Costco, FedEx Earnings, Fed Decision, Best Existing Home Sales Next Week

Investors will be watching the Federal Reserve closely this week as the central bank releases its latest interest rate decision.

Wall Street is betting that policymakers will approve a third consecutive 75 basis point interest rate hike or potentially go even further with a historic 100 basis point increase.

A Wall Street sign in front of an American flag (Reuters/Mike Segar/Reuters Photos)

Costco and FedEx will also be among the major players expected to generate quarterly results this week.

Shares of the shipping giant plunged more than 20% at Friday’s market open after it announced it was closing storefronts and offices, postponing new hires and dropping its forecast for the financial year 2023.

MARKET NEWS: U.S. EQUITIES SLIPPING TO LEVELS NOT SEEN SINCE MID-JULY

Teleprinter Security Last To change To change %
Me: DJI DOW JONES AVERAGES 30822.42 -139.40 -0.45%
SP500 S&P500 3873.33 -28.02 -0.72%
I: COMP NASDAQ COMPOSITE INDEX 11448.403659 -103.95 -0.90%

On Friday, the three major U.S. stock indexes slid to levels not seen since mid-July, with the S&P 500 closing below 3,900, a closely watched support level. The S&P 500 fell 0.72% to end at 3,873.33 points, while the Nasdaq Composite fell 0.90% to 11,448.40. The Dow Jones Industrial Average fell 0.45% to 30,822.42.

FOX Business takes a look at upcoming events that are likely to move Financial markets in the coming days.

monday 9/19

Earnings from AutoZone before market open and the National Association of Home Builders’ Housing Market Index will kick off the week.

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AZO AUTOZONE INC. 2,167.04 +22.01 +1.03%

In addition, Advanced Micro Devices will replace DuPont in the S&P 100 index, and Nvidia will hold its GTC conference on artificial intelligence and the metaverse, which will run until September 22.

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AMD ADVANCED MICRO DEVICES INC. 76.51 -0.15 -0.20%
NVDA NVIDIA CORP. 131.98 +2.69 +2.08%

In the world of politics, President Biden and First Lady Jill Biden will attend the funeral of Queen Elizabeth II, Britain’s longest-serving monarch, who died at the age of 96.

tuesday 9/20

Stitch Fix will be in the spotlight after the bell on Tuesday, while building permits and housing starts will take center stage in economic data. The Federal Reserve’s two-day interest rate meeting will also begin on Tuesday.

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SFIX STITCH FIX INC. 4.78 -0.15 -3.04%

On Capitol Hill, the House Subcommittee on Commodity, Energy, and Credit Exchanges will hold a hearing titled “Assessing Crypto as a Tool for Financial Inclusion.”

Meanwhile, the Senate Banking, Housing, and Urban Affairs Committee will hold a hearing on tightening the screws on Russia, focusing on smart sanctions, economic policy and next steps, and the subcommittee Senate Committee on Competition Policy, Antitrust and Consumer Rights will hold a hearing on the federal government. enforcement of antitrust laws.

BANK OF AMERICA WARNS NEW LOWS FOR S&P 500 AS ‘INFLATION SHOCK IS NOT OVER’

Wednesday 09/21

The parade of results will continue on Wednesday with General Mills before market open and HB Fuller, KB Home, Lennar Corporation and Steelcase after the bell.

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GIS GENERAL MILLS INC. 75.23 +0.16 +0.21%
COMPLETE HB FULLER CO. 59.79 -1.75 -2.84%
KBH KB HOME 28.38 +0.65 +2.34%
LEN LENNAR CORP. 75.78 +1.96 +2.66%
SCS STEELCASE INC. 9.27 -0.33 -3.39%

The Federal Reserve will also release its highly anticipated decision on interest rates. Federal Reserve Chairman Jerome Powell will hold a news conference on the central bank’s economic outlook after the decision is released. Existing home sales, weekly mortgage applications and weekly Energy Information Administration crude inventories will also be in focus on Wednesday.

Additionally, the U.S. Department of Energy will host the 2022 Global Clean Energy Action Forum in Pittsburgh in partnership with Carnegie Mellon University. The forum, which runs until September 23, will bring together the 31 countries of the Clean Energy Ministerial Conference for CEM13, Mission Innovation for MI-7 and a large presence of clean energy companies, innovators and civil society.

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Thursday 22/09 and Friday 23/09

Earnings on Thursday’s program will include Accenture, Darden Restaurants and FactSet Research Systems before the market open and Costco and FedEx after the bell.

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ACN ACCENTURE-API 272.77 -1.09 -0.40%
DRI DARDEN RESTAURANTS INC. 129.71 -0.69 -0.53%
MSDS FACTSET RESEARCH SYSTEMS INC. 446.03 -1.01 -0.23%
COST COSTCO WHOLESALE CORP. 504.14 +0.64 +0.13%
FDX FEDEX CORP. 161.04 -43.80 -21.38%

On the economic data front, investors will equate the second quarter current account deficit, the Conference Board’s leading economic indicators index and the latest initial and continuing unemployment insurance claims.

The Senate Energy and Natural Resources Committee will also hold a hearing on the opportunities and challenges of deploying innovative battery- and non-battery technologies for energy storage.

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TUEM TUESDAY MORNING CORP. 0.18 -0.02 -10.00%

Discount retailer Tuesday Morning will end the week with profits on Friday before the market opens.

Sallie R. Loera