What to expect in the week ahead (ZM, CRM, TGT, COST)

It will be a busy week in Washington. President Joe Biden's State of the Union address is scheduled for Tuesday night. The 46th president is likely to address the crisis in Ukraine, the Covid-19 pandemic, Supreme Court nominee Ketanji Brown Jackson, and surging inflation. Federal Reserve chairman Jerome Powell will also be in the spotlight. On Wednesday he will give an update on policy to the House Financial Services Committee, and on Thursday he'll talk with the Senate Banking Committee.

The Organization of the Petroleum Exporting Countries and its allies will meet Wednesday to discuss production increases. Russia's invasion of Ukraine will loom large over the meeting, as the war threatens to disrupt an already tight oil supply that's resulted in prices reaching their highest levels since 2014.

Finally, Friday's jobs report will be closely watched. Consensus expects the economy to add 385,000 jobs in February, after an increase of 467,000 in January.

Monday 2/28

The Institute for Supply Management releases the Chicago Purchasing Managers Index for February. Consensus estimate is for a 63 reading, two points less than the January figure.

Chevron holds its 2022 investor day.

President Joe Biden delivers the State of the Union address.

The ISM releases its Manufacturing Purchasing Managers Index for February. Economists forecast a 57.8 reading, roughly even with January's. The index has had 20 consecutive readings above 50, indicating growth in the nation's manufacturing sector.

ADP releases its National Employment Report for February. Economists forecast a gain of 410,000 jobs in private-sector employment after a surprise decrease of 301,000 in January.

Citigroup and Exxon Mobil hold their annual investor days.

Federal Reserve Chairman Jerome Powell gives his semiannual policy update to Congress before the House Financial Services Committee. He'll do the same before the Senate Banking Committee on Thursday.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, convenes a meeting via videoconference. The group has been increasing production by a modest 400,000 barrels per day, even as Brent crude, the international benchmark for oil, briefly surpassed $100 a barrel for the first time since 2014.

Verizon Communications hosts its 2022 investor day.

The ISM releases its Services Purchasing Managers Index for February. Consensus estimate is for a 61 reading, about one point higher than January's.

Apple holds its annual shareholder meeting in a virtual format.

The Labor Department releases the jobs report for February. The economy is expected to have added 385,000 jobs, after an increase of 467,000 in January. The unemployment rate is seen edging lower to 3.9% from 4%. The large jump in January was a surprise, as estimates had called for a gain of only 155,000.

Source: CNBC, jhinvestments, Dow Jones Newswires