The Week Ahead on Wall Street
There are no economic data reports scheduled for today.
Tomorrow, the January Case-Shiller National Home Price Index and the March Consumer Confidence Index will be released. In February, consumer confidence was up as the labor market showed signs of improvement and COVID-19 vaccine rollout progressed.
On Wednesday, look for the February Pending Home Sales Index, March Chicago PMI, and the March ADP employment report. This monthly report comes from Automatic Data Processing, which handles payroll for about 20% of US private employment. The report showed that private sector employment increased by 117,000 between January and February.
On Thursday, March markit manufacturing PMI, the March ISM Manufacturing Index, February construction spending, and March motor vehicle sales will be released. Initial jobless claims will also be published. Last week, jobless claims reached the lowest level seen since the pandemic began.
On Friday, March average hourly earnings, March nonfarm payrolls, and the March unemployment rate will be published. In February, the unemployment rate was 6.2%. Most of last month’s job gains came from the leisure and hospitality industries.
Canoo (GOEV), a California-based electric vehicle startup, will report earnings today. The company focuses on affordable commercial vehicles to be used by car rental and rideshare companies. Earlier this month, the company shared plans for an electric pickup truck which will be available in 2023.
Look out for a report from Chewy (CHWY) tomorrow. The online pet supply retailer has seen surging demand over the past year as consumers have adopted pets and purchased goods online. However, the industry is getting more crowded and Chewy is ramping up its marketing budget to stay competitive. This could have an impact on its bottom line.
On Wednesday, Walgreens (WBA) will share its latest results. Walgreens has said it has the capacity to distribute 20 million to 25 million vaccine doses per month as long as a supply of shots is available.
Micron Technology (MU) will also share its latest results on Wednesday. PC manufacturers and data-center operators have rushed to buy the company’s products over the past year. However, global supply chain challenges have resulted in a worldwide chip shortage, which could weigh on Micron’s earnings.
CarMax (KMX), the largest used car retailer in the US, will share its earnings report on Thursday. The company beat expectations with its last earnings report as consumers looked for ways to avoid public transportation without spending money on a new car. Investors will be curious to see if this trend has continued.
|Date||Company||Earnings Call Time|
|3/29||Canoo (GOEV)||Not specified|
|3/30||Chewy (CHWY)||After hours|
|3/31||Walgreens (WBA)||Pre-market||3/31||Micron Technology (MU)||Not specified||4/1||CarMax (KMX)||Pre-market|
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