News

U.S. Stocks Poised for Higher Open Ahead of Fed Chairman’s Remarks

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U.S. stocks are expected to open slightly higher on Monday as investors eagerly await Federal Reserve Chairman Jerome Powell’s highly anticipated remarks at the central bank’s annual conference in Jackson Hole, Wyoming.

Crude Oil Prices Show Minimal Movement

Crude oil futures, specifically West Texas Intermediate (the U.S. standard), inched up by less than 0.1%, reaching $81.28 per barrel. Conversely, Brent crude (the international standard) experienced a 0.2% decline, settling at $84.62 per barrel.

Notable Earnings This Week

This week, several notable companies are scheduled to release their earnings reports. On Monday, Nordson and Zoom Video Communications are set to announce their financial results. On Tuesday, investors can expect reports from Baidu, BJ’s Wholesale Club, Coty, Dick’s Sporting Goods, La-Z-Boy, Lowe’s, Macy’s, Medtronic, Toll Brothers, and Urban Outfitters.

Wednesday will feature earnings announcements from Abercrombie & Fitch, Advance Auto Parts, Analog Devices, Autodesk, Bath & Body Works, Foot Locker, Guess?, Kohl’s, Nvidia, NetApp, Peloton Interactive, Snowflake, and Williams-Sonoma. Thursday’s earnings reports include Affirm Holdings, Burlington Stores, Dollar Tree, Gap, Intuit, Nordstrom, Petco Health & Wellness, Ulta Beauty, and Workday.

Significant Economic Events to Watch

During this week, there are several noteworthy economic events to keep an eye on. On Tuesday, the National Association of Realtors will release its report on existing-home sales for July. On Wednesday, the Census Bureau and the Department of Housing and Urban Development will publish new-home sales data for July. Additionally, Markit will release its manufacturing and services purchasing managers’ indexes for August on the same day.

Thursday will see the Census Bureau publish its durable goods report for July, while the Labor Department will release initial claims for unemployment benefits for the week ending August 19.

2023 Economic Policy Symposium in Jackson Hole

From Thursday through Saturday, the Federal Reserve Bank of Kansas City will be hosting its 2023 Economic Policy Symposium. The focus of this event will revolve around “Structural Shifts in the Global Economy” and will take place in Jackson Hole, Wyoming.

Final Results for Consumer Sentiment Index

On Friday, the University of Michigan will unveil the final results for its Consumer Sentiment Index for the month of August.

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