Apple investor day, Powell testimony, jobs report top week ahead
“The Bubba Show” host Todd Horowitz and Seaport Securities founder Ted Weisberg analyze the resilient U.S. economy after new inflation data came in higher than expected on “The Claman Countdown.”
It will be a busy week ahead for investors full of congressional hearings, big names and important earnings reports.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33390.97 | +387.40 | +1.17{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| SP500 | S&P 500 | 4045.64 | +64.29 | +1.61{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
The stock market is coming off a solid week with the Dow Jones Industrial Average and the S&P 500 rising nearly 2{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} while the Nasdaq Composite rose 2.6{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c}.
FOX Business breaks down this week’s top market events:
FED SIGNALS MORE INTEREST RATE HIKES NEEDED TO FIGHT STICKY INFLATION
Monday, March 6
On Monday at 11 a.m. ET, the CEO of TikTok will speak virtually on what’s next for social media at an event marking the 100th year of the Harvard Business Review.
In earnings news, before the opening bell, Lordstown Motors reports.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| RIDE | LORDSTOWN MOTORS | 1.12 | +0.06 | +5.66{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
Earnings after the bell include Grindr, Sealed Air, thredUP and WW International.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| GRND | GRINDR | 6.60 | +0.05 | +0.76{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| SEE | SEALED AIR CORP. | 49.12 | +0.39 | +0.80{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| TDUP | THREDUP INC. | 1.60 | -0.05 | -3.03{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| WW | WW INTERNATIONAL INC. | 4.25 | +0.38 | +9.82{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
In economic news, Factory orders for U.S. manufactured goods are forecast to fall 3.7{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c}.
Tuesday, March 7
On Tuesday, Federal Reserve Chairman Jerome Powell will deliver his semiannual monetary policy report to lawmakers.
Federal Reserve Chairman Jerome Powell attends a Central Bank Symposium at the Grand Hotel in Stockholm, Sweden, on Jan. 10, 2023. (Claudio Bresciani / TT News Agency / AFP via Getty Images / Getty Images)
Also in Washington, D.C., the District of Columbia Court of Appeals will hear oral arguments in Grayscale’s lawsuit against the SEC after it blocked Grayscale’s attempt to convert its Bitcoin Trust into an ETF.
Grayscale CEO Michael Sonnenshein shared his view on the case with FOX Business.
Full Interview Below:
FOX Business’ Charlie Gasparino speaks to Grayscale Investments CEO Michael Sonnenshein about his firm’s case against the SEC over its denial of a bitcoin ETF on “The Claman Countdown.”
FTX FALLOUT HITS SILVERGATE, BITCOIN
On Capital Hill, the House Ways and Means Committee will conduct a hearing on the “State of the American Economy: The Heartland,” and the Senate Banking Housing and Urban Affairs will have a hearing on the federal debt limit and its economic and financial consequences.
In earnings, Barnes & Noble Education, Dick’s Sporting Goods, Dole PLC and Vivid Seats all report before the market opens.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| BNED | BARNES & NOBLE EDUCATION INC COM | 1.89 | -0.05 | -2.58{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| DKS | DICK’S SPORTING GOODS INC. | 132.12 | +2.65 | +2.05{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| DOLE | DOLE PLC | 12.29 | +0.21 | +1.74{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| SEAT | VIVID SEATS INC | 7.19 | -0.40 | -5.27{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
After markets close Bsquare, Casey’s General Stores and Stitch Fix will all report earnings.
Economic data will include wholesale inventories, wholesale sales and consumer credit, which is forecast to rise $20 billion, while the ISM Report on hospital supply chains is released at 10 a.m. ET.
Wednesday, March 8
Wednesday will mark the first meeting of the new board created by the Florida state government under Gov. Ron DeSantis’ direction that will oversee Disney World’s development.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 101.14 | +2.22 | +2.24{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
DESANTIS APPOINTS ‘MOMS FOR LIBERTY’ CO-FOUNDER TO NEW DISNEY WORLD GOVERNING BOARD
Elsewhere, the Pennsylvania state Senate subpoenaed the CEO of Norfolk Southern, Alan Shaw, to testify on the derailment in East Palestine, Ohio. The hearing will be the first time a legislative body in the United States hears testimony from the CEO in the aftermath of the catastrophe.
WATCH: OHIO RESIDENTS LASH OUT
A Norfolk Southern official took heavy criticism on behalf of his company at an East Palestine, Ohio, