Investors are gearing up for another busy week with corporate earnings and economic data focused on housing and the consumer. The coming week will also be big for investors from AMC Entertainment, which will debut its APE stock, and Tesla, which will begin trading stocks under a 3-for-1 stock split.
|me: DJI||DOW JONES AVERAGES||33306.74||-292.30||-0.86%|
|me:COMP||NASDAQ COMPOSITE INDEX||12705.215054||-260.13||-2.01%|
On Friday, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite ended the week lower as fears resurfaced about a Fed rate hike in September. The Dow lost nearly 300 points on the day.
FOX Business takes a look at the upcoming events likely to move financial markets the next few days.
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Palo Alto Networks and Zoom Video Communications start the week with gains after the bell. Investors will also consider the Chicago Federal Reserve’s National Activity Index.
|PANW||PALO ALTO NETWORKS INC.||513.51||-4.34||-0.84%|
|ZM||ZOOM VIDEO COMMUNICATIONS INC.||99.50||-3.68||-3.57%|
In other Fed news, Lorie Logan will take over as president of the Dallas Federal Reserve. She replaces Robert Kaplan, who resigned in October after a controversy over stock trading.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||18.02||-1.42||-7.31%|
In addition, AMC’s preferred stock will trade on the New York Stock Exchange under the ticker symbol APE. Each APE unit represents one-hundredth share of AMC’s authorized Series A Convertible Preferred Stock. AMC will issue one APE unit as dividend for each share of common stock.
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Earnings will soar Tuesday with Dick’s Sporting Goods, Dole PLC, JM Smucker, JD.com, Macy’s and Medtronic before the market opens and Advance Auto Parts, Intuit, La-Z-Boy, Nordstrom, Toll Brothers and Urban Outfitters after the clock .
|DKS||DICK’S SPORTING GOODS INC.||111.05||-1.42||-1.26%|
|SJM||THE JM SMUCKER CO.||139.89||+0.57||+0.41%|
|MONKEY||ADVANCE AUTO PARTS INC.||207.02||-0.47||-0.23%|
|TOLL||TOLL BROTHERS INC.||47.26||-1.74||-3.55%|
|URBN||URBAN OUTFITTERS INC.||22.33||-0.71||-3.08%|
Homes are at the center of economic data on Tuesday with new home sales and building permits. Neel Kashkari, president of the Minneapolis Fed, will also participate in a question-and-answer session at a meeting of the Wharton Minnesota Alumni Club.
Petco and Brinker International will spotlight earnings before the market opens on Wednesday. Autodesk, Box, NetApp, Nvidia, Snowflake, Splunk and Victoria’s Secret will deliver profit results afterwards.
|WEFT||PETCO HEALTH AND WELLNESS COMPANY INC.||15.88||-0.85||-5.08%|
|TO EAT||BRINKER INTERNATIONAL INC.||31.64||-1.64||-4.93%|
In terms of economic data, investors will be digesting durable goods in anticipation of home sales, weekly mortgage applications and the Energy Information Administration’s weekly crude inventories.
|RAD||RITE AID CORP.||7.71||-0.85||-9.99%|
Rite Aid will also hold a virtual event where President and Chief Executive Heyward Donigan and Chief Financial Officer Matt Schroeder will answer questions from retail shareholders.
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The week will conclude with Abercrombie & Fitch, Burlington Stores, Coty, Destination XL Group, Dollar General, Dollar Tree, Gap, Hain Celestial Group, Peloton Interactive and Shoe Carnival before the market opens Thursday.
|ANFO||ABERCROMBIE & FITCH CO.||20.58||-0.65||-3.06%|
|DXLG||DESTINATION XL GROUP||4.39||+0.09||+2.09%|
|DG||DOLLAR GENERAL CORP.||253.86||-3.80||-1.47%|
|DLTR||DOLLAR TREE INC.||167.68||-0.37||-0.22%|
|HAIN||THE HAIN CELESTIAL GROUP INC.||25.45||+0.65||+2.62%|
|PTON||PLATON INTERACTIVE INC.||11.71||-0.95||-7.50%|
Meanwhile, Dell Technologies, Marvell Technology, Ulta Beauty, VMware and Workday will be the earnings to watch after the bell.
|DELL||DELL TECHNOLOGIES INC.||47.67||-1.27||-2.60%|
|MRVL||MARVELL TECHNOLOGY INC.||53.14||-1.41||-2.58%|
|ULTA||ULTA BEAUTY INC.||403.25||-6.00||-1.47%|
|WDAY||WORKING DAY INC.||168.18||-4.95||-2.86%|
Economic data on the roll includes corporate earnings, the second estimate of GDP, and the latest in first and ongoing unemployment claims.
The Federal Reserve will also host its annual symposium in Jackson Hole, Wyoming, which will bring together prominent central bankers, treasury ministers, academics and financial market participants from around the world. This year’s meeting, entitled “Reassessing constraints on the Economy and Policy”, will run through August 27.
In addition, shares of Tesla will trade under the 3-for-1 stock split. Any shareholder with a record August 17 will receive a dividend of two additional common shares for each share held, which will be paid after close of business on August 24.
The week for economic data closes with the consumer consumer spending price index (PCE) and the consumer confidence index from the University of Michigan.
|UBSIA||UNITED BANKSHARES INC. (WEST VIRGINIA)||39.93||-0.29||-0.72%|
Friday also marks the last trading day for United Bancshares before being voluntarily delisted from the Nasdaq. The company has taken steps to list its shares on or about August 29 on the OTCQX market under the ticker symbol UBOH.