Wall Street week ahead: Nvidia, Walmart earnings and Fed minutes in focus
On Wall Street in the week ahead, stock market investors’ focus will be mostly on heavyweight earnings including Nvidia and Walmart, and the FOMC (Federal Open Market Committee) minutes.
Nvidia, the third most valuable American company after Apple and Microsoft, will report its quarterly earnings results on February 21.
On economic front investors will not have much data to watch for next week.
Last week, the inflation data hurt investors’ hopes that the US Federal Reserve could begin cutting interest rates in March.
Economic events
The minutes of Fed’s January FOMC meeting will be released on February 21.
February 22 will see the release of the S&P flash US services PMI and the S&P flash US manufacturing PMI for the current month. Data on existing home sales for January will also be released on the same day.
Earnings
Following companies are due to report quarterly earnings in the week ahead—
Walmart, Home Depot, Caesars Entertainment, Palo Alto Networks, Medtronic, Analog Devices, Nvidia, Etsy, Rio Tinto, Marathon Oil, Rivian Automotive, Lucid Group, PG&E, Dominion Energy, Moderna, Intuit, Booking Holdings, Wayfair, Carvana, Warner Bros. Discovery, Bloomin’ Brands, and Ameren.
Markets last week
US stocks declined on Friday after the release of a hotter-than-expected producer prices report.
The S&P 500 lost 24.18 points, or 0.49 per cent, to end at 5,005.15 points, while the Nasdaq Composite lost 132.38 points, or 0.83 per cent, to 15,775.65. The Dow Jones Industrial Average fell 149.48 points, or 0.39 per cent, to 38,623.64.
The yield on the 10-year Treasury climbed to 4.28 per cent on Friday from 4.24 per cent late on Thursday. The 2-year Treasury yield touched its highest level since December.
The US dollar rose to 150.24 yen from 149.96 Japanese yen. The euro rose to $1.0777 from $1.0769.
The benchmark US crude oil for March delivery gained $1.16 to $79.19 per barrel on Friday. Brent crude for April delivery added 61 cents to $83.47 per barrel.
Gold for April delivery rose $9.20 to $2,024.10 per ounce. Silver for March delivery added 53 cents to $23.48 per ounce.
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Published: 18 Feb 2024, 08:24 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.