A host of tech and retail companies will report their latest quarterly results this week. Federal Reserve watchers will join the central bank’s annual conference in Jackson Hole, Wyoming, at the end of the week.
Zoom Video Communications
will be the main earnings on Monday, followed by the results of
Advance auto parts
Ulta Beauty and
release quarterly results on Thursday.
The Fed’s three-day economic policy symposium in Kansas City begins Thursday, with economists and officials discussing this year’s theme, “Reassessing Constraints on the Economy and Policy.”
Economic data releases this week will include the S&P Global Manufacturing and Services Purchasing Managers’ Index for August on Tuesday. The Census Bureau will also release the durable goods report for July on Wednesday, and the Bureau of Economic Analysis will report personal income and spending data for July on Friday.
Palo Alto Networks and Zoom Video Communications report quarterly results.
The Federal Reserve The Bank of Chicago released its national activity index for July. The consensus estimate is for a negative reading of 0.14, slightly better than June.
Nvidia reports results for the second quarter of fiscal 2023. In early August, the company previously announced weaker-than-expected sales for the quarter, citing softness in the gaming segment. The stock is down 6% since then.
Advance Auto Parts,
Bank of Nova Scotia
Nordstrom and Toll Brothers post earnings.
Census Bureau reports new home sales data for July. Economists forecast new single-family home sales at a seasonally adjusted 577,500, down 12,500 from June. New home sales are down over 40% from summer 2020.
S&P Global releases both manufacturing and services purchasing managers’ indexes for August. Expectations are towards Production
to be 52, while the services PMI is expected to reach 50. This compares with readings of 52.2 and 47.3 respectively in July. It was the first reading below 50 for the services PMI in more than two years, indicating a contraction in that sector.
Royal Bank of Canada
Salesforce, Snowflake and Williams-Sonoma reported gains.
Census Bureau released the durable goods report for July. The consensus call is for new orders for durable goods to rise 0.5% month-on-month to $274 billion.
Canadian Imperial Bank of Commerce
Dell Technologies, Dollar General, Dollar Tree,
Ulta Beauty, VMware and Workday hold conference calls to discuss quarterly results.
The Federal Reserve Bank of Kansas City hosts the 2022 three-day Economic Policy Symposium in Jackson Hole, Wyo. “Reassessing the Constraints on Economics and Politics” is the theme of this year’s conference.
Bureau of Economics The analysis reports its second estimate of gross domestic product growth. The preliminary estimate was that GDP contracted at a seasonally adjusted annual rate of 0.9% in the second quarter. That marked two consecutive quarters of declines, meeting one definition of a recession.
BEA reports personal income and expenses for July. Revenue is expected to increase 0.6% month-on-month, matching June’s gain. Spending is expected to rise 0.5%, compared with 1.1% previously. The consensus estimate is for the core personal consumption expenditure price index to rise 4.7% year-on-year, after a 4.8% jump in June.
Write to Nicholas Jasinski c [email protected]