Fed Chair Powell's comments from Jackson Hole reinforced the view that the size of the September FOMC meeting rate hike remains data dependent -- and this week we will have a rash of August numbers that will give us a fresh look at the economy's growth and whether inflationary pressures continue to inch lower.
The flow of data will start off slowly and then build as we move through the week, so that probably means far fewer investors and traders will be enjoying the usual very late summer lull ahead of the Labor Day weekend. We say that because the August PMI and jobs reports will arrive late in the week and will be the numbers most focused on, given Powell's comments. As that data is disseminated and digested, we expect it will continue to influence energy prices, which continue to be affected by dueling supply vs. recession narratives.
Here's a closer look at the economic data coming at us this week:
U.S.
Tuesday, August 30:
-FHFA Housing Price Index - June (9:00 AM ET)
-Consumer Confidence Index - August (10:00 AM ET)
-Jolts Job Openings - July (10:00 AM)
Wednesday, August 31
-Weekly MBA Mortgage Applications (7:00 AM ET)
-Chicago Fed PMI - August
-Weekly EIA Crude Oil Inventories (10:30 AM ET)
Thursday, September 1
-Challenger Job Cuts - August (7:30 AM ET)
-Weekly Initial & Continuing Jobless Claims (8:30 AM ET)
-Productivity and Labor Cost - 2Q 2022 (8:30 AM ET)
-S&P Global Manufacturing PMI - August (9:30 AM ET)
-Construction Spending - July (10:00 AM ET)
-ISM Manufacturing Index - August (10:00 AM ET)
-Weekly EIA Natural Gas Inventories (10:30 AM ET)
Friday, September 2
-Employment Report - August (8:30 AM ET)
-Factory Orders - July (10:00 AM ET)
International
Tuesday, August 30
-Japan: Unemployment Rate - July
-Germany: Import Price Index - July
-Eurozone: Business and Consumer Survey - August
-Eurozone: Consumer Inflation Expectation - August
-Germany: CPI - August
Wednesday, August 31
-Japan: Industrial Production - July
-China: Manufacturing & Services PMIs - August
-Eurozone: Consumer Price Index - July
Thursday, September 1
-Japan: Manufacturing PMI (Final) - August
-China: Caixin Manufacturing PMI - August
-Germany: Retail Sales - July
-Eurozone: Manufacturing PMI (Final) - August
-UK: Manufacturing PMI (Final)- August
-Eurozone: Unemployment Rate (July)
Friday, September 2
-Germany: Import/Exports - July
-Eurozone: Producer Price Index - July
Don't Forget Earnings
The flow of earnings reports will continue as well, including the latest from ChargePoint Holdings ( CHPT) , CrowdStrike ( CRWD) and SentinelOne ( S) . We'll also be digging into quarterly results from Best Buy ( BBY) , focusing on its inventory but also what the retailer sees ahead for consumer spending and consumer electronics.Following Dell's (DELL) comments about the PC market, guidance from HP (HPQ) should give another vantage point on what's ahead for that market. And as we approach Apple's (AAPL) pending iPhone 14 launch, we'll be sure to factor quarterly results and guidance from Broadcom (AVGO) into our thinking as well as its latest thoughts on supply-chain issues. Meanwhile, given our holdings in Advanced Micro Devices (AMD) and Nvidia (NVDA) , we'll also be focused on comments about enterprise spending and data center chip demand.
Here's a closer look at the earnings reports coming at us next week:
Monday, August 29
Open: Select Quote (SLQT)
Close: Heico (HEI)
Tuesday, August 30
Open: Best Buy (BBY) , Big Lots (BIG)
Close: Ambarella (AMBA) , ChargePoint (CHPT) , Chewy (CHWY) , CrowdStrike (CRWD) , Hewlett Packard (HPE) , HP (HP) , PVH (PVH) .
Wednesday, August 31
Open: Brown-Forman (BF.B) , Designer Brands (DBI)
Close: Cooper (COO) , Credo Technology Group (CRDO) , Five Below (FIVE) , GameStop (GME) , Okta (OKTA) , SentinelOne (S) .
Thursday, September 1
Open: Campbell Soup (CPB) , Ciena (CIEN) , G-III Apparel (GIII) , Hormel Foods (HRL) , Science Applications (SAIC) .
Close: Broadcom (AVGO) , Calavo Growers (CVGW) , lululemon athletica (LULU) .
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