A Jobs Report and More Data on a Stretched Consumer
A Jobs Report and More Data on a Stretched Consumer
Here's a look at what I'll be watching this week in the markets. It might not seem like a big deal for tech, but the February Jobs Report due on Friday is likely to matter a lot to tech stocks. As the week begins, the S&P 500 is holding on near all-time highs and AI plays like Nvidia (which closed above a $2 trillion market cap for the first time on Friday) and Supermicro (up 26% on news that it's joining the S&P) are leading the charge. A question is whether the economic data will cooperate enough for investors to have confidence that the Federal Reserve will cut rates before too long. Put on top of that the cautious guidance we've been seeing from even the stronger retailers (like TJX), and we're going to keep an eye on earnings from Target and Ross Stores.
Monday, 3/4
3-Month Bill Auction
6-Month Bill Auction
FOMC Member Harker Speaks
Tuesday, 3/5
Fed Vice Chair for Supervision Barr Speaks
Factory Orders
Factory Orders measures the change in the total value of new purchase orders placed with manufacturers. The report also includes a revision of the Durable Goods Orders data released about a week earlier as well as data new data on non-durable goods orders.
S&P Global Services PMI
The Service PMI release is published monthly by Markit Economics. The data are based on surveys of over 400 executives in private sector service companies. The surveys cover transport and communication, financial intermediaries, business and personal services, computing & IT, hotels and restaurants.
ISM Non-Manufacturing PMI
The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers' Index (PMI) (also known as the ISM Services PMI) report on Business, a composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector. The NMI is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and Supplier Deliveries.
IBD/TIPP Economic Optimism
The Investor's Business Daily (IBD), TechnoMetrica Institute of Policy and Politics (TIPP) Economic Optimism Index rates the relative level of economic conditions, including six-month economic outlook, personal financial outlook and confidence in federal economic policies.
Earnings Before the Bell
TGT: Target
Earnings After the Bell
Ross Stores Ross Stores, Inc.
Wednesday, 3/6
Beige Book
The Federal Reserve's Beige Book is a report on current economic conditions in each of the 12 Federal districts in the U.S. It gives a picture of economic trends and challenges in the U.S. It is released 8 times a year, 2 weeks before each Federal Open Market Committee meeting. The report is used by the FOMC in their decision on short-term interest rates.
Earnings Before the Bell
CPB: Campbell's
BF.B: Brown-Forman
Thursday, 3/7
Fed Chair Powell Testifies
FOMC Member Mester Speaks
Consumer Credit
Consumer Credit measures the change in the total value of outstanding consumer credit that requires installment payments. It is closely correlated with consumer spending and confidence. The figure can be volatile as it often subject to sizable revisions.
Challenger Job Cuts
Challenger Job Cuts, released by Challenger, Grey & Christmas monthly, provides information on the number of announced corporate layoffs by industry and region. The report is an indicator used by investors to determine the strength of the labor market.
Earnings Before the Bell
KR: Kroeger Inc
Earnings After the Bell
COST: Costco Wholesale
AVGO: Broadcom