Fed decision, FedEx, Nike, Costco earnings and Biden at UN General Assembly top week ahead
The Federal Reserve will update its view on tapering and inflation Wednesday
Some inflation causes will dissipate but underlying reasons will remain: Bob Doll
Crossmark Global Investments chief investment officer Bob Doll discusses inflation, the Federal Reserve, the markets and China’s impact on the global economy.
Investors will be watching the Federal Reserve closely this week as the agency offers new insight on inflation and its impact on the U.S. economic outlook and monetary policy moving forward.
The market will also take in key housing data and a slew of earnings from big names including FedEx, Nike and Costco.
President Biden is also set to deliver in-person remarks to the 76th session of the United Nations General Assembly for the first time since taking office.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43910.98 | -382.15 | -0.86% |
| SP500 | S&P 500 | 5983.99 | -17.36 | -0.29% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19281.401247 | -17.36 | -0.09% |
This as the market looks to bounce back after a losing week and an ongoing rocky September.
FOX Business takes a look at the news likely to move financial markets in the coming days.
Monday 9/20
Kicking off the week will be earnings from homebuilder Lennar and the National Association of Homebuilders' housing market index.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LEN | LENNAR CORP. | 166.18 | -6.18 | -3.59% |
| MTCH | MATCH GROUP INC. | 30.88 | -1.06 | -3.32% |
| PRGO | PERRIGO CO. PLC | 26.37 | -0.36 | -1.35% |
It will also be a big day for Match Group, which will replace Perrigo Company in the S&P 500.
Tuesday 9/21
Earnings will ramp up on Tuesday with Adobe, AutoZone and Cracker Barrel before the market open and FedEx and Stitch Fix after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ADBE | ADOBE INC. | 526.42 | +21.94 | +4.35% |
| AZO | AUTOZONE INC. | 3,175.72 | +2.32 | +0.07% |
| CBRL | CRACKER BARREL OLD COUNTRY STORE INC. | 45.06 | -0.77 | -1.68% |
| FDX | FEDEX CORP. | 287.32 | -2.48 | -0.85% |
| SFIX | STITCH FIX INC. | 3.84 | -0.12 | -3.03% |
As for economic data, investors will be watching for building permits, housing starts, and the U.S. current account for the second quarter.
This as the Organisation for Economic Co-operation and Development (OECD) will update its forecasts for major economies in its interim outlook.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RJF | RAYMOND JAMES FINANCIAL INC. | 162.27 | -0.44 | -0.27% |
Other market-related events to watch include Raymond James 3-for-2 stock split, which will take effect in the form of a 50% stock dividend payable to shareholders of record as of Sept. 9. Shareholders will receive one additional share of Raymond James Financial common stock for every two shares owned, which will be distributed on Tuesday. Cash will be distributed in lieu of fractional shares based on the stock's closing price on Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XRX | XEROX HOLDINGS CORP. | 8.67 | -0.28 | -3.13% |
| ICE | INTERCONTINENTAL EXCHANGE INC. | 156.06 | -1.02 | -0.65% |
| NDAQ | NASDAQ INC. | 79.13 | -0.53 | -0.67% |
Xerox will also transfer its common stock listing from the New York Stock Exchange to the Nasdaq on Tuesday. The company will keep its current ticker symbol XRX.
Also on Tuesday, Universal Music Group is expected to begin trading on Euronext Amsterdam, according to its IPO prospectus. The label behind Taylor Swift and the Rolling Stones is aiming for an estimated equity value of €33 billion, or $39 billion. Approximately 60% of shares in Universal will be distributed to French media group Vivendi, including its controlling billionaire Vincent Bolloré. Last month, Bill Ackman's Pershing Holdings purchased a 10% stake in the company, based on a valuation of €35 billion. Tencent Holdings also bought a total stake of 20% last year.
