What to Expect in the Week Ahead (Tesla's 2023 Investor Day; TGT, COST, LI and AMC Earnings)
The tail end of fourth-quarter earnings season and several economic indicators will be this week's highlights. With roughly 35 companies left to report, $S&P 500 Index (.SPX.US)$ earnings are down more than 3% from the same period a year ago, according to Refinitiv.
$Occidental Petroleum (OXY.US)$, $Workday (WDAY.US)$, $Li Auto (LI.US)$ and $Zoom Video Communications (ZM.US)$ will publish their latest results on Monday, followed by $AutoZone (AZO.US)$, $AMC Entertainment (AMC.US)$, $Rivian Automotive (RIVN.US)$, and $Target (TGT.US)$ on Tuesday. $Dollar Tree (DLTR.US)$, $Lowe's Companies (LOW.US)$, $NIO Inc (NIO.US)$, $Salesforce (CRM.US)$, and $Snowflake (SNOW.US)$ will go next on Wednesday, then $Best Buy (BBY.US)$, $Broadcom (AVGO.US)$, $Costco (COST.US)$, and $The Kroger (KR.US)$ report on Thursday.
Economic data out this week starts with the Census Bureau's durable-goods report for January on Monday. That's often seen as a decent proxy for business investment. On Tuesday, the Conference Board will release its Consumer Confidence Index for March. That's expected to continue an upward trend.
The Institute for Supply Management will publish the Manufacturing Purchasing Managers' Index for February on Wednesday, followed by the Services equivalent on Friday. The former is expected to hold roughly steady from the prior month, while the latter is seen declining but remaining in expansion territory.
Monday 2/27
$Occidental Petroleum (OXY.US)$, $Workday (WDAY.US)$, $Li Auto (LI.US)$ and $Zoom Video Communications (ZM.US)$ report quarterly results.
The Census Bureau releases the durable-goods report for January. Economists think that new orders for manufactured durable goods declined 3%, to $278 billion.
Tuesday 2/28
The Conference Board releases its Consumer Confidence Index for February. The consensus estimate is for a 109.2 reading, slightly higher than January's. The index has rebounded from the 2022 low in July, buoyed by a strong labor market. In January, nearly half of respondents said that jobs were "plentiful," while only 11.3% said that jobs were "hard to get."
S&P CoreLogic releases its Case-Shiller National Home Price Index for December. The Institute for Supply Management (ISM) releases its Chicago Business Barometer for February. The consensus call is for a 45 reading, roughly even with the January data. The index has had five consecutive monthly readings below 50, indicating a contracting economy, but this hasn’t shown up in the gross-domestic-product data, with fourth-quarter GDP growing at a seasonally adjusted annual rate of 2.7%.
Wednesday 3/1
$Tesla (TSLA.US)$ hosts its 2023 investor day at its Gigafactory in Austin, Texas. The company will unveil CEO Elon Musk's "Master Plan 3," geared to achieving very large scale in vehicle and battery production. Analysts expect Musk to announce Tesla's cheapest model yet, starting at less than $30,000.
$Dollar Tree (DLTR.US)$, $Lowe's Companies (LOW.US)$, $Royal Bank of Canada (RY.US)$, $Salesforce (CRM.US)$, and $Snowflake (SNOW.US)$ release quarterly results.
ISM releases its Manufacturing Purchasing Managers' Index for February. Economists forecast a 47.9 reading, in line with the January figure. The index has been below the expansionary level of 50 since November.
Thursday 3/2
$Anheuser-Busch Inbev (BUD.US)$, $Best Buy (BBY.US)$, $Broadcom (AVGO.US)$, $Costco (COST.US)$, $Dell Technologies (DELL.US)$, $Hormel Foods (HRL.US)$, $The Kroger (KR.US)$, $Marvell Technology (MRVL.US)$, and $C3.ai (AI.US)$ hold conference calls to discuss earnings.
Friday 3/3
ISM releases its Services PMI for February. Expectations are for a 54.5 reading. The services sector has held up better than the manufacturing sector, as there is still pent-up demand from pandemic restrictions.
Sectors Performance
Source: Finviz, Dow Jones Newswires, Market Watch
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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RetroBeast : my comment is you should have the 1099 forms to everybody by now not doing it in waves.
RDK79 RetroBeast : Exactly!