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Last Week’s Market Activity

This past week, the major indices were driven down between 2-3% on the back of some worse-than-expected economic data releases alongside a mixed bag of corporate earnings. PCE inflation missed expectations, and key retailers, like Home Depot, had concerning commentary to go along with some lackluster numbers.  Although this week, we have a slow week in terms of economic data releases, earnings season still roars on, with some rather large companies reporting Q4 numbers!

Macroeconomic Indicators

Like we mentioned in the previous section, the Fed’s favorite measure of inflation, PCE, came in a bit hotter than expected.  All forms of PCE inflation came in quite a bit higher than last month’s print, which led markets to sell off in a major way on Friday.  Month-over-month Core PCE was 0.6%, compared to an expected 0.5% and last month’s 0.4%.  Year-over-year PCE was 5.4% compared to an expected 5.3%, and lastly, year-over-year Core PCE was 4.7%, compared to an expected 4.4% and a previous month’s 4.6%.

Upcoming Market Catalysts

Aside from the earnings releases we will outline in the next section, this week will be rather slow in terms of key market catalysts.  There won’t be many economic data releases of note.  Some reports you may want to keep an eye out for are pending home sales on Monday, January’s S&P Case-Shiller home price index on Tuesday, and construction spending and auto sales on Wednesday.  

Notable Earnings Releases

This week, we’ll hear from some more key retailers, as well as some mid-sized tech companies, such as:

02/27 – Occidental Petroleum (OXY), Workday (WDAY), Li Auto (LI), Zoom Video Communications (ZM)
02/28 – Target Corporation (TGT), Bank of Montreal (BMO), AutoZone (AZO), HP Inc. (HPQ), Rivian Automotive (RIVN)
03/01 – Salesforce (CRM), Lowe’s Companies (LOW), Snowflake (SNOW), Dollar Tree (DLTR), NIO Inc. (NIO)
03/02 – Broadcom Inc. (AVGO), Costco Wholesale Corporation (COST), Toronto Dominion Bank (TD), Anheuser-Busch (BUD), CRH PLC (CRH), The Kroger Company (KR), Best Buy Co. (BBY)

This week, we get to hear from a whole slew of different retailers, including TGT, AZO, LOW, DLTR, COST, KR, and BBY.  Although we’ve heard from some similar companies in recent weeks, it’ll be important to hear what the executives of these companies have to say about their Q4 performance as well as their 2023 guidance!

We’ll also get to hear from some smaller and medium-sized tech companies, such as WDAY, ZM, CRM, and SNOW.  All of these companies have had a rough go of it lately, so it’ll be important to hear what their leadership has to say about the competitive outlook!

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Win from Last Week ⚡

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