The Week Ahead on Wall Street
Today, February existing home sales will be released. Existing home sales were 6.69 million in January. Analysts expect that the housing market may slow down as interest rates begin to climb.
Tomorrow, the Q4 current account deficit and February new home sales will be published. New home sales totaled 923,000 in January. The cost of materials used to build new homes, from lumber to copper, is climbing because of high demand and a slow recovery from supply chain issues at the onset of the pandemic.
On Wednesday, March Markit Manufacturing PMI and March Markit services PMI will be published. February core capital goods orders and February durable goods orders will also be released. Durable goods orders increased for the ninth month in a row in January.
On Thursday, Q4 gross domestic product and initial jobless claims will be published. Jobless claims rose slightly to 770,000 last week but still remain close to the lowest levels seen over the course of the pandemic.
On Friday, February personal income, consumer spending, core inflation, and trade in goods will be published. March consumer sentiment will also be released. Consumer sentiment dropped between January and February, partially because of slow vaccine rollout.
Tomorrow, Adobe (ADBE) will report earnings. The company’s stock price has climbed almost 60% over the past twelve months as remote work has caused demand for its cloud-based software to stay strong.
GameStop (GME) will also share its latest results tomorrow. The video game retailer has made headlines this year as retail traders have piled into its stock. Some wonder if the company’s stock price will see more swings ahead of this earnings report.
On Wednesday, look for an earnings report from Lululemon (LULU). Demand for the company’s clothing and accessories has surged during the pandemic. However, last week, Dicks Sporting Goods (DKS) rolled out a men’s athleisure line called VRST which could compete with Lululemon’s products for men.
General Mills (GIS) will also share its earnings on Wednesday. The company owns Gold Medal flour, Betty Crocker, and a number of other cereal and snack brands. During the pandemic, as more people have been baking and cooking at home, the company’s sales have surged. It is now strategizing about how to encourage customers to keep up habits they formed during the pandemic, like eating breakfast at home and baking bread.
On Thursday, Darden Restaurants (DRI), which owns restaurant chains including Olive Garden and LongHorn Steakhouse, will report its latest results. Restaurant closures and capacity restrictions have taken a toll on the brand, but recently its shares have outperformed competitors like Cracker Barrel Old Country Store (CBRL) and Dine Brands (DIN), which owns Applebee’s and IHOP.
|Date||Company||Earnings Call Time|
|3/23||Adobe (ADBE)||After hours|
|3/23||GameStop (GME)||After hours|
|3/24||Lululemon (LULU)||Not specified|
|3/24||General Mills (GIS)||Pre-market|
|3/25||Darden Restaurants (DRI)||Pre-market|
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.