There’s a head-spinning amount of news for markets to navigate in the week ahead, the biggest of which will be the Federal Reserve’s midweek meeting.
The two largest U.S. companies — Microsoft and Apple — report Tuesday and Thursday, respectively. Google parent Alphabet releases results Tuesday, and Amazon reports Thursday. Meta Platforms, formerly Facebook, reports Wednesday. In all, more than a third of the S&P 500 companies are reporting.
On top of that are several hefty economic reports, which should add fuel to the debate on whether the economy is heading toward, or is already in, a recession.
Second-quarter gross domestic product is expected Thursday. The Fed’s preferred personal consumption expenditures inflation data comes out Friday morning, as does the employment cost index. Home prices and new home sales are reported Tuesday and consumer sentiment is released Friday.
The run-up to the Fed’s meeting on Tuesday and Wednesday has already proven to be dramatic, with traders at one point convinced a full-point rate hike was coming. But Fed officials pushed back on that view, and economists widely expect a second three-quarter point hike to follow the one last month.
Topping the list is the second-quarter GDP, expected to be negative by many forecasters. A contraction would be the second in a row on top of the 1.6% decline in the first quarter. Two negative quarters in a row, when confirming declines in other data, is viewed as a sign of a recession.
The widely watched Atlanta Fed GDP Now was tracking at a decline of 1.6% for the second quarter. According to Dow Jones, a consensus forecast of economists expects a 0.3% increase.
Week ahead calendar
Earnings: Microsoft, Alphabet, Coca-Cola, McDonald’s,General Motors, 3M, UPS, PulteGroup, Raytheon Technologies, Texas Instruments, Archer-Daniels-Midland, Chubb, Chipotle Mexican Grill, Mondelez International, Canadian National Railway, Pentair, LVMH, Paccar, Kimberly-Clark, Albertsons,General Electric, Ameriprise, Teradyne, Ashland, Boston Properties, FirstEnergy, Visa
FOMC begins 2-day meeting
9:00 a.m. S&P/Case-Shiller home prices
9:00 a.m. FHFA home prices
10:00 a.m. New home sales
10:00 a.m. Consumer confidence
Earnings: Boeing, Meta Platforms, Bristol-Myers Squibb, Ford,Etsy, Qualcomm, T-Mobile, Kraft Heinz, Norfolk Southern, Netgear, Cheesecake Factory, American Water Works, Ryder System, Genuine Parts, Waste Management, Hilton Worldwide, Boston Scientific, Owens Corning, Sherwin-Williams, Fortune Brands, Lam Research, Flex, Hess, Community Health Systems, Molina Healthcare
8:30 a.m. Durable goods
10:00 a.m. Pending home sales
2:00 p.m. FOMC statement
2:30 p.m. Fed Chair Jerome Powell press briefing
Earnings: Apple, Amazon, Comcast, Intel, Merck, Pfizer,Honeywell, Mastercard, Northrop Grumman, Southwest Air, Harley-Davidson, Anheuser-Busch InBev, Diageo, Shell, Stanley Black and Decker, Carlyle Group, Southern Co, Lazard, Roku, International Paper, Sirius XM, Hershey, PG&E, ArcelorMittal, Keurig Dr. Pepper, Hertz Global, T.Rowe Price, Valero,Embraer, First Solar, Beazer Homes, Hartford Financial, Celanese, VF Corp, Eastman Chemical, Frontier Group
8:30 a.m. Initial claims
8:30 a.m. Real GDP [Q2 advanced]
8:30 a.m. Employment Cost Index
8:30 a.m. Personal income/spending
8:30 a.m. PCE deflator
9:45 a.m. Chicago PMI
10:00 a.m. Consumer sentiment
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