President Joe Biden speaks about the COVID-19 relief package in the State Dining Room of the White House, Monday, March 15, 2021, in Washington. (AP Photo/Patrick Semansky) (AP / AP Images)
In the world of politics, Biden will deliver remarks to the 76th session of the United Nations General Assembly. The in-person speech will come as the world continues to deal with the COVID-19 pandemic, the spread of its variants, and uneven vaccination rates. It also comes as the Biden administration has been under fire for its withdrawal of U.S. forces from Afghanistan.
Wednesday 9/22
On Wednesday, General Mills, BlackBerry, HB Fuller, KB Home and Steelcase are all set to report earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GIS | GENERAL MILLS INC. | 64.26 | +0.16 | +0.25% |
| BB | BLACKBERRY LTD. | 2.42 | -0.01 | -0.41% |
| FUL | H.B. FULLER CO. | 76.07 | -1.48 | -1.91% |
| KBH | KB HOME | 79.17 | -3.62 | -4.37% |
| SCS | STEELCASE INC. | 13.67 | +0.02 | +0.15% |
Investors will also be watching the FOMC decision and Federal Reserve chairman Jerome Powell's subsequent press conference. Inflation has ticked up since the last meeting presenting possible headwinds for the central bank.
How would Powell keeping Fed position impact markets?
The Leuthold Group chief investment strategist Jim Paulsen, Chief Market Strategist, Advisor Group Phil Blancato and Kaltbaum Capital Management President Gary Kaltbaum on the Federal Reserve and economic and market trends.
In other economic news, data on existing home sales, weekly mortgage applications, and the Energy Information Administration's weekly crude stocks will be released.
Wednesday will also be jam-packed with initial public offerings from a.k.a Brands, Freshworks and Toast. Toast and a.ka. Brands will trade under the ticker symbols TOST and AKA on the New York Stock Exchange while Freshworks will trade under FRESH on the NASDAQ.
Meanwhile, MoneyLion is expected to trade on the New York Stock Exchange under the ticker symbol ML following approval from shareholders. MoneyLion plans to going public through a business combination with special purpose acquisition company (SPAC) Fusion Acquisition Corp.
Microsoft will also hold a special event on Wednesday where it is expected to unveil new Surface devices as well as provide an update on Windows 11, which is set to launch on Oct. 5.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 423.03 | +5.02 | +1.20% |
Thursday 9/23
Wrapping up the week for earnings will be Accenture, Darden Restaurants and Rite Aid before the opening bell. Meanwhile, Costco, Nike and Vail Resorts are set to take the spotlight after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ACN | ACCENTURE PLC | 360.61 | +3.31 | +0.93% |
| DRI | DARDEN RESTAURANTS INC. | 167.08 | -2.17 | -1.28% |
| RAD | NO DATA AVAILABLE | - | - | - |
| COST | COSTCO WHOLESALE CORP. | 932.38 | -0.50 | -0.05% |
| NKE | NIKE INC. | 76.66 | +0.06 | +0.08% |
| MTN | VAIL RESORTS | 182.39 | +0.57 | +0.31% |
Economic data on the docket for Thursday will be weekly initial and continuing jobless claims, the national activity index, the Markit services and manufacturing purchasing managers indexes, the index of leading economic indicators, and readings on real household net worth and real nonfinancial debt for the second quarter.
In addition, it will be another busy day for initial public offerings with Knowlton Development and EngageSmart trading on the New York Stock Exchange and Thorne HealthTech, Sterling Check, Sovos Brands, Brilliant Earth Group and Remitly Global trading on the NASDAQ.
Friday 9/24
Finishing out the week for economic data will be building permits and new home sales.
It will also be a busy day for the Federal Reserve as Powell gives opening remarks before a virtual "Fed Listens: Perspective on the Pandemic Recovery" event. Other Fed officials are also expected to speak.
President Biden will also host the first-ever Quad Leaders Summit at the White House with Prime Minister Scott Morrison of Australia, Prime Minister Narendra Modi of India, and Prime Minister Yoshihide Suga of Japan. According to the White House, the meeting will be focused on deepening our ties with the Quad Leaders and "advancing practical cooperation" on areas including combatting COVID-19, addressing the climate crisis, partnering on emerging technologies and cyberspace, and promoting a free and open Indo-Pacific.