Jobs data, Bed Bath & Beyond update, Best Buy earnings top week ahead
August jobs report, revamped ADP employment report top economic docket
Recession is here and will accelerate in quarters to come: Policy strategist
Kroll Institute chief policy strategist Chris Campbell and TJM Institutional Services managing director of commodities Chris Robinson react to Fed Chair Powell warning of economic 'pain' on 'The Claman Countdown.'
Investors will get a fresh update on the state of the labor market as several key reports will release throughout the week. Bed Bath & Beyond will also be watched closely as the retailer's leadership outlines its next strategic steps.
On Friday, U.S. stocks saw a sharp selloff with the Dow Jones Industrial Average touching a 1,000+ point drop.
DJIA
The S&P 500 and the Nasdaq Composite shed over 3%. Federal Reserve Chairman Jerome Powell delivered a warning about the health of the economy, with interest rates expected to rise even further as policymakers try to tame red-hot inflation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44860.31 | +123.74 | +0.28% |
| SP500 | S&P 500 | 6021.63 | +34.26 | +0.57% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19175.57734 | +120.74 | +0.63% |
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
STOCK MARKET NEWS: FED'S POWELL DRIVES DOW DOWN 1,000 POINTS IN END TO ROCKY WEEK
Monday 8/29
While Monday will be quiet for corporate earnings and economic data, the CME Group will expand its cryptocurrency derivatives offering with the introduction of Bitcoin Euro and Ether Euro futures.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CME | CME GROUP INC. | 234.39 | +5.02 | +2.19% |
| MOEX | NO DATA AVAILABLE | - | - | - |
Russia's Moscow Exchange will also ban the use of dollars as collateral to underwrite transactions.
Tuesday 8/30
The week's earnings will kick off on Tuesday with Baidu, Best Buy, Big Lots and Kirkland's before the market opens and ChargePoint Holdings, Chewy, CrowdStrike, Hewlett-Packard Enterprise and PVH Corporation after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BIDU | BAIDU INC. | 83.51 | +0.84 | +1.02% |
| BBY | BEST BUY CO. INC. | 88.48 | -4.51 | -4.85% |
| BIG | NO DATA AVAILABLE | - | - | - |
| KIRK | KIRKLAND'S INC. | 1.71 | -0.04 | -2.29% |
| CHPT | CHARGEPOINT HOLDINGS | 1.15 | -0.10 | -8.00% |
| CHWY | CHEWY INC. | 34.05 | -0.57 | -1.65% |
| CRWD | CROWDSTRIKE HOLDINGS INC. | 364.30 | +0.62 | +0.17% |
| HPQ | HP INC. | 39.08 | -0.22 | -0.56% |
| PVH | PVH CORP. | 107.59 | -0.14 | -0.13% |
On the economic data front, investors will take in the JOLTs report, consumer confidence and the FHFA and Case-Shiller home price indexes.
Richmond Fed president Thomas Barkin will also speak in person before the Hungtington Regional Chamber of Commerce on inflation and the economy and New York Fed president John Williams will participate in a moderated discussion before the Wall Street Journal's Live Q&A event.
The U.S. Securities and Exchange Commission is also expected to decide on whether it will approve the listing and trading of the ARK 21Shares spot bitcoin ETF.
WORLD BANK PRESIDENT ON FED'S INFLATION FIGHT: CENTRAL BANKS HAVE MORE TOOLS THAN RATE HIKES
Wednesday 8/31
On Wednesday, Barnes & Noble Education, Brown-Forman, Chico’s FAS, Designer Brands, Express and Vera Bradley will deliver earnings results before the market opens. Meanwhile, Cooper Companies, Five Below, Nutanix and Okta will take the spotlight after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BNED | BARNES & NOBLE EDUCATION INC COM | 10.57 | +0.17 | +1.63% |
| BF.B | BROWN-FORMAN CORP. | 41.39 | -1.17 | -2.75% |
| CHS | NO DATA AVAILABLE | - | - | - |
| DBI | DESIGNER BRANDS INC. | 4.82 | -0.70 | -12.68% |
| EXPR | NO DATA AVAILABLE | - | - | - |
| VRA | VERA BRADLEY INC. | 5.58 | 0.00 | 0.00% |
| COO | COOPER COMPANIES | 102.64 | +0.24 | +0.23% |
| FIVE | FIVE BELOW INC. | 88.90 | -2.71 | -2.96% |
| NTNX | NUTANIX INC. | 72.35 | -0.45 | -0.62% |
| OKTA | OKTA INC. | 76.83 | +0.33 | +0.43% |
The revamped ADP national employment report will be the main event on Wednesday for economic data. Investors will also digest weekly mortgage applications and the Energy Information Administration's weekly crude stocks.
