Michael Arone, chief investment strategist at State Street Global Advisors, told ‘The Claman Countdown’ to expect more market volatility as the Fed raises rates to fight inflation.
Investors are on the next wave of key earnings and economic data. Wall Street will also follow the events The Musk-Twitter legal battle The world’s richest man is being put in the hot seat during a deposition in Delaware this week.
On Friday, US stocks suffered another sharp decline as the Dow Jones Industrial Average hit an intraday bear market, before ending just above that level with a 486-point loss as recession fears mounted. In commodities, oil fell by more than 7% in the week and reached $78.74/barrel.
FOX Business looks at upcoming events that are likely to trigger action financial markets in the coming days.
| ticker | Safety | End | change | change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 29590.41 | -486.27 | -1.62% |
| SP500 | S&P 500 | 3693.23 | -64.76 | -1.72% |
| Me: COMP | NASDAQ COMPOSITE INDEX | 10867.926195 | -198.88 | -1.80% |
Monday 9/26
The Chicago Federal Reserve’s national activity index will kick off the week for economic data.
MARKET NEWS: DOW SLIPS BELOW 30K AS RECESSION FEAR RISES, OIL DOWN 7% FOR WEEK
The Federal Reserve will also make the rounds, as Atlanta Fed President Raphael Bostic participates in a Washington Post Live interview on the causes and effects of income and wealth inequality in the United States, and Cleveland Fed President Loretta Mester talks about the economic outlook and monetary policy earlier. Massachusetts Institute of Technology (MIT) Golub Center for Finance and Policy Distinguished Speaker Series.
Boston Fed President Susan Collins will also speak to the Greater Boston Chamber of Commerce about strengths and challenges in the national and regional economy, the Federal Reserve’s work both nationally and in New England, its past, and what it plans to do next.
Tesla founder Elon Musk attends Offshore Northern Seas 2022 in August 2022 in Stavanger, Norway. 29, 2022. (NTB/Carina Johansen via REUTERS/Reuters Images)
| ticker | Safety | End | change | change % |
|---|---|---|---|---|
| TWTR | TWITTER INC. | 41.58 | +0.18 | +0.43% |
Elon Musk’s legal battle with Twitter will also be in the spotlight, as will Tesla CEO was questioned under oath in his testimony It is planned to continue until September. 27. Twitter is suing Musk in Delaware Chancery Court to force it to go ahead with its $44 billion acquisition of the social media giant. Cool billing will begin in October. 17.
Tuesday 9/27
Cracker Barrel, Jabil Circuit and United Natural Foods are expected to gain before the market open on Tuesday, and BlackBerry and Cal-Maine Foods after the bell.
| ticker | Safety | End | change | change % |
|---|---|---|---|---|
| CBRL | CRACKER BARREL OLD COUNTRY STORE INC. | 98.22 | -5.04 | -4.88% |
| JBL | JABIL INC. | 56.31 | -1.25 | -2.18% |
| UNFI | UNITED NATURAL FOODS INC. | 39.02 | -1.63 | -4.01% |
| BB | BLACKBERRY LTD. | 5.07 | -0.18 | -3.43% |
| RESIDENT | CAL-MAINE FOODS INC. | 60.57 | -0.04 | -0.07% |
Meanwhile, the FHFA monthly home price index, Case-Shiller home price index, new home sales, consumer confidence, durable goods and building permits will be key economic data.
Chicago Fed President Charles Evans will also speak on current economic conditions or monetary policy before the Official Monetary and Financial Institutions Forum’s “Future of the U.S. Economy” event, and San Francisco Fed President Mary Daly will participate in a talk on “Innovation and Centrality.” Banking” ahead of the bank’s virtual Symposium on Asian Banking and Finance.
INVESTOR SENTIMENT AT WORST LEVEL SINCE 2008 FINANCIAL CRISIS ‘Definitely’: BOFA
Wednesday 9/28
Cintas and Paychex will focus on earnings before the market opens on Wednesday, while Jefferies Financial Group, Park City Group and Vail Resorts will report earnings after the call.
| ticker | Safety | End | change | change % |
|---|---|---|---|---|
| CTAS | CORP | 389.89 | +1.12 | +0.29% |
| PAYX | PAYCHEX INC. | 115.02 | -2.59 | -2.20% |
| JEF | JEFFERIES FINANCIAL GROUP INC. | 29.98 | -0.99 | -3.21% |
| PCYG | PARK CITY GRP | 5.80 | -0.02 | -0.34% |
| MTN | VAIL RESORTS | 208.10 | -3.60 | -1.70% |
On the economic data front, investors will be watching some sales, weekly mortgage applications and the Energy Information Administration’s weekly crude oil inventories.
Atlanta Fed President Raphael Bostic will also participate in a moderated conversation on “Leadership in Banking” before “Banking and the Economy: A Forum for Minorities in Banking,” and Chicago Fed President Charles Evans will moderate a question-and-answer session on the topic. Current economic conditions or monetary policy hosted by the London School of Economics.
This photo taken on July 4, 2022 shows the logo of online shopping giant Amazon on display at the Amazon Amagasaki Fulfillment Center in Amagasaki, Hyogo Prefecture. (KASUHIRO NOGI/AFP via Getty Images/Getty Images)
In addition, Amazon will hold its annual hardware event showcasing the e-commerce behemoth’s latest devices, features and services. Key points last year’s event Includes Echo Show 15, Astro home assistant and Amazon Glow.
Thursday 9/29
Rounding out the week for gains will be Bed Bath & Beyond, CarMax, Micron Technology and Rite Aid before the market open, and Nike after the bell.
| ticker | Safety | End | change | change % |
|---|---|---|---|---|
| BBBY | BED BATH & BEYOND INC. | 6.67 | -0.42 | -5.92% |
| KMX | CARMAX INC. | 79.49 | -0.28 | -0.35% |
| MU | MICRON TECHNOLOGY INC. | 50.10 | +0.44 | +0.89% |
| RAD | RITE AID CORP. | 7.01 | -0.07 | -0.99% |
| NKE | NIKE INC. | 97.11 | -1.43 | -1.45% |
When it comes to economic data, investors will digest corporate earnings, the final reading on second-quarter GDP, and the latest data on initial and ongoing jobless claims.
Cleveland Fed President Loretta Mester will also participate in a policy panel ahead of the hybrid “Inflation: Drivers and Dynamics Conference 2022,” co-sponsored with the bank’s Center for Inflation Research and San Francisco Fed President Mary Daly’s policy presentation at Boise State University. .
The Porsche logo is seen on the alloy wheels of a 718 Porsche Boxster at a Porsche dealership on September 6, 2022 in Rome, Italy. (Manuel Romano/NurPhoto via Getty Images/Getty Images)
In addition, Porsche will start trading on the Frankfurt Stock Exchange.
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Friday 9/30
Rounding out the week for economic data will be the personal consumption expenditure price index, real consumer spending and disposable income, the University of Michigan consumer sentiment index and the Chicago purchasing managers’ index.
In addition, Federal Reserve Vice Chairman Lael Brainard will deliver the keynote address prior to the hybrid Financial Stability Considerations Conference for Monetary Policy Conference, and New York Fed President John Williams will deliver the closing remarks.
| ticker | Safety | End | change | change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 275.33 | -13.26 | -4.59% |
Other notable events include Tesla’s second AI Day, the end of the US government’s fiscal year and an emergency summit of EU energy ministers to approve measures to lower energy prices.
