The Federal Reserve's favored inflation gauge, to be released on Friday, will garner the most attention from investors this week. February's core personal consumption expenditures price index is expected to increase by 2.7% year over year, one-tenth of a percentage point more than in January.
Companies reporting earnings this week include GameStop on Tuesday, Dollar Tree on Wednesday, and Lululemon Athletica on Thursday.
Other highlights on the economic calendar include S&P Global's purchasing managers' indexes for March, a consumer sentiment survey from the Conference Board on Tuesday, and the durable goods report from the Census Bureau on Wednesday. There will also be a handful of housing-related releases.
Monday 3/24
KB Home and Oklo report quarterly results.
S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for March. Consensus estimates are for a 51.5 reading for the Manufacturing PMI and a 50.9 for the Services PMI. This compares with readings of 52.7 and 51, respectively, in February.
Tuesday 3/25
GameStop and McCormick release earnings.
The Federal Housing Finance Agency releases its House Price Index for January. Economists forecast a 0.3% month-over-month rise, following a 0.4% increase in December. In the fourth quarter, home prices rose 4.5% from a year earlier, led by 8.3% jumps in Connecticut, New Jersey, and Wyoming.
The Census Bureau reports new residential sales data for February. The consensus call is for a seasonally adjusted annual rate of 678,000 new single-family homes sold, 3.2% more than in January.
The Conference Board releases its Consumer Confidence Index for March. Expectations are for a 94 reading, about four points lower than previously. In February, the index registered its largest monthly decline since August 2021.
Wednesday 3/26
Chewy, Cintas, Dollar Tree, Jefferies Financial Group, and Paychex announce quarterly results.
The Census Bureau releases the durable goods report for February. The consensus call is for new orders of durable manufactured goods to decline 1% month over month to $283 billion.
Thursday 3/27
Lululemon reports fourth-quarter fiscal 2024 results.
The Bureau of Economic Analysis releases its third and final estimate of fourth-quarter gross domestic product growth. Consensus estimate is for GDP to have grown at a seasonally adjusted annual rate of 2.4%, one-tenth of a percentage point more than the BEA's second estimate, released in late February.
The National Association of Realtors releases its Pending Home Sales Index for February. The index, a leading indicator of housing activity, is expected to increase 1.3%, after a 4.6% decline in January.
Friday 3/28
The BEA releases the personal consumption expenditures price index for February. Economists forecast a 2.5% year-over-year increase, matching the January figure. The core PCE price index, which excludes volatile food and energy prices, is expected to rise by 2.7%, one-tenth of a percentage point more than previously. The annual change in the Fed's favored inflation gauge has been between 2.6% and 3% over the past 12 months.
