U.S. stocks are expected to open with minimal movement on Monday, as investors gear up for a week packed with significant events, including fresh jobs data, Super Tuesday primary elections, and President Joe Biden’s State of the Union address.
As of 6:30 p.m. Eastern Time on Sunday, Dow Jones Industrial Average futures indicated a slight decline of 29 points, or less than 0.1%, while S&P 500 futures were also down less than 0.1%. Nasdaq Composite futures showed a slight uptick of 0.1%.
This week’s notable earnings reports include GitLab and Stitch Fix on Monday, followed by CrowdStrike Holdings, Nio, Nordstrom, Ross Stores, and Target on Tuesday.
Wednesday will see earnings reports from Abercrombie & Fitch, Brown-Forman, Campbell Soup, Foot Locker, Park-Ohio Holdings, Thor Industries, and Victoria’s Secret.
On Thursday, investors will be watching for earnings releases from Arhaus, BJ’s Wholesale Club, Broadcom, Burlington Stores, Costco Wholesale, DocuSign, Gap, Kroger, Marvell Technology, and MongoDB.
Economically, Tuesday’s highlight will be the Institute for Supply Management’s Services Purchasing Managers’ Index report for February. On Wednesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for January, alongside the Federal Reserve’s second Beige Book of 2024, providing anecdotal insights on current economic conditions from the 12 regional Federal Reserve banks. Additionally, ADP will release its National Employment Report on private-sector employment for February.
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On Wednesday, Federal Reserve Chairman Jerome Powell will present the Semiannual Monetary Policy Report to Congress, testifying before the House Financial Services Committee. He will also report to the Senate Committee on Banking, Housing, and Urban Affairs Committee on Thursday.
Thursday’s agenda includes the release of the Financial Accounts of the U.S. by the Federal Reserve, which includes household net worth data for the fourth quarter. Additionally, the Labor Department will publish initial unemployment benefits claims for the week ended March 2. The European Central Bank will announce its monetary policy decision on the same day.
President Joe Biden is scheduled to deliver the State of the Union address on Thursday at 9 p.m. Eastern Time, addressing a joint session of Congress.
Finally, on Friday, the Bureau of Labor Statistics will release the February jobs report, providing crucial employment figures and the unemployment rate for the month.