First Republic fate, Apple earnings, jobs data and Fed decision top week ahead
Apple earnings on Thursday and the jobs report Friday will round out a busy week
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Ben Levisohn, Carleton English and Andrew Barry discuss the markets ahead of the Federal Reserve meeting, bank earnings and J&J launching an IPO.
It's another busy week for investors with a plethora of blue chip and entertainment earnings on tap, as well as the Federal Reserve's decision on rates and the future of First Republic Bank.
The embattled region bank was taken over by the FDIC on Friday and its assets are being shopped to various big banks with several bids in on Sunday.
First Republic
Shares of banks, including JPMorgan, PNC and others, may be active during the Monday session.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 244.94 | +4.17 | +1.73% |
| PNC | THE PNC FINANCIAL SERVICES GROUP INC. | 205.70 | +1.78 | +0.87% |
| BAC | BANK OF AMERICA CORP. | 46.45 | +0.40 | +0.87% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 50.18 | +0.63 | +1.27% |
The stock market wrapped a solid week and month with all three of the major U.S. averages clocking gains.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 18972.420086 | +6.28 | +0.03% |
| SP500 | S&P 500 | 5948.71 | +31.60 | +0.53% |
| I:DJI | DOW JONES AVERAGES | 43870.35 | +461.88 | +1.06% |
FOX Business breaks down other events likely to move financial markets in the coming days.
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Monday, May 1
The Biden administration’s new mortgage rule takes effect. The Loan-Level Price Adjustments (LLPAs), which are related to credit scores and down payment sizes, will impact mortgages by Fannie Mae and Freddie Mac.
According to media reports, the new LLPAs essentially amount to fees imposed on borrowers with high credit scores as a way of subsidizing those with low credit scores. The goal is to support federal initiatives to increase affordable housing across the country."
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Also on Monday, Southwest pilots vote on a strike authorization and Amazon will begin to require employees to be in the office at least three days a week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LUV | SOUTHWEST AIRLINES CO. | 31.79 | +0.02 | +0.06% |
| AMZN | AMAZON.COM INC. | 198.38 | -4.50 | -2.22% |
Before markets open, Loews, Norwegian Cruise Line, ON Semiconductor and SoFi Technologies will report earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| L | LOEWS CORP. | 85.14 | +0.65 | +0.77% |
| NCLH | NORWEGIAN CRUISE LINE HOLDINGS LTD. | 26.73 | +0.68 | +2.61% |
| ON | ON SEMICONDUCTOR CORP. | 68.47 | +1.16 | +1.72% |
| SOFI | SOFI TECHNOLOGIES | 15.01 | +0.34 | +2.32% |
After the bell, Avis Budget Group, MGM Resorts, NXP Semiconductors, Sprouts Farmers Markets and Stryker will report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAR | AVIS BUDGET GROUP INC. | 101.64 | +2.58 | +2.60% |
| MGM | MGM RESORTS INTERNATIONAL | 38.01 | +0.50 | +1.33% |
| NXPI | NXP SEMICONDUCTORS NV | 224.57 | +4.23 | +1.92% |
| SFM | SPROUTS FARMERS MARKET INC. | 145.89 | +3.14 | +2.20% |
| SYK | STRYKER CORP. | 390.14 | +4.50 | +1.17% |
Economic data on Monday will include vehicle sales, S&P Global manufacturing PMI at 9:45 a.m., as well as both ISM manufacturing PMI and construction spending at 10 a.m.
Tuesday, May 2
Also on Monday, SpaceX Falcon 9 launches more Starlink satellites from Cape Canaveral, Florida, and U.S. Ambassador Nicolas Burns will discuss U.S.-China relations.
The alleged murderer of Cash App founder will be arraigned. The original arraignment was set for April 26, but the defense asked for more preparation time.
Cash App CEO Bob Lee (Linkedin / Fox News)
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Before markets open, earnings will include ADT, DuPont, Marriott International, Molson Coors Beverage, Pfizer and Uber.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ADT | ADT INC. | 7.54 | -0.01 | -0.13% |
| DD | DUPONT DE NEMOURS INC. | 82.75 | +0.90 | +1.10% |
| MAR | MARRIOTT INTERNATIONAL INC. | 283.44 | +3.26 | +1.16% |
| TAP | MOLSON COORS BEVERAGE CO. | 60.47 | +0.09 | +0.15% |
| PFE | PFIZER INC. | 25.14 | +0.20 | +0.78% |
| UBER | UBER TECHNOLOGIES INC. | 69.64 | +0.04 | +0.06% |
After the bell, Advanced Micro Devices, Caesars Entertainment, Ford Motor, Prudential Financial and Starbucks will all report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMD | ADVANCED MICRO DEVICES INC. | 137.49 | -0.11 | -0.08% |
| CZR | CAESARS ENTERTAINMENT INC. | 37.56 | -0.03 | -0.08% |
| F | FORD MOTOR CO. | 10.81 | +0.08 | +0.75% |
| PRU | PRUDENTIAL FINANCIAL INC. | 126.25 | +2.13 | +1.72% |
| SBUX | STARBUCKS CORP. | 100.06 | +1.80 | +1.83% |
Economic data will include JOLTS job openings, durable goods and factory orders, all at 10 a.m.
