Biden State of the Union, Powell testimony, Target earnings top week ahead

FAN Editor

Stocks are poised for a rebound following a week of heightened volatility. On Friday, the Dow Jones Industrial Average experienced its best day since late 2020 as investors bargain-hunted beaten-down stocks impacted by uncertainty over Russia’s invasion of Ukraine. The Dow rose over 834 points, or 2.5%, while the S&P 500 and Nasdaq Composite rose 2.2% and 1.6%, respectively. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34058.75 +834.92 +2.51%
SP500 S&P 500 4384.65 +95.95 +2.24%
I:COMP NASDAQ COMPOSITE INDEX 13694.624381 +221.04 +1.64%

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

Monday 2/28

Kicking off the week for earnings on Monday will be Lordstown Motors, Nielsen, Party City and Tegna before the market open and SmileDirectClub, Workday and Zoom Video Communications after the bell. Investors will also take in the Chicago purchasing managers index. 

Ticker Security Last Change Change %
RIDE LORDSTOWN MOTORS 3.21 +0.07 +2.23%
NLSN NIELSEN HOLDINGS PLC 17.57 +0.72 +4.27%
PRTY PARTY CITY HOLDCO INC. 4.39 +0.08 +1.86%
TGNA TEGNA INC. 22.71 +0.18 +0.80%
SDC SMILEDIRECTCLUB INC. 2.21 -0.01 -0.45%
WDAY WORKDAY INC. 225.23 +2.87 +1.29%
ZM ZOOM VIDEO COMMUNICATIONS INC. 125.32 -1.65 -1.30%

Atlanta Fed president Raphael Bostic will also speak on “The Federal Reserve and the Economy” and participate in a moderated conversation before a virtual event with Harvard University EC 10 class students.

Ticker Security Last Change Change %
PG PROCTER & GAMBLE CO. 158.24 +6.48 +4.27%

In addition, Procter & Gamble will raise prices on laundry products including Tide, Gain, Bounce and Unstopables. 

Tuesday 3/1

On Tuesday, AutoZone, Chico’s FAS, Domino’s Pizza, Hormel Foods, Hostess Brands, Kohl’s, Target and Wendy’s will be among the companies leading earnings before the market open. 

Ticker Security Last Change Change %
AZO AUTOZONE INC. 1,864.63 +69.86 +3.89%
CHS CHICO’S FAS INC. 4.91 -0.08 -1.60%
DPZ DOMINO’S PIZZA INC. 429.98 +12.57 +3.01%
HRL HORMEL FOODS CORP. 48.46 +1.43 +3.04%
TWNK HOSTESS BRANDS INC. 21.71 +0.72 +3.43%
KSS KOHL’S CORP. 56.88 +1.21 +2.17%
TGT TARGET CORP. 199.22 +7.67 +4.00%
WEN THE WENDY’S CO. 22.72 +0.29 +1.29%

Meanwhile, AMC Entertainment, Hewlett-Packard Enterprise, Nordstrom, Ross Stores, Saleforce.com, Urban Outfitters and WW International will take the earnings spotlight after the bell. 

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 17.66 -0.02 -0.11%
HPE HEWLETT PACKARD ENTERPRISE CO. 16.02 -0.23 -1.42%
JWN NORDSTROM INC. 20.88 +0.42 +2.05%
ROSS ROSS ACQUISITION CORP. II 9.74 +0.04 +0.41%
CRM SALESFORCE.COM INC. 208.09 +3.80 +1.86%
WW WW INTERNATIONAL INC. 10.54 -0.07 -0.66%

Economic data on the docket for Tuesday includes the Markit manufacturing PMI, construction spending, and the ISM manufacturing index. Bostic will also participate in a moderated conversation entitled “Survey of Business Uncertainty” before the Atlanta Fed’s virtual “Business Uncertainty Panel Member Economic Briefing and Policy Discussion”. 