In addition, Cleveland Fed president Loretta Mester will speak on the economic outlook and monetary policy before the Dayton Area Chamber of Commerce Government Affairs Breakfast Series and Atlanta Fed president Raphael Bostic will deliver remarks and participate in a moderated conversation at the Georgia Fintech Academy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBBY | NO DATA AVAILABLE | - | - | - |
Bed Bath & Beyond will also provide a "business and strategic update" to investors during a conference call on Wednesday. The call will take place at 8:15 a.m. Eastern Time, with a press release and related materials to be issued approximately 45 minutes prior.
"We recognize the strong interest in our company and our plans to better serve customers, recapture market share, drive growth and profitability, ensure our vendors are supported, and strengthen our balance sheet," Bed Bath & Beyond interim CEO Sue Gove said.
The announcement coincides with a Wall Street Journal report that the domestic goods retailer is reportedly nearing final terms for a loan of close to $400 million from Sixth Street Partners to strengthen its liquidity.
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Thursday 9/1
Wrapping up the week for earnings before the market opens will be 1-800-Flowers, Build-A-Bear Workshop, Campbell Soup, Duluth Holdings, Hormel Foods, Hovnanian Enterprises, J. Jill, Lands’ End, Ollie’s Bargain Outlet, Signet Jewelers and Toro.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FLWS | 1 800 FLOWERS COM | 8.24 | -0.01 | -0.12% |
| BBW | BUILD A BEAR WORKSHOP INC | 37.94 | -0.48 | -1.25% |
| CPB | THE CAMPBELL'S CO. | 46.60 | +0.67 | +1.46% |
| DLTH | DULUTH HOLDINGS INC | 3.89 | +0.01 | +0.26% |
| HRL | HORMEL FOODS CORP. | 31.62 | +0.18 | +0.57% |
| HOV | HOVNANIAN ENTERPRISES | 192.85 | -3.35 | -1.71% |
| JILL | J.JILL INC. | 27.25 | -0.60 | -2.15% |
| LE | LANDS END | 15.76 | -0.45 | -2.78% |
| OLLI | OLLIE'S BARGAIN OUTLET HOLDINGS INC. | 100.90 | +0.32 | +0.32% |
| SIG | SIGNET JEWELERS LTD. | 101.97 | -2.18 | -2.09% |
| TTC | THE TORO CO. | 86.21 | -1.07 | -1.23% |
Meanwhile, Broadcom and lululemon athletic will be in focus after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AVGO | BROADCOM INC. | 164.74 | -0.08 | -0.05% |
| LULU | LULULEMON ATHLETICA INC. | 318.84 | -7.88 | -2.41% |
Economic data on the docket for Thursday will be the ISM manufacturing PMI, construction spending, vehicle sales, productivity and initial and continuing jobless claims. Atlanta Fed president Raphael Bostic will also make a presentation to the undergraduate finance class at Georgia Tech’s Scheller College of Business.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MNST | MONSTER BEVERAGE CORP. | 54.83 | -0.15 | -0.27% |
| MSFT | MICROSOFT CORP. | 427.99 | +9.20 | +2.20% |
| ATVI | NO DATA AVAILABLE | - | - | - |
Other notable events include Monster Beverage's 6% price increase in the U.S. due to "continued cost pressures" and the deadline for regulators in the United Kingdom to make an initial decision on whether Microsoft's $68.7 billion deal to buy Activision Blizzard could result in a "substantial lessening of competition within any market or markets in the United Kingdom for goods or services."
Friday 9/2
The August jobs report and factory orders will finish out the week for economic data.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 573.54 | +8.43 | +1.49% |
| TWTR | NO DATA AVAILABLE | - | - | - |
Friday also marks the deadline for Meta, Twitter, TikTok, Truth Social, Rumble, Gettr, Telegram and Gab to provide information to the House Oversight Committee on how they are responding to a spike in online threats against law enforcement officers following the Federal Bureau of Investigation's court-authorized search of former President Trump’s Mar-a-Lago Club earlier this month.