Wednesday, May 3
The Federal Reserve is expected to raise interest rates by 25 basis points, according to the CME's Fed Watch Tool. The decision will be followed by Chairman Jerome Powell's press conference at 2:30 p.m ET.
Members of the Federal Reserve Board during a Fed Listens event in Washington, D.C., on Sept. 23, 2022. (Al Drago/Bloomberg via Getty Images / Getty Images)
In earnings, CVS Health, Estee Lauder, Hanesbrands, Hyatt Hotels and potentially Signature Bank will report before the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVS | CVS HEALTH CORP. | 57.10 | +0.27 | +0.48% |
| EL | THE ESTÉE LAUDER COMPANIES INC. | 66.86 | +1.53 | +2.35% |
| HBI | HANESBRANDS INC. | 8.19 | -0.27 | -3.19% |
| H | HYATT HOTELS CORP. | 156.01 | +1.17 | +0.76% |
Allstate, Marathon Oil, MetLife, Qualcomm and Sturm Ruger will report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ALL | THE ALLSTATE CORP. | 203.47 | +6.22 | +3.15% |
| MRO | NO DATA AVAILABLE | - | - | - |
| MET | METLIFE INC. | 85.21 | +2.62 | +3.17% |
| QCOM | QUALCOMM INC. | 155.46 | +1.19 | +0.77% |
| RGR | STURM RUGER & CO. INC. | 37.53 | +0.15 | +0.40% |
Economic news includes MBA mortgage applications at 7 a.m., ADP national employment data at 8:15 a.m., the S&P Global services PMI at 9:45 a.m., the ISM non-manufacturing PMI at 10 a.m., and the EIA weekly crude stocks at 10:30 a.m.
Thursday, May 4
Thursday, the European Centeral Bank (ECB) will make its own interest rate decision and host a presser as Europe deals with worse inflation than in the U.S.
European Central Bank (ECB) President Christine Lagarde speaks to reporters following the governing council's monetary policy meeting, in Frankfurt, Germany Feb. 2, 2023. (Reuters/Kai Pfaffenbach/File / Reuters Photos)
Before market opens, ConocoPhillips, Kellogg, Moderna, Papa John’s International and Paramount Global will report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COP | CONOCOPHILLIPS | 111.89 | -1.53 | -1.35% |
| K | KELLANOVA | 81.02 | +0.24 | +0.30% |
| MRNA | MODERNA INC. | 38.25 | +1.31 | +3.55% |
| PZZA | PAPA JOHN'S INTERNATIONAL INC. | 47.86 | +0.55 | +1.16% |
| PARA | PARAMOUNT GLOBAL | 11.09 | +0.51 | +4.82% |
Apple earnings will dominate the headlines after the bell. Shares of the world's most valuable company have gained 30% this year, ahead of the S&P's nearly 9%.
Apple
AIG, Coinbase, Expedia and Live Nation will also report after the close of trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AIG | AMERICAN INTERNATIONAL GROUP INC. | 75.98 | +1.34 | +1.80% |
| COIN | COINBASE GLOBAL INC. | 295.23 | -24.78 | -7.74% |
| EXPE | EXPEDIA GROUP INC. | 183.51 | +4.41 | +2.46% |
| LYV | LIVE NATION ENTERTAINMENT INC. | 138.56 | +2.05 | +1.50% |
Economic data will include challenger layoffs at 7 a.m. as well as initial jobless claims, international trade and the preliminary Q1 productivity all at 8:30 a.m.
Friday, May 5
The month employment report for April will be released. Job growth is expected to have slowed with the addition of 180,000 positions down from 236,000 the prior month. The unemployment rate is expected to tick up to 3.6%.
April Non-Farm Jobs +186,000 est. vs. March's 236,000
In other economic news, consumer credit will come out at 3 p.m.
On Friday, the Federal Reserve Bank of St. Louis President James Bullard will participate in a fireside chat on the U.S. economy and monetary policy before an Economic Club of Minnesota luncheon.
James Bullard, president and chief executive officer at the Federal Reserve Bank of St. Louis, speaks during the National Association of Business Economics' (NABE) Economic Policy Conference in Washington, D.C., on Feb. 26, 2018. (Joshua Roberts/Bloomberg via Getty Images / Getty Images)
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Final earnings for the week include, AMC Entertainment, Cinemark Holdings, DraftKings, fuboTV and Warner Bros Discovery before markets open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.49 | +0.04 | +0.90% |
| CNK | CINEMARK HOLDINGS INC. | 32.24 | -0.55 | -1.66% |
| DKNG | DRAFTKINGS INC. | 43.55 | -0.25 | -0.57% |
| FUBO | FUBOTV | 1.53 | +0.09 | +6.25% |
| WBD | WARNER BROS. DISCOVERY INC. | 10.23 | +0.28 | +2.81% |
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Jessica MacKenzie contributed to this story.