(Photo by Timothy A. Clary-Pool/Getty Images)

NEW YORK, NEW YORK – SEPTEMBER 21: U.S. President Joe Biden addresses the 76th Session of the U.N. General Assembly on September 21, 2021 at U.N. headquarters in New York City. (Photo by Timothy A. Clary-Pool/Getty Images)  ((Photo by Timothy A. Clary-Pool/Getty Images) / Getty Images)

In the world of politics, President Biden is set to deliver his first State of the Union address since taking office. Other notable events on Capitol Hill include a series of House hearings covering topics including small businesses and competition, the impact of the American Rescue Plan’s state and local fiscal recovery funds, improving retirement security and access to mental health benefits, holding Big Tech accountable and a review of NASA’s Artemis initiative. 

Wednesday 3/2

Abercrombie & Fitch and Dollar Tree will deliver earnings results before the market open on Wednesday, while American Eagle Outfitters, Okta, Snowflake and Victoria’s Secret will be in focus after the bell. 

Ticker Security Last Change Change %
ANF ABERCROMBIE & FITCH CO. 38.82 +0.39 +1.01%
DLTR DOLLAR TREE INC. 140.69 +4.56 +3.35%
AEO AMERICAN EAGLE OUTFITTERS INC. 21.36 +0.44 +2.10%
OKTA OKTA INC. 177.37 +3.81 +2.20%
SNOW SNOWFLAKE INC. 269.42 -0.45 -0.17%
VSCO VICTORIA’S SECRET & CO. 56.01 +0.61 +1.10%

Wednesday’s economic data will include the ADP national employment report, the Beige Book and the latest on weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.

FILE – In this Sept. 30, 2021, file photo, Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on Capitol Hill in Washington. (Sarah Silbiger/Pool Photo via AP, File) (Sarah Silbiger/Pool Photo via AP, File / Associated Press)

The Federal Reserve will continue to make the rounds with Jerome Powell delivering testimony on monetary policy before Congress on Wednesday and Thursday. Chicago Fed president Charles Evans will also speak on current economic conditions and monetary policy before the hybrid Lake Forest-Lake Bluff Rotary Club 2022 Economic Update event.

Thursday 3/3

Wrapping up the week for earnings will be Big Lots, BJ’s Wholesale Club, Burlington Stores, Kroger, Toro and UTZ Brands before the market open and Costco Wholesale, Gap and Smith & Wesson Brands after the bell. 

Ticker Security Last Change Change %
BIG BIG LOTS INC. 35.64 +0.88 +2.53%
BJ BJS WHSL CLUB HLDGS INC 64.02 +1.70 +2.73%
BURL BURLINGTON STORES 225.64 +7.27 +3.33%
KR THE KROGER CO. 46.46 +2.02 +4.55%
TTC THE TORO CO. 93.95 +1.02 +1.10%
UTZ UTZ BRANDS, INC. 15.36 +0.61 +4.14%
COST COSTCO WHOLESALE CORP. 517.49 +11.91 +2.36%
GPS GAP INC. 14.75 +0.41 +2.86%
SWBI SMITH & WESSON BRANDS 16.97 +0.40 +2.41%

Thursday will be the busiest day for economic data with revisions for labor costs, productivity and core capital equipment orders, factory orders, the ISM services index, Markit services PMI and the latest on initial and continuing jobless claims. New York Fed president John Williams will also participate in a moderated discussion before Council for Economic Education’s virtual “Economists on the Economy” event.

Ticker Security Last Change Change %
DKNG DRAFTKINGS INC. 22.20 +0.37 +1.69%
NKE NIKE INC. 138.80 +1.63 +1.19%

Other notable events on Thursday include DraftKings’ virtual investor day and the release of Drake’s first sneaker collaboration with Nike.

Friday 3/4

Finishing out the week for economic data will be the February jobs report. 

Ticker Security Last Change Change %
RCL ROYAL CARIBBEAN GROUP 83.76 +2.38 +2.92%

In addition, Royal Caribbean’s Wonder of the Seas, the world’s largest cruise ship, will set sail for the first time ever from Port Everglades. 

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