JPMorgan investor day, debt talks, Costco, Nvidia earnings top week ahead
JPMorgan's investor day to take place Monday, May 22
Market 'optimistic' over debt negotiations: Levisohn
Ben Levisohn, Jack Hough and Carleton English discuss the impact of debt negotiations on the markets, Foot Locker's shares and earnings performance as well as the resignation of Morgan Stanley CEO James Gorman.
This week will be another busy one for investors as the debt ceiling looms and more earnings and Fed speak top the calendar.
All three of the major averages rose for the week despite the uncertainty over whether the government will be able to pay its bills come early June.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 42732.13 | +339.86 | +0.80% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19621.677105 | +340.88 | +1.77% |
| SP500 | S&P 500 | 5942.47 | +73.92 | +1.26% |
Over the weekend, Treasury Secretary Janet Yellen warned that the likelihood of the U.S. paying all its bills by next month remains "quite low," with talks between teams led by House Speaker Kevin McCarthy and President Joe Biden expected to resume as soon as Monday.
Speaker of the House Kevin McCarthy speaks during a press conference outside the Capitol on May 17, 2023, in Washington, D.C. (Win McNamee/Getty Images / Getty Images)
FOX Business breaks down other events likely to move financial markets in the coming days.
LAWMAKERS SOUND ALARM AS US NATIONAL DEBT CLOCK TICKS: ‘CATASTROPHIC'
Monday, May 22
JPMorgan Chase will kick off its investor day Monday. CEO Jamie Dimon is likely to address the state of the banking industry, the looming debt ceiling and the state of the U.S. economy.
JPMorgan Chase Chairman and CEO Jamie Dimon is likely to address the state of the banking industry, the looming debt ceiling and the state of the U.S. economy on Monday. (Marco Bello/Bloomberg via Getty Images / Getty Images)
The bank has emerged as one of the standouts during the banking crisis, buying up battered assets of First Republic Bank. Shares have risen 3.8% so far this year, trailing the S&P 500's 9.2%.
JPMorgan
In earnings news, Zoom Video Communications will report its earnings. The stock has come way down since it's peak during the pandemic as more workers return to the office, even part-time workers. For the past 12 months, it's down 23% compared to the S&P 500's 7.5% rise.
Zoom
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ZOOM | NO DATA AVAILABLE | - | - | - |
Fed Speak
Elsewhere, Federal Reserve Bank of St. Louis President James Bullard will participate in a discussion on the U.S. economy and monetary policy at 8:30 a.m. Later in the morning at 10:50, Federal Reserve Bank of Richmond President Thomas Barkin and Federal Reserve Bank of Atlanta President Raphael Bostic will speak.
And Sen. Tim Scott, R-S.C., is expected to announce his run for president on Monday after filing the paperwork on Friday, according to reports. He is expected to make that speech in his hometown of North Charleston, South Carolina, joining a growing GOP field.
And Sen. Tim Scott, R-S.C., is expected to announce his run for president on Monday after filing the paperwork on Friday, according to reports.
Tuesday, May 23
Tuesday morning is a busy one for earnings with AutoZone, BJ’s Wholesale Club, Dick’s Sporting Goods, Lowe’s, and Williams Sonoma all reporting.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AZO | AUTOZONE INC. | 3,268.78 | +18.78 | +0.58% |
| BJ | BJS WHSL CLUB HLDGS INC | 88.00 | -0.20 | -0.23% |
| DKS | DICK'S SPORTING GOODS INC. | 229.12 | +2.21 | +0.97% |
| LOW | LOWE'S COMPANIES INC. | 248.48 | +1.50 | +0.61% |
| WSM | WILLIAMS-SONOMA INC. | 192.70 | +5.15 | +2.75% |
After the bell, Intuit, Palo Alto Networks, Toll Brothers, Urban Outfitters and VF Corp report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PANW | PALO ALTO NETWORKS INC. | 183.25 | +2.51 | +1.39% |
| TOL | TOLL BROTHERS INC. | 126.27 | +1.65 | +1.32% |
| URBN | URBAN OUTFITTERS INC. | 57.55 | +0.70 | +1.24% |
| VFC | VF CORP. | 21.16 | -0.38 | -1.76% |
Tuesday will also bring the S&P Global manufacturing PMI flash and April's new home sales, which unexpectedly jumped 9.3% between February and March.
In travel news, the National Transportation Safety Board (NTSB) will hold a roundtable on the "State of Runway Incursions – A Path Forward," which will be moderated by NTSB Chair Jennifer Homendy: "The NTSB has opened investigations into six incursion events since just the start of the year." These runway incursions have led to some very close calls between planes full of passengers.
