May 28, 2023

Cocoabar21 Clinton

Truly Business

Afghanistan withdrawal, August jobs report, Zoom earnings top week ahead

6 min read

While the upcoming week will be lighter for earnings, investors will take in key economic data related to housing, jobs and the consumer. Big names delivering earnings results this week include Zoom Video Communications, Chico’s FAS, PVH Corporation, Brown-Forman, Campbell Soup, Chewy, Vera Bradley, and Hewlett-Packard Enterprises.

The deadline also looms for the United States’ withdrawal from Afghanistan. According to the latest figures from the White House, approximately 113,500 people have been evacuated since Aug. 14 and 119,000 have been relocated since the end of July. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35455.8 +242.68 +0.69%
SP500 S&P 500 4509.37 +39.37 +0.88%
I:COMP NASDAQ COMPOSITE INDEX 15129.501146 +183.69 +1.23%

This as the S&P 500 and Nasdaq are at record highs following comments from Federal Reserve Chairman Jerome Powell indicating the U.S. economy has made enough progress for the central bank to possibly begin tapering its asset purchases later this year, but that rate hikes were further out on the horizon. 

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days. 

Monday 8/30

The earnings week will kick off with Zoom Video Communications after the bell. As for economic data, investors will take in pending home sales. 

Ticker Security Last Change Change %
ZOOM n.a. n.a. n.a. n.a.

In the world of politics, President Biden will host Ukraine president Volodymyr Zelensky at the White House. 

“The visit will affirm the United States’ unwavering support for Ukraine’s sovereignty and territorial integrity in the face of Russia’s ongoing aggression in the Donbas and Crimea, our close cooperation on energy security, and our backing for President Zelenskyy’s efforts to tackle corruption and implement a reform agenda based on our shared democratic values,” the White House said in a statement

Ukrainian President Volodymyr Zelensky and the German Chancellor (not pictured) give statements ahead of talks at the Chancellery on July 12, 2021 in Berlin , Germany.  (Photo by Stefanie Loos-Pool/Getty Images / Getty Images)

Amazon-owned Whole Foods’s new $9.95 fee for deliveries will also take effect in Boston; Chicago; Manchester, New Hampshire; Portland, Maine; and Providence, Rhode Island.

“This service fee helps to cover operating costs, so we can continue to offer the same competitive everyday prices in-store and online at Whole Foods Market,” the company said in a notice sent to shoppers, while emphasizing that grocery pickup remains free.

Whole Foods New York

(Photo by Noam Galai/Getty Images) (Getty Images)

Peloton will also launch a more affordable version of its Tread machine in the U.S., Canada and U.K. for the price of $2,495. The launch follows a voluntary recall of approximately 125,000 Tread and Tread+ machines in May following safety concerns with children being pulled under the exercises machines. 

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE, INC. 104.34 -9.75 -8.55%

Tuesday 8/31

Tuesday will be another light day for earnings with Chico’s FAS, Designer Brands, Destination XL Group, NetEase and PVH all set to report. Meanwhile, housing and the consumer will be in focus for Tuesday’s economic data with the Case-Shiller monthly home price index, FHFA monthly home price index and consumer confidence on the docket.

Ticker Security Last Change Change %
CHS CHICO’S FAS, INC. 5.95 0.00 0.00%
DBI DESIGNER BRANDS 16.21 +0.50 +3.18%
NTES NETEASE, INC. 92.76 +1.50 +1.64%
PVH PVH CORP. 108.87 +3.09 +2.92%

In addition, Tuesday marks the United States’ deadline to withdraw troops and evacuate thousands of Americans and Afghan allies from Kabul. Despite a Taliban spokesperson warning “there will be consequences” if the U.S. fails to adhere to the date, NATO, France and Britain have all urged President Biden to push the withdrawal deadline back.

FILE – In this Aug. 24, 2021, file photo, provided by the U.S. Marine Corps, families walk towards their flight during ongoing evacuations at Hamid Karzai International Airport, in Kabul, Afghanistan.(Sgt. Samuel Ruiz/U.S. Marine Corps via AP, File) (Sgt. Samuel Ruiz/U.S. Marine Corps via AP, File / AP Newsroom)

Tuesday also marks the deadline for roughly 3,000 union and nonunion employees at Related Companies to receive at least one COVID-19 vaccine dose or face termination, according to a memo reviewed by the New York Post

Other notable events include the end of New York’s eviction moratorium, the beginning of disgraced Theranos executive Elizabeth Holmes’ fraud trial, and the Securities Exchange Commission and Ripple filing their initial arguments and collecting evidence related to a lawsuit alleging the latter illegally raised $1.3 billion in unregistered securities offerings.

