up by the first revision of Q4 GDP on Wednesday and the Fed’s favorite inflation metric, PCE, as well as pending home sales on Thursday. All eyes will be on PCE since we saw some fairly drastic misses in terms of both CPI and PPI over the past couple of weeks.
This week, we have some rather important companies reporting their earnings, such as:
02/26 – Workday (WDAY), ONEOK (OKE), Fidelity National Information Services (FIS), Li Auto (LI), Public Service Enterprise Group (PEG), Heico (HEI/HEI.A), SBA Communications (SBAC), Zoom Video Communications (ZM), Domino’s Pizza (DPZ), Unity Software (U)
02/27 – Lowe’s Companies (LOW), American Tower Corporation (AMT), Bank of Montreal (BMO), Republic Services (RSG), The Bank of Nova Scotia (BNS), AutoZone (AZO), Sempra (SRE), Alcon (ALC), Agilent Technologies (A), Extra Space Storage (EXR), Coupang (CPNG), Splunk (SPLK)
02/28 -Salesforce (CRM), Royal Bank of Canada (RY), TJX Companies (TJX), Snowflake (SNOW), Monster Beverage (MNST), Baidu (BIDU), HP (HPQ), Vistra (VST)
02/29 – Anheuser-Busch Inbev (BUD), Toronto Dominion Bank (TD), Canadian Natural Resources (CNQ), Netease (NTES), Dell Technologies (DELL), Autodesk (ADSK), CRH PLC (CRH), Ambev (ABEV)
Everyone will be paying attention to what CRM and SNOW have to say this week. These are a couple of the last large tech companies to report their earnings, and their stock prices will likely move big, depending on what they have to say about artificial intelligence and the demand levels they’re currently seeing.
It’ll also be important to pay attention to what companies like LOW, AZO, and TJX have to say on their earnings calls, as these companies will give us a great idea of where the consumer is spending their money.
Monitoring the market conditions this week.
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