Tomorrow, existing home sales for February will be released. In January, existing home sales decreased 0.7% month-over-month, marking a full calendar year of consecutive decreases.
On Wednesday, the Federal Reserve will give its next interest rate decision. The central bank raised the fed funds rate by 25-basis-points last month, dialing back the size of its hikes in each of its 2023 meetings. Chairman Jerome Powell has reiterated his commitment to raising rates until the Fed’s 2% inflation rate target is reached. But recent turmoil in the banking sector has some investors thinking the central bank might pause hikes for the immediate future.
On Thursday, Wall Street will get reports for jobless claims and new home sales. Jobless claims fell to 192,000 for the week ended March 11, well below market expectations. Unemployment numbers remain near record lows, signaling a still-tight labor market.
On Friday, a flurry of economic reports are due, including orders for durable goods, as well as S&P Global’s Services, Manufacturing, and Composite PMIs.
Today, Chinese ecommerce company Pinduoduo (PDD) will kick off the earnings week. Investors will want to hear about the success of Pinduodo’s Temu shopping app. The app was growing remarkably even before its popular “Shop like a Billionaire” ad ran during the Super Bowl. In the week ended January 29, Temu posted a record $46 million in gross merchandise value.
Tomorrow, investors will get earnings reports from Gamestop (GME) and Nike (NKE). For the preceding quarter, Nike reported $13.3 billion in revenue, up 17% year-over-year, driven by record sales growth on Black Friday and Cyber Monday.
Wednesday marks a big day for pet owners and investors alike. Petco (WOOF) and Chewy (CHWY) will both report earnings. Along with its announcement, Chewy may look to ease concerns of antitrust violations regarding its relationship with PetSmart. The two pet care giants separated in 2022, but still share some board members across both companies.
The Week Ahead at SoFi
Go from maxing out your credit cards to maximizing how you use them. Join us for this week’s Your Next Dollar hosted by Brian Walsh, CFP to learn new ways to approach the role of credit cards within your finances.
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