Wednesday 9/1

On Wednesday, Brown-Forman, Campbell Soup, Vera Bradley, Asana, Chewy, Okta, Semtech and Smith & Wesson Brands are slated to deliver earnings results. 

Ticker Security Last Change Change %
BF.B BROWN-FORMAN CORP. 70.17 +0.49 +0.70%
CPB CAMPBELL SOUP CO. 41.40 +0.97 +2.40%
VRA VERA BRADLEY, INC. 11.85 +0.41 +3.58%
ASAN ASANA INC 77.39 +2.56 +3.42%
CHWY CHEWY INC. 88.11 -1.44 -1.61%
OKA n.a. n.a. n.a. n.a.
SMTC SEMTECH CORP. 70.36 +2.29 +3.36%
SWBI SMITH & WESSON BRANDS 24.42 +0.17 +0.70%

As for economic data, investors will be watching ADP’s national employment report, care sales, construction spending, the ISM manufacturing PMI, weekly mortgage applications and the Energy Information Administration’s weekly crude stocks.

A slew of vaccine mandates will also go into effect on Wednesday for New York, North Carolina, and Virginia state employees, Illinois Secretary of State employees, students in Maine, employees with United Launch Alliance and University of Pennsylvania’s health system, staff of the Miami Heat basketball team and Elite Island Resorts guests ages 12 and up. 

Other notable events include Proctor & Gamble raising prices for a variety of its products to help offset rising costs, the beginning of Amazon’s revised complaint process for consumers who purchase defective products from third-party sellers, and two House hearings on Paycheck Protection Program forgiveness and the National Defense Authorization Act for 2022 

Thursday 9/2

Thursday will wrap up the week for earnings with American Eagle outfitters, Barnes & Noble Education, Duluth Holdings, Hormel Foods, Lands’ End, Signet Jewelers, Toro all reporting before market open. 

Ticker Security Last Change Change %
DLTH DULUTH HOLDINGS INC 16.07 +0.49 +3.15%
HRML n.a. n.a. n.a. n.a.
LE LANDS END 36.25 +1.67 +4.83%
SIG SIGNET JEWELERS LTD. 80.29 +4.57 +6.04%
TTC THE TORO CO. 110.90 +0.08 +0.07%

After the bell, Broadcom, Cooper Companies, Hewlett-Packard Enterprises and Science Applications International Corporation will take the spotlight.

Ticker Security Last Change Change %
AVGO BROADCOM, INC. 495.94 +10.20 +2.10%
COO THE COOPER COS., INC. 446.58 +0.51 +0.11%

Economic data for Thursday includes challenger layoffs, international trade in goods, durable goods, factory orders and weekly and continuing jobless claims.

It’ll also big a big day for Broadway as the curtain rises on two returning musicals, Hadestown and Waitress. Both shows will require actors, crews, and audience members to be fully vaccinated. 

Friday 9/3

Finishing out the week for economic data will be the August jobs report and the ISM non-manufacturing PMI. Analysts are expecting 750,000 jobs to be added to the economy in the month of August, according to Refinitiv

Ticker Security Last Change Change %
KSU KANSAS CITY SOUTHERN 294.46 +2.26 +0.77%

Shareholders will also vote on stock and cash deal valued at $33.6 billion, or $325 per common share, in which Canadian National will acquire Kansas City Southern. Under the deal, Kansas City Southern stockholders will receive $200 in cash and 1.129 shares of Canadian National common stock for each KCS common share.

Ticker Security Last Change Change %
DIS THE WALT DISNEY CO. 180.14 +3.58 +2.03%

Also on Friday, Disney Cruise Line will start requiring its passengers 12 and up to be fully vaccinated to board its ships for voyages to the Bahamas through Nov. 1. According to an advisory, guests must upload proof of vaccination to the Safe Passage by Inspire website no later than 24 hours before their sailing. Guests who choose not to provide proof of vaccination to meet the requirements of the Bahamas will not be permitted to board. | Newsphere by AF themes.