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What's happening this week in the market...

What to expect from 2/27/23- 3/3/23

Here are some of the big highlights happening this week that will play a big role in the stock market that you need to be aware of:

  • We can expect more earnings reports from major retailers including Target, Lowe's, Costco, Dollar Tree, Best Buy, AutoZone, and Nordstrom, among others.

  • Other companies reporting earnings next week include Salesforce, Zoom Video Communications, Broadcom, Hewlett Packard, Dell Technologies, and TD Bank, among others.

  • The U.S. Supreme Court will hear two cases on Tuesday that could determine the fate of President Biden's student loan forgiveness plan.

  • The latest updates on national home prices will become available, with the Case-Shiller National Home Price Index and Freddie Mac's House Price Index readings for December.

  • We'll receive Purchasing Managers' Index (PMI) survey readings from the Institute for Supply Management and S&P Global, tracking the strength of the U.S. manufacturing and services sectors

Monday, February 27

  • Occidental Petroleum (OXY), Workday Inc. (WDAY), Heico Corp. (HEI), Li Auto (LI), Zoom Video Communications (ZM), BioMarin Pharmaceutical Inc. (BMRN), and Viatris Inc. (VTRS) report earnings

  • Pending Home Sales (Jan)

  • Durable Goods Orders (Jan)

  • Dallas Fed Manufacturing Index (Feb)

Tuesday, February 28

  • Target (TGT), Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Monster Beverage Corp. (MNST), Sempra Energy (SRE), AutoZone (AZO), Agilent Technologies (A), Ross Stores Inc. (ROST), HP Inc. (HPQ), Rivian Automotive (RIVN), First Solar (FSLR), J.M. Smucker Company (SJM), and Norwegian Cruise Line Holdings (NCLH) report earnings

  • Wholesale Inventories (Jan)

  • Retail Inventories (Jan)

  • S&P Case-Shiller National Home Price Index (Dec)

  • Freddie Mac House Price Index (Dec)

  • CB Consumer Confidence Index (Feb)

  • Richmond Fed Manufacturing Index (Feb)

  • Chicago Purchasing Managers’ Index (PMI) (Feb)

Wednesday, March 1

  • Salesforce (CRM), Royal Bank of Canada (RY), Lowe’s Companies (LOW), Snowflake Inc. (SNOW), Woodside Energy Group (WDS), Dollar Tree (DLTR), Veeva Systems Inc. (VEEV), NIO Inc. (NIO), and Okta Inc. (OKTA) report earnings

  • ISM Manufacturing PMI (Feb)

  • S&P Global Manufacturing PMI (Feb)

  • Construction Spending (Jan)

Thursday, March 2

  • Broadcom (AVGO), Costco Wholesale Corporation (COST), Toronto Dominion Bank (TD), Anheuser-Busch Inbev (BUD), Canadian Natural Resources Ltd. (CNQ), Marvell Technology (MRVL), Kroger Company (KR), Dell Technologies (DELL), Hormel Foods Corp. (HRL), Best Buy (BBY), and Nordstrom (JWN) report earnings

Friday, March 3

  • S&P Global Composite PMI - Final Reading (Feb)

  • ISM Non-Manufacturing/Services PMI (Feb)

  • Total Vehicle Sales (Feb)

More Retail Earnings

We’ll get more earnings from major retailers next week, including Target, Lowe’s, Costco Wholesale, Dollar Tree, Kroger, Best Buy, and Nordstrom, among others. Target, the ninth-largest retailer in the U.S. by revenue, is expected to post earnings per share (EPS) of $1.39, which would mark a 55% decrease year-over-year. The company said on Wednesday it plans to invest $100 billion to upgrade its supply chain network to drive online sales and increase its ecommerce presence.

Major retailers have reported solid results so far this earnings season. Walmart reported earnings earlier this week that topped analysts’ estimates, driven by greater spending on necessities and consumer staples. U.S. retail sales surged 3% in January, the Census Bureau reported last week,1 indicating that consumer spending remains strong despite persistently high inflation and the Federal Reserve’s interest rate hikes.

SCOTUS Hearings on Student Loan Forgiveness

On Tuesday, the U.S. Supreme Court will hear two cases that could determine the fate of President Biden’s student loan forgiveness plan. The program was announced on Aug. 24, 2022, and seeks to cancel $10,000 of student loan debt per eligible borrower, or up to $20,000 for Pell Grant recipients. If the Supreme Court upholds the program, more than 40 million borrowers could see part or all of their student loan debt canceled, costing the government $400 billion. If the court blocks the program, however, borrowers could face greater financial hardship in paying down student loan debt compared to before the pandemic amid rising interest rates, particularly once the pause on student loan repayments expires later this year.

Home Prices in Focus

The latest updates on home prices will become available on Tuesday. Index provider S&P Global will release its Case-Shiller National Home Price Index for December, while mortgage originator Freddie Mac will issue its House Price Index tracking prices of single-family homes.

Home prices as measured by the Case-Shiller Index are projected to have fallen 0.7% in December, which would mark the sixth straight month of deflation in prices. Year-over-year, the index is forecast to have risen 6%, decelerating from 6.8% in November and a peak rate of 21.3% in April of last year. This would mark the smallest annual increase since September of 2020. In the most recent report for November, prices in Miami recorded the biggest annual increase at 18.4%, while those in San Francisco were down 1.6% from a year earlier. All 20 metro areas reported month-over-month declines in prices.

PMI Readings

Next week, the Institute for Supply Management (ISM) and index provider S&P Global will release Purchasing Managers’ Index (PMI) readings for February, tracking the strength of the U.S. manufacturing and services sectors. The ISM Manufacturing PMI is projected to rise slightly to 47.9, up from 47.4 in January, rebounding slightly after eight consecutive months of declines amid a slowdown in the industrial sector. Any reading below 50 indicates a contraction in business activity. The ISM Non-Manufacturing PMI is projected at 59.2, as services activity remains strong amid a shift in consumer spending preferences from goods to services.

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