Highly anticipated earnings from Nvidia, the Federal Reserve's preferred inflation gauge, and the latest housing-market data will be the final week of August's highlights.
The highlight on the earnings calendar will be Nvidia's results on Wednesday evening. As the poster child for the artificial-intelligence trade, they'll be sure to move the market, one way or the other. Other companies reporting this week will include PDD Holdings on Monday; Box on Tuesday; Salesforce, CrowdStrike, HP Inc., Okta, and Chewy on Wednesday; and Dell Technologies and Marvell Technology on Thursday.
More retailers are reporting results this week, including Nordstrom on Tuesday, followed by Abercrombie & Fitch, Bath & Body Works, Five Below, Kohl's, and Victoria's Secret on Wednesday. Best Buy, Burlington Stores, Lululemon Athletica, Ulta Beauty, and American Eagle Outfitters report on Thursday.
On Friday, Fed officials will get a look at the July personal consumption expenditures price index. Economists' consensus estimate is for the index to be up 2.6% from a year earlier. The Fed has a 2% annual inflation target.
Other data to watch this week include the Census Bureau's durable goods report for July on Monday and the Conference Board's Consumer Confidence Index for August on Tuesday. There will also be fresh housing data in the form of the S&P CoreLogic Case-Shiller Home Price Indexes for June on Tuesday and the National Association of Realtors' Pending Home Sales Index for July on Thursday. The Bureau of Economic Analysis will release its second preliminary estimate of second-quarter gross domestic product growth also on Thursday.
Monday, 8/26
The Census Bureau releases the durable goods report for July. Consensus estimate is for new orders for manufactured durable goods to increase 6.8% month over month, according to FactSet. Durable goods orders fell 6.7% in June.
PDD is scheduled to release quarterly results.
Tuesday, 8/27
S&P CoreLogic releases its Case-Shiller Home Price Indexes for June. In May, the national home price index reached a new high, rising 5.9% year over year.
The Conference Board releases its Consumer Confidence Index for August. Expectations are for a 100 reading, three-tenths of a percentage point lower than July's reading, per FactSet.
Nordstrom and Box are scheduled to release quarterly results.
Wednesday, 8/28
Nvidia, with a more than $3 trillion market capitalization, reports quarterly results on Wednesday after the market close will likely move the market, one way or the other. Wall Street expects the company to report earnings of 65 cents per share on sales of $28.7 billion, according to FactSet. The chip maker's guidance and management commentary on customers' investments in AI technology will be the most telling.
Salesforce, CrowdStrike, HP Inc., Li Auto, Pure Storage, Okta, J.M. Smucker, Chewy, Affirm, Abercrombie & Fitch, Bath & Body Works, Five Below, Foot Locker, Kohl's, Victoria's Secret, and B. Riley Financial are also expected to report earnings.
Thursday, 8/29
The Bureau of Economic Analysis releases its second preliminary estimate of second-quarter gross domestic product growth. Consensus estimate is for real GDP to have grown at a seasonally adjusted annual rate of 2.8%, matching the advance estimate published in July.
The National Association of Realtors releases its Pending Home Sales Index, a leading indicator of housing activity, for July. Economists surveyed by FactSet forecast a 1.3% month-over-month increase for the index, following a 4.8% gain in June.
Dell, Marvell, Autodesk, Lululemon, MongoDB, Best Buy, Ulta, Burlington, Campbell Soup, Birkenstock, Ollie's Bargain Outlet, American Eagle Outfitters, Academy Sports and Outdoors, and Polestar Automotive are scheduled to report quarterly results.
Friday, 8/30
The BEA releases the personal consumption expenditures price index for July. Consensus estimate is for the PCE price index to increase 2.6% year over year, one-tenth of a percentage point less than in June, according to FactSet The core PCE, which excludes volatile food and energy prices, is expected to rise 2.7%, also one-tenth of a percentage point less than the previous month.
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