U.S. stock and bond markets will be closed on Monday, February 20, for Presidents Day. After the holiday, investors can expect a flurry of activity as companies continue to release their earnings reports, and economic data is set to be released.
On Tuesday, investors will have their eyes on Home Depot, Walmart, and Palo Alto Networks as they are set to report their results. The Services and Manufacturing Purchasing Managers’ indexes for February will also be released by S&P Global. The National Association of Realtors will report on existing-home sales for January.
Wednesday will see the release of minutes from the Federal Open Market Committee’s early February monetary-policy meeting. Nvidia, the largest semiconductor company by market value, will also release its fourth-quarter fiscal-2023 results. Coterra Energy, DaVita, eBay, Lucid Group, Pioneer Natural Resources, and TJX Cos. are also set to release their quarterly results.
On Thursday, Alibaba, Autodesk, Block, Booking Holdings, Intuit, Keurig Dr Pepper, Moderna, Newmont, and Warner Bros. Discovery will be the companies holding conference calls to discuss their earnings. The Bureau of Economic Analysis will also release its second estimate of fourth-quarter gross-domestic-product growth.
The week will wrap up with the Bureau of Economic Analysis releasing the personal income and expenditures report for January on Friday.
Busy Earnings Week
Investors will be keeping an eye on Home Depot, Walmart, and Palo Alto Networks as they report their earnings. Walmart has benefited from the pandemic as more consumers have turned to online shopping. Home Depot, on the other hand, has benefited from the rise in home improvement projects. Palo Alto Networks has been seeing an uptick in demand for its cybersecurity services as more people work remotely.
Wednesday will see the release of Nvidia’s fourth-quarter fiscal-2023 results. The company has experienced a surge in its stock price due to the growing interest in artificial intelligence.
Thursday will be a crowded day for earnings reports, with Alibaba, Autodesk, Block, Booking Holdings, Intuit, Keurig Dr Pepper, Moderna, Newmont, and Warner Bros. Discovery all holding conference calls to discuss their earnings.
Economic Data Releases
Investors will also be watching for the release of the Services and Manufacturing Purchasing Managers’ indexes for February on Tuesday. The indexes have been below 50 since November, indicating a contraction in their respective sectors. The National Association of Realtors will also report on existing-home sales for January. The report is expected to show a seasonally adjusted annual rate of 4.1 million homes sold, 80,000 more than in December.
On Thursday, the Bureau of Economic Analysis will release its second estimate of fourth-quarter gross-domestic-product growth. Economists forecast that GDP increased at a seasonally adjusted annual rate of 2.5%.
Friday will see the Bureau of Economic Analysis release the personal income and expenditures report for January. The report is expected to show a 1% rise in both income and spending month over month.
Conclusion
Investors are gearing up for a busy week of earnings and economic data releases. With a plethora of earnings reports set to be released, investors will have their work cut out for them in trying to make informed decisions. The economic data releases will also be closely watched, as they could have a significant impact on the markets. Investors should brace themselves for a week of volatility and be prepared to adjust their portfolios accordingly.
