By Connor Smith
U.S. stock and bond markets will be closed for Presidents Day on Monday. After that, investors can look forward to a busy slate of earnings and economic data.
Home Depot, Walmart, and Palo Alto Networks are set to report results on Tuesday, followed by Lucid Group, eBay, and TJX on Wednesday. Alibaba, Autodesk, Block, Booking Holdings, Intuit, Keurig Dr Pepper, Moderna, Newmont, and Warner Bros. Discovery headline a crowded Thursday.
S&P Global releases both its Manufacturing and Services Purchasing Managers' indexes for February on Tuesday. Consensus estimates are for a 47.2 reading for the Manufacturing PMI and 46.7 for the Services, each roughly in line with the January data. The National Association of Realtors will also report existing-home sales for January. Expectations are for a seasonally adjusted annual rate of 4.1 million homes sold.
On Wednesday, the Federal Open Market Committee will release minutes from its early February monetary-policy meeting.
The Bureau of Economic Analysis reports its second estimate of fourth-quarter gross-domestic-product growth on Thursday. Economists forecast that GDP increased at a seasonally adjusted annual rate of 2.5%.
The BEA wraps things up on Friday when it reports personal income and expenditures for January. Consensus expectations call for income and spending to each rise 1% month over month.
Monday 2/20
Equity and fixed-income markets are closed in observance of Presidents Day.
Tuesday 2/21
Home Depot, Ingersoll Rand, Keysight Technologies, Medtronic, Molson Coors Beverage, Palo Alto Networks, Public Service Enterprise Group, $Public Storage(PSA-N)$, Realty Income, SBA Communications, and Walmart announce earnings.
S&P Global releases both its Manufacturing and Services Purchasing Managers' indexes for February. Consensus estimates are for a 47.2 reading for the Manufacturing PMI and 46.7 for the Services, each roughly in line with the January data. Both indexes have been below 50, indicating contraction in their respective sectors, since November.
The National Association of Realtors reports existing-home sales for January. Expectations are for a seasonally adjusted annual rate of 4.1 million homes sold, 80,000 more than in December. Existing-home sales have declined for 11 consecutive months, as the housing market is among the sectors most sensitive to the Federal Reserve's interest-rate hikes.
Wednesday 2/22
Nvidia reports fourth-quarter fiscal-2023 results. Shares of the largest semiconductor company by market value have rocketed 46% higher this year, in part due to the frenzy over artificial-intelligence stocks unleashed by the release of AI-powered chatbot ChatGPT late last year.
Coterra Energy, DaVita, eBay, Lucid Group, Pioneer Natural Resources, and TJX Cos. release quarterly results.
The Federal Open Market Committee releases minutes from its early-February monetary-policy meeting. Economic data released since the meeting, including a blowout jobs report and hotter-than-expected consumer price index and producer price index, have challenged the disinflation narrative that Fed Chairman Jerome Powell put forth at his postmeeting press conference.
Thursday 2/23
Alibaba Group Holding, American Electric Power, American Tower, Autodesk, Block, Booking Holdings, Intuit, Keurig Dr Pepper, Moderna, Newmont, and Warner Bros. Discovery hold conference calls to discuss earnings.
The Bureau of Economic Analysis reports its second estimate of fourth-quarter gross-domestic-product growth. Economists forecast that GDP increased at a seasonally adjusted annual rate of 2.5%, four-tenths of a percentage point less than the BEA's preliminary estimate, which was released in late January.
Friday 2/24
The BEA reports personal income and expenditures for January. The consensus call is that both income and spending rose 1%, month over month. This compares with a gain of 0.2% and decrease of 0.2%, respectively, in December. The Federal Reserve's favored inflation gauge, the core personal-consumption expenditures price index, is expected to show an increase of 4.3%, year over year, one-tenth of a percentage point less than previously.
Write to Connor Smith at connor.smith@barrons.com
(END) Dow Jones Newswires
February 20, 2023 17:46 ET (22:46 GMT)
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