Many tech and retail companies will report their latest quarterly results this week. Federal Reserve watchers will tune into the central bank’s annual confab in Jackson Hole, Wyo., at the end of the week.
Zoom Video communications
will be the focus of Monday’s earnings, followed by results from
Advanced auto parts
Ulta Beauty, and
to announce quarterly results on Thursday.
The Kansas City Fed’s three-day Economic Policy Symposium begins Thursday, with economists and officials discussing this year’s theme, “Reassessing Constraints on the Economy and Policy.”
Economic data due this week will include S&P Global Manufacturing and Purchasing Managers’ Services Index for August on Tuesday. The Census Bureau will also release its 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 Bank of the United States The Bank of Chicago publishes its National Activity Index for July. The consensus estimate is for a negative reading of 0.14, slightly better than in June.
Nvidia reports results for the second quarter of fiscal 2023. In early August, the company announced lower-than-expected sales for the quarter due to softness in its gaming segment. Shares are down 6% since then.
Advanced Auto Parts,
Bank of Nova Scotia
Nordstrom and Toll Brothers release earnings.
The Census Bureau reports new home sales data for July. Economists forecast that sales of new single-family homes were at a seasonally adjusted pace of 577,500, down 12,500 from June. New home sales are down more than 40% since the summer of 2020.
S&P Global Publications Both the Manufacturing and Services Purchasing Managers’ indices for August. Expectations are for Construction
to be 52, while the services PMI looks set to come in at 50. This compares with readings of 52.2 and 47.3, respectively, in July. This was the first reading below 50 for the services PMI in more than two years, suggesting a contraction in this sector.
Royal Bank of Canada
Salesforce, Snowflake and Williams-Sonoma report earnings.
The Census Bureau publishes the durable goods report for July. The consensus call is for new orders for durable goods to rise 0.5% monthly 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 the United States Bank of Kansas City is hosting its three-day 2022 Economic Policy Symposium in Jackson Hole, Wyo. “Reassessing constraints on economics and politics” is the theme for this year’s confab.
The Finance Office 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. This marked two consecutive quarters of decline, meeting a definition of recession.
The BEA reports July personal income and expenses. Income is expected to rise 0.6% month-on-month, equal to June’s gain. Spending is seen rising 0.5%, compared to 1.1% previously. The consensus estimate is that the core personal consumption expenditure price index will rise 4.7% year-on-year, after a 4.8% jump in June.
Write to Nicholas Jasinski at email@example.com