The Nasdaq Composite and S&P 500 indexes both snapped multi-week losing streaks last week, rising 1.5% and 1.1%, respectively. The big news was Friday’s Supreme Court ruling striking down some of President Donald Trump’s tariffs. Equities rose on the reports of the ruling, but the White House insisted it would seek other alternatives to implement its tariff policy.
The high court’s ruling brings little clarity to the tariff situation, but investors viewed it as a positive development for now.
This week will see quarterly results from 55 S&P 500 index companies, including the most valuable one in the world. So far, about 85% of S&P 500 companies have reported earnings. Three-quarters have beaten earnings-per-share estimates, and more than 70% have surpassed revenue expectations.
Constellation Energy and Home Depot will release their earnings on Tuesday, followed by Lowe’s, Nvidia (the aforementioned most valuable company), and Salesforce on Wednesday. Thursday will bring results from Dell Technologies, Intuit, Vistra, and Warner Bros. Discovery. Berkshire Hathaway will release its earnings and annual report on Saturday, the first time it is doing so under CEO Greg Abel, who succeeded Warren Buffett at the beginning of the year.
Economic data for this week is relatively light. The Conference Board will release consumer sentiment data on Tuesday and the Bureau of Labor Statistics will release the producer price index on Friday.
Monday 2/23
Diamondback Energy, Dominion Energy, Domino’s Pizza, Erie Indemnity, Keysight Technologies, Oneok, and Viper Energy announce quarterly results.
Tuesday 2/24
American Tower, Axon Enterprise, Bank of Nova Scotia, Constellation Energy, CoStar Group, EOG Resources, Expeditors International of Washington, Fidelity National Information Services, First Solar, GoDaddy, Henry Schein, Home Depot, HP Inc., Keurig Dr Pepper, MercadoLibre, Mosaic, NRG Energy, Realty Income, and Workday release earnings.
S&P Cotality releases its Case-Shiller National Home Price Index for December. The consensus call is for a 1.3% year-over-year increase in home prices, slightly less than November’s 1.36% gain. Chicago and New York City led the way in November with annual home-price increases of 5% or more. The biggest decliner was Tampa, which saw prices fall 3.9%.
The Conference Board releases its Consumer Confidence Index for February. Economists forecast an 87.5 reading, up from January’s 84.5, which was the lowest reading since 2014.
Wednesday 2/24
Agilent Technologies, APA, Bank of Montreal, Circle Internet Group, Heico, IonQ, Lowe’s, Nutanix, Nvidia, Paramount Skydance, Pinnacle West Capital, Pure Storage, Salesforce, Snowflake, Synopsys, TJX Cos., TKO Group Holdings, Trade Desk, Universal Health Services, VICI Properties, and Zoom Communications report quarterly results.
Thursday 2/26
AES, Autodesk, Block, Canadian Imperial Bank of Commerce, CoreWeave, Dell Technologies, Emcor Group, Hormel Foods, Intuit, J.M. Smucker, Monster Beverage, NetApp, Public Service Enterprise Group, Qnity Electronics, Rocket Cos., Rocket Lab, Royal Bank of Canada, SBA Communications, Sempra, Solventum, Viatris, Vistra, Warner Bros. Discovery, and Zscaler announce earnings.
Friday 2/27
The Bureau of Labor Statistics releases the producer price index for January. Consensus estimate is for the PPI to increase 0.3% month over month, two-tenths of a percentage point less than in December. The core PPI, which excludes volatile food and energy prices, is also expected to rise 0.3%, compared with 0.7% previously.
The Institute for Supply Management releases its Chicago Business Barometer for February. The consensus call is for a 52.5 reading, 1.5 points less than in January. The January figure was the highest since November 2023.