The NTSB on Tuesday will hold a roundtable on the "State of Runway Incursions – A Path Forward," which will be moderated by NTSB Chair Jennifer Homendy.
And as the war for subscribers heats up between major streaming players, Warner Bros. will launch it's new "Max" streaming service, which will consolidate it's HBO Max and Discovery+ streaming platforms. The move will take on established rivals, including Disney, its Hulu arm, and Netflix.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WBD | WARNER BROS. DISCOVERY INC. | 10.57 | -0.09 | -0.84% |
| DIS | THE WALT DISNEY CO. | 111.15 | +0.32 | +0.29% |
| NFLX | NETFLIX INC. | 881.05 | -5.68 | -0.64% |
As the war for subscribers heats up between major streaming players, Warner Bros. will launch it's new "Max" streaming service. The move will take on established rivals, including Disney, its Hulu arm, and Netflix. (Thomas Trutschel/Photothek via Getty Images / Getty Images)
Wednesday, May 24
Earnings on Wednesday include Abercrombie & Fitch, Analog Devices, Express, Kohl’s and Petco in the morning.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ANF | ABERCROMBIE & FITCH CO. | 158.88 | +5.70 | +3.72% |
| ADI | ANALOG DEVICES INC. | 215.37 | +4.02 | +1.90% |
| EXPR | NO DATA AVAILABLE | - | - | - |
| KSS | KOHL'S CORP. | 14.12 | +0.09 | +0.64% |
| WOOF | PETCO HEALTH AND WELLNESS | 4.06 | -0.04 | -0.98% |
After the bell, American Eagle Outfitters, Red Robin Gourmet Burgers and Nvidia, which is up 118% so far this year as its chips continue to be sought after for use with artificial intelligence programs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AEO | AMERICAN EAGLE OUTFITTERS INC. | 17.18 | +0.05 | +0.29% |
| RRGB | RED ROBIN GOURMET BURGERS INC. | 5.91 | +0.23 | +4.14% |
| NVDA | NVIDIA CORP. | 144.47 | +6.16 | +4.45% |
Economic data on the docket for investor's on Wednesday will include mortgage applications and EIA weekly crude stocks.
Amazon
Amazon will host its annual meeting on Wednesday, which will include votes over a record 18 proposals that cover climate goals, worker's rights, and diversity and equity.
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Thursday, May 25
Companies that are reporting their earnings on Thursday include Best Buy, Burlington Stores, Dollar Tree, Medtronic and Ralph Lauren.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBY | BEST BUY CO. INC. | 83.62 | -2.55 | -2.96% |
| BURL | BURLINGTON STORES | 289.16 | +3.36 | +1.18% |
| DLTR | DOLLAR TREE INC. | 73.36 | -3.11 | -4.07% |
| MDT | MEDTRONIC PLC | 80.96 | +0.76 | +0.95% |
| RL | RALPH LAUREN CORP. | 234.49 | +2.93 | +1.27% |
After the bell, investors will be focused on earnings from Costco, Gap, Lions Gate Entertainment, Marvell Technology and Workday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 916.58 | +6.77 | +0.74% |
| GPS | NO DATA AVAILABLE | - | - | - |
| LGF.A | LIONS GATE ENTERTAINMENT CORP. | 8.88 | +0.08 | +0.91% |
| MRVL | MARVELL TECHNOLOGY INC. | 118.18 | +4.62 | +4.07% |
| WDAY | WORKDAY INC. | 252.84 | +1.00 | +0.40% |
Economic data includes initial jobless claims, which has been heavily skewed until last week by fraud in Massachusetts.
Friday, May 26
Earnings to round out the week will include Big Lots on Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BIG | NO DATA AVAILABLE | - | - | - |
Friday's economic data will include personal income and consumption, as well as the University of Michigan consumer sentiment index.
Elsewhere, JPMorgan's Dimon is expected to be deposed in the Jeffrey Epstein case over the firm's ties to the sex trafficker before his death.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 243.24 | +3.25 | +1.35% |
JPMORGAN CEO JAMIE DIMON'S DEPOSITION IN EPSTEIN CASE SCHEDULED: REPORT
JPMorgan Chase Chairman and CEO Jamie Dimon is expected to be deposed in the Jeffrey Epstein case over the firm's ties to the sex trafficker before his death. (Ting Shen/Bloomberg via Getty Images / Getty Images)