Banking hearings on SVB collapse, GDP and Fed’s inflation gauge top week ahead
First Republic remains in limbo as it seeks alternatives
Bond market is saying the economy is 'gonna slow': Ben Levisohn
'Barron's Roundtable' panel of Ben Levisohn, Carleton English and Andrew Bary discuss the stock market's performance following the Federal Reserve meeting, Nvidia shares and Ford's EV sales performance.
While the banking crisis will remain at the forefront in the coming week, there is also loads of economic and earnings data on the docket.
An end of the week rally helped the stock market notch weekly gains with the Dow Jones Industrial Average gaining 1.15% while the S&P 500 and Nasdaq Composite rose 1.37% and 1.80%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
FOX Business takes a look at the biggest market events in the coming week.
INVESTORS ADD $117B TO MONEY MARKET FUNDS AMID BANKING TURMOIL
Monday, March 27
On Monday, investors will be on the lookout for more information tied to the collapse of Silicon Valley Bank, including what may transpire with First Republic, which continues to seek alternatives to shore up its business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FRC | NO DATA AVAILABLE | - | - | - |
After the collapse of Silicon Valley Bank (SVB) on March 10, 2023, other banks, including First Republic, PacWest, Credit Suisse, and most recently Deutsch Bank, have been roiled with fears over the instability of their balance sheets. (Reuters/Nathan Frandino / Fox News)
At 10 a.m. Carnival, which is reporting quarterly earnings on Thursday, will give a business update. Cruise lines, which were mostly shuttered during the pandemic, have been seeing soaring demand, with Norwegian Cruise Lines leading the pack.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CCL | CARNIVAL CORP. | 25.43 | +0.29 | +1.15% |
Elsewhere, General Motors is expected to resume production of its flagship Corvette, after shutting down the plant in Bowling Green, Kentucky, because of a parts shortage.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 55.59 | +0.09 | +0.16% |
BioNTech, Pfizer's COVID-19 vaccine partner, will report earnings before markets open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BNTX | BIONTECH SE | 118.54 | -2.22 | -1.84% |
While after the bell, Tommy Hilfiger and Calvin Klein parent PVH will report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PVH | PVH CORP. | 111.17 | +2.80 | +2.58% |
The key piece of economic data released on Monday is the Dallas Fed manufacturing index at 10:30 a.m. It is expected to report that manufacturing has contracted for the 11th straight month in a row.
Tuesday, March 28
On Tuesday, the Senate Banking Housing and Urban Affairs Committee will conduct a hearing on recent bank failures, namely SVB and Signature Bank, and the Federal regulatory response. Bank stocks have experienced big swings in the fallout.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 249.72 | -0.07 | -0.03% |
| BAC | BANK OF AMERICA CORP. | 47.51 | -0.26 | -0.54% |
| WFC | WELLS FARGO & CO. | 76.17 | -1.04 | -1.35% |
| C | CITIGROUP INC. | 70.87 | +0.71 | +1.01% |
BANKS BOOST BORROWING FROM FED CRISIS LENDING PROGRAMS AMID GLOBAL TURMOIL
At 11:30 a.m. ET Microsoft CEO Satya Nadella will help launch Microsoft Secure, designed to provide security professionals with comprehensive strategies to help them protect more with less, as the tech giant pushes its AI-powered future.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 430.98 | +7.52 | +1.78% |
Microsoft CEO Satya Nadella addresses a media event in New York. (AP Photo/Richard Drew / AP Newsroom)
Earnings before markets open on Tuesday will include McCormick & Co. and Walgreens Boots Alliance.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MKC | MCCORMICK & CO. INC. | 78.41 | +0.62 | +0.80% |
| WBA | WALGREENS BOOTS ALLIANCE INC. | 9.02 | -0.04 | -0.44% |
After the bell, Cal-Maine Foods, Jefferies Financial Group, Lululemon and Micron Technology will all share their earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CALM | CAL-MAINE FOODS INC. | 97.61 | +0.46 | +0.47% |
| JEF | JEFFERIES FINANCIAL GROUP INC. | 79.14 | +0.21 | +0.27% |
| LULU | LULULEMON ATHLETICA INC. | 320.66 | +1.14 | +0.36% |
| MU | MICRON TECHNOLOGY INC. | 97.95 | -0.25 | -0.25% |
The Case-Shiller home price index will lead economic data; prices are expected to fall 0.9% vs. last month but still remain 3.7% more expensive than this time last year. Other economic data will include consumer confidence.
Wednesday, March 29
HOW SAFE ARE CREDIT UNIONS AMID BANK TURMOIL?
The House Financial Services Committee will conduct a hearing on the collapse of SVB and Signature Bank at 10 a.m., while at the same time the Senate Health Education Labor and Pensions Committee will grill former Starbucks CEO Howard Schultz on labor laws. Schultz handed over his post to Laxman Narasimhan earlier than initially scheduled.
Howard Schultz, former CEO of Starbucks (Reuters/David Ryder / Reuters Photos)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 102.46 | +0.95 | +0.94% |
In auto news, Lamborghini, owned by Volkswagen, will unveil the successor to its Aventador supercar.
The Lamborghini Aventador Ultimae seen at Goodwood Festival of Speed 2022 in Chichester, England. The supercar, whose replacement will be unveiled on Wednesday, has been a pop culture icon, finding itself in video games and on posters across the worl (Getty Images)
RECESSION-PROOF? LAMBORGHINI IS SOLD OUT INTO 2024
In global politics, Taiwanese President Tsai Ing-wen will travel March 29 to April 7, stopping in New York, before continuing on to Guatemala and Belize. She will visit Los Angeles before she returns home.
Earnings before markets open will include Cintas and Paychex.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CTAS | CINTAS CORP. | 225.79 | +1.74 | +0.78% |
| PAYX | PAYCHEX INC. | 146.27 | +0.56 | +0.38% |
Economic data on Wednesday will include mortgage applications, expected to rise; pending home sales, expected to be down 19% year over year; and EIA weekly crude stocks. Oil is hovering below the $70 per barrel level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 71.04 | -0.57 | -0.80% |
Thursday, March 30
On Thursday, Carnival Cruise Lines and EVgo, a maker of EV charging stations, will report earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CCL | CARNIVAL CORP. | 25.43 | +0.29 | +1.15% |
| EVGO | CLIMATE CHANGE CRISIS REAL IMPACT I | 6.51 | +0.04 | +0.62% |
After the bell, Blackberry and Canoo will release results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BB | BLACKBERRY LTD. | 2.57 | -0.04 | -1.53% |
| GOEV | CANOO INC | 0.38 | +0.02 | +4.30% |
Economic data will include the final U.S. Q4 GDP and initial jobless claims.
An employee works in the battery assembly hall at the BMW Spartanburg plant in Greer, South Carolina, Oct. 19, 2022. (AP Photo/Sean Rayford, File / AP Newsroom)
Friday, March 31
On Friday, the Federal Reserve's preferred measure of inflation, the PCE, is expected to remain elevated, rising an estimate 5.1% year-over-year and 0.5% on a monthly basis.
Fed Chairman Jerome Powell speaks during a news conference in Washington, D.C., on March 22, 2023. (Al Drago/Bloomberg via Getty Images / Getty Images)
Other data includes the Chicago PMI and the University of Michigan's consumer sentiment index.
In the afternoon, New York Federal Reserve President John Williams will speak on monetary policy.