U.S. stocks slid last week with the S&P 500 index declining 0.4%, ending February down 0.9%. It was only the second monthly drop since April for the benchmark index. The S&P 500 has traded in a narrow range this year, with the floor being roughly 6800 and the ceiling 7000.
With fourth-quarter earnings season almost in the books, what will the catalyst be for stocks to break out of their range? Perhaps an update on the labor market.
The Bureau of Labor statistics will release the jobs report Friday, returning to its normal landing spot for the first time since early September. Other economic data out this week include the Institute for Supply Management's Manufacturing Purchasing Managers' Index on Monday, and the Services PMI on Wednesday.
Only about 30 S&P 500 companies are set to report in March, but this week's results will include some heavyweights. CrowdStrike Holdings and Target will announce quarterly results on Tuesday, followed by Broadcom on Wednesday and Costco Wholesale on Thursday.
Monday 3/2
AST SpaceMobile, Credo Technology Group Holding, EchoStar, MongoDB, Norwegian Cruise Line Holdings, and Venture Global announce quarterly results.
The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for February. Consensus estimate is for a 51.8 reading, about one point lower than in January.
Tuesday 3/3
CrowdStrike Holdings, AutoZone, Best Buy, On Holding, Ross Stores, Target, and Viking Holdings release earnings.
Wednesday 3/4
Abercrombie & Fitch, American Eagle Outfitters, Bath & Body Works, Broadcom, Brown-Forman, Okta, Rigetti Computing, and Veeva Systems report quarterly results.
ISM releases its Services PMI for February. Expectations are for a 53.8 reading, which would match the January figure.
The Federal Reserve releases the beige book for the second of eight times this year. The report gathers anecdotal information on current economic conditions from the Fed's 12 regional banks.
Thursday 3/5
BJ's Wholesale Club Holdings, Burlington Stores, Ciena, Cooper Cos., Costco Wholesale, Gap, Guidewire Software, Marvell Technology, and Samsara announce earnings.
Friday 3/6
The Bureau of Labor Statistics releases the jobs report for February. Economists forecast a 60,000 increase in nonfarm payrolls, after a 130,000 gain in January. The unemployment rate is expected to remain unchanged at 4.3%. January's jobs growth was the largest since that of December 2024, allaying fears of a weakening labor market. Fed governor Christopher Waller, who dissented in favor of a rate cut at the most recent Federal Open Market Committee meeting, said that a rate cut will be "close to a coin flip" at the next meeting, in mid-March.
The Census Bureau reports retail and food-service sales for January. The consensus call is for a 0.3% month-over-month decline, after being virtually unchanged in December.
