Michael Arone, chief investment strategist at State Street Global Advisors, told The Claman Countdown that he expects more market volatility as the Fed hikes rates to fight inflation.
Investors are in for another wave of key earnings and economic data. Wall Street will also be watching developments in the Musk-Twitter legal battle as the world’s richest man is put in the hot seat during testimony in Delaware this week.
US stocks experienced another sharp sell-off across the board on Friday as the Dow Jones Industrial Average touched on an intraday bear market before closing slightly above that level, down 486 points as recession fears mounted. In commodities, oil fell over 7% on the week to end at $78.74 a barrel.
FOX Business looks at the upcoming events that are likely to move the financial markets in the coming days.
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 29590.41 | -486.27 | -1.62% |
| SP500 | S&P500 | 3693.23 | -64.76 | -1.72% |
| I: COMP | NASDAQ COMPOSITE INDEX | 10867.926195 | -198.88 | -1.80% |
Monday 26.9
The Chicago Federal Reserve’s National Activity Index will kick off the week for economic data.
STOCK MARKET NEWS: DOW BREAKS BELOW 30,000 LEVEL AS RECESSION FEAR RAISES, OIL DOWN 7% FOR THE WEEK
The Federal Reserve will also make the rounds when Atlanta Fed President Raphael Bostic participates in a live interview with The Washington Post on the causes and effects of income and wealth inequality in the United States, and Cleveland Fed President , Loretta Mester, previously speaking on the economic outlook and monetary policy Distinguished Speaker Series from the Massachusetts Institute of Technology (MIT) Golub Center for Finance and Policy.
Boston Fed President Susan Collins will also discuss strengths and challenges in the national and regional economy, the work of the Federal Reserve both nationally and in New England and its background and work before the Greater Boston Chamber of Commerce want to continue speaking.
Tesla founder Elon Musk attends Offshore Northern Seas 2022 in Stavanger, Norway August 29, 2022. (NTB/Carina Johansen via Portal/Portal Photos)
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| TWTR | Twitter Inc. | 41.58 | +0.18 | +0.43% |
Elon Musk’s legal battle with Twitter will also be in focus as the Tesla boss is questioned under oath in a testimony due to run through September 27. Twitter is suing Musk in the Delaware Court of Chancery to force him to go through with its $44 billion takeover of the social media giant. The legal showdown begins on October 17th.
Tuesday 27.9
Earnings will increase Tuesday with Cracker Barrel, Jabil Circuit and United Natural Foods before the market opens and BlackBerry and Cal-Maine Foods after the market bell.
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| CBRL | CRACKER BARREL OLD COUNTRY STORE INC. | 98.22 | -5.04 | -4.88% |
| JBL | JABIL INC. | 56.31 | -1.26 | -2.20% |
| UNFI | UNITED NATURAL FOODS INC. | 02/39 | -1.63 | -4.01% |
| bb | BLACKBERRY LTD. | 5.07 | -0.19 | -3.62% |
| QUIET | CAL-MAINE FOODS INC. | 60.57 | -0.04 | -0.07% |
Meanwhile, the monthly FHFA Home Price Index, Case-Shiller Home Price Index, New Home Sales, Consumer Confidence, Durable Goods and Building Permits economic data will be on the agenda.
Chicago Fed President Charles Evans will also address current economic conditions or monetary policy ahead of the Official Monetary and Financial Institutions Forum’s event “The Future of the US Economy,” and San Francisco Fed President Mary Daly will at a fireside chat entitled “Innovation and Central Banking” ahead of the bank’s Virtual Symposium on Asian Banking and Finance.
INVESTOR SENTIMENT ‘UNDERSTANDABLE’ AT WORST LEVEL SINCE 2008 FINANCIAL CRISIS: BOFA
Wednesday 28.9
Cintas and Paychex will be in the earnings spotlight ahead of Wednesday’s market open, while Jefferies Financial Group, Park City Group and Vail Resorts will post earnings results after the market close.
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| CTAS | CINTAS CORP. | 389.89 | +1.12 | +0.29% |
| PAYX | PAYCHEX INC. | 115.02 | -2.59 | -2.20% |
| JEF | JEFFERIES FINANCIAL GROUP INC. | 29.98 | -0.99 | -3.20% |
| PCYG | PARK CITY GRP | 5.80 | -0.02 | -0.34% |
| MTN | VAIL RESORTS | 208.10 | -3.56 | -1.68% |
On the economic data front, investors will be watching for some selling, weekly mortgage applications and the Energy Information Administration’s weekly Crude Oil Inventories.
Atlanta Fed President Raphael Bostic will also participate in a moderated talk on “Leadership in Banking” ahead of Banking and the Economy: A Forum for Minorities in Banking, and Chicago Fed President Charles Evans will participate in a moderated question-and-answer session on current economic conditions or monetary policy, hosted by the London School of Economics.
This image taken on July 4, 2022 shows the logo of Amazon, a major online shopping company, on display at the Amazon Amagasaki Fulfillment Center in Amagasaki, Hyogo Prefecture. (KAZUHIRO NOGI/AFP via Getty Images/Getty Images)
Additionally, Amazon will host its annual hardware event showcasing the e-commerce giant’s latest devices, features and services. Highlights from last year’s event included the Echo Show 15, Astro Home Assistant and Amazon Glow.
Thursday, September 29th
To wrap up the week, Bed Bath & Beyond, CarMax, Micron Technology and Rite Aid will close out gains before the market open and Nike after the bell.
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| BBBY | BED BATH & BEYOND INC. | 6.67 | -0.42 | -5.92% |
| KMX | CARMAX INC. | 79.49 | -0.28 | -0.35% |
| mu | MICRON TECHNOLOGY INC. | 50.10 | +0.44 | +0.89% |
| WHEEL | RITE AID CORP. | 7.01 | -0.07 | -0.99% |
| NKE | NIKE INC. | 97.11 | -1.46 | -1.48% |
As for economic data, investors will digest corporate earnings, final second quarter GDP numbers and the latest initial and ongoing jobless claims.
Cleveland Fed President Loretta Mester will participate in a policy panel ahead of the 2022 hybrid Inflation: Drivers and Dynamics Conference co-hosted by the bank’s Center for Inflation Research, and San Francisco Fed President Mary Daly, will be making a keynote presentation at Boise State University.
A logo of Porsche is seen on the alloy wheels of a 718 Porsche Boxster at a Porsche dealership in Rome, Italy, September 6, 2022. (Manuel Romano/NurPhoto via Getty Images/Getty Images)
In addition, Porsche will start trading on the Frankfurt Stock Exchange.
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Friday 30.9
Finishing the week for economic data are the Personal Consumption Price Index, Real Consumer Spending and Disposable Income, the University of Michigan Consumer Sentiment Index and the Chicago Purchasing Managers’ Index.
In addition, Federal Reserve Vice Chair Lael Brainard will deliver opening remarks and New York Fed President John Williams will deliver closing remarks at the hybrid Financial Stability Considerations for Monetary Policy Conference.
| ticker | security | Last | change | change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 275.33 | -13.26 | -4.59% |
Other notable events include Tesla’s second AI Day, the end of the US government’s fiscal year, and an emergency summit of EU energy ministers to approve measures to lower energy prices.