U.S. stock and bond markets will be closed on Monday for Presidents Day. It will be a busy week of earnings reports once Wall Street returns, headlined by Nvidia’s results on Wednesday.
Diamondback Energy, Home Depot, Medtronic, Palo Alto Networks, and Walmart report on Tuesday, followed by Nvidia, Analog Devices, Etsy, Rivian Automotive, Lucid, and Vertiv Holdings on Wednesday.
Block, Booking Holdings, Grab, Intuit, Keurig Dr Pepper, Moderna, Carvana, and Newmont release results on Thursday, and then Warner Bros. Discovery closes the week on Friday.
Federal Reserve observers will be closely watching the release of minutes from the Federal Open Market Committee’s late-January monetary-policy meeting on Wednesday. Officials left interest rates unchanged at the meeting but may have discussed conditions for lowering them later in 2024.
Economic data out this week will include the Conference Board’s Leading Economic Index for January on Tuesday. On Thursday, S&P Global will release both its Manufacturing and its Services Purchasing Managers’ Indexes for February and the National Association of Realtors reports existing-home sales for January.
Monday 2/19
Equity and fixed-income markets are closed in observance of Presidents Day.
Tuesday 2/20
Caesars Entertainment, Celanese, CenterPoint Energy, CoStar Group, Diamondback Energy, Home Depot, International Flavors & Fragrances, Keysight Technologies, Medtronic, Palo Alto Networks, Public Storage, Realty Income, and Walmart report earnings.
The Conference Board releases its Leading Economic Index for January. Consensus estimate is for a 0.3% month-over-month decline, following a 0.1% decrease in December. The LEI contracted by 2.9% in the second half of last year, and the Conference Board expects gross domestic product growth to turn negative in the second and third quarters of 2024.
Wednesday 2/21
Analog Devices, Ansys, APA, Etsy, Exelon, Garmin, Nvidia, Rivian Automotive, Synopsys, Verisk Analytics, and Vertiv Holdings announce quarterly results.
The Federal Open Market Committee releases minutes from its late-January monetary-policy meeting. At that meeting the FOMC left the federal-funds rate unchanged at a multidecade high of 5.25%-5.50%. The central bank penciled in three 25 basis point interest rate cuts this year in the Summary of Economic Projections released during the meeting. (100 basis points is one percentage point.) Traders had priced in six 25 basis points rate cuts before the meeting, and that has now been pared down to less than four. Despite this, the S&P 500 has made numerous record highs since then as Wall Street sees lower interest rates ahead, even if the timing is unclear.
Thursday 2/22
Block, Booking Holdings, Grab, Copart, Coterra Energy, Dominion Energy, Edison International, Entergy, EOG Resources, Insulet, Intuit, Keurig Dr Pepper, Live Nation Entertainment, Moderna, Carvana, Newmont, PG&E, Pioneer Natural Resources, Pool Corp., Quanta Services, and VICI Properties release earnings.
S&P Global releases both its Manufacturing and its Services Purchasing Managers’ Indexes for February. Economists forecast a 50.1 reading for the Manufacturing PMI and a 52 reading for the Services PMI. Both readings would be slightly less than the January figures.
The National Association of Realtors reports existing-home sales for January. Expectations are for a seasonally adjusted annual rate of 3.97 million homes sold, about 20,000 more than in December. Existing-home sales are at their lowest level since 2010.
Friday 2/23
Warner Bros. Discovery holds a conference call to discuss quarterly results.
