The First Slice for Monday, August 8, 2022

U.S. equity markets ended Friday’s session mixed, after a stronger-than-expected jobs report raised the prospect of more aggressive tightening by the Federal Reserve. For the week, the Nasdaq posted a gain of 2.2%, and the S&P 500 rose 0.4%, while the Dow shed 0.1%. The prospect of larger interest rate hikes by the nation’s central bank led to a steep selloff in Treasurys on Friday, with the yield on the 10-year Treasury note ending the week at 2.83%. Meanwhile, oil prices fell this week to their lowest level since early February, as U.S. inventories unexpectedly rose, while the Organization of Petroleum Exporting Countries (OPEC) and its allies agreed to raise its production output by 100,000 barrels per day. The price of West Texas Intermediate (WTI) crude fell below $88 per barrel on Thursday, before a slight rebound on Friday.

Next week, we can expect a more subdued week of corporate earnings reports, with most S&P 500 companies having already reported. Companies due to report next week will include AIG, BioNTech, Sysco, Wynn Resorts, Norwegian Cruise Line, Disney, and Fox Corporation, among others. On Wednesday, the latest Consumer Price Index (CPI) reading will provide an important update on the rate of consumer inflation. The Producer Price Index (PPI) will follow on Thursday. On Friday, market watchers can expect the preliminary August reading of the Michigan Consumer Sentiment Index (MCSI), an important measure of consumer confidence, along with the release of second-quarter GDP figures out of the U.K.

Events Calendar:

Monday, August 8

  • Dominion Energy (D), AIG (AIG), BioNTech (BNTX), Tyson Foods (TSN), Barrick Gold (GOLD), Palantir Technologies (PLTR), and News Corporation (NWS), Novavax (NVAX), Acadia Pharmaceuticals (ACAD), and Primerica (PRI) report earnings
  • Consumer Inflation Expectations (July)

Tuesday, August 9

  • Emerson Electric (EMR), Sysco (SYY), Welltower (WELL), Roblox (RBLX), Coinbase (COIN), Warner Music Group (WMG), XP (XP), Hyatt Hotels (H), Wynn Resorts (WYNN), Ralph Lauren (RL), Planet Fitness (PLNT), IAC/InterActiveCorp (IAC), H&R Block (HRB), Norwegian Cruise Line (NCLH), and iRobot Corp. (IRBT) report earnings
  • NFIB Business Optimism Index (July)
  • IBD/TIPP Economic Optimism Index (Aug)

Wednesday, August 10

  • Disney (DIS), Manulife Financial (MFC), Fox Corporation (FOXA), Wendy’s (WEN), Bumble (BMBL), and Pan American Silver (PAAS) report earnings
  • Consumer Price Index (CPI) Inflation Rate (July)
  • Wholesale Inventories (June)

Thursday, August 11

  • Brookfield Asset Management (BAM), Baidu (BIDU), Illumina (ILMN), Rivian Automotive (RIVN), Aegon (AEG), and Dillard’s (DDS) report earnings
  • Producer Price Index (PPI) Inflation Rate (July)

Friday, August 12

  • Broadridge Financial Solutions (BR) and Spectrum Brands (SPB) report earnings
  • Import and Export Prices (July)
  • Michigan Consumer Sentiment Index – Preliminary Reading (Aug)
  • U.K. GDP Growth Rate – Preliminary Estimate (Q2 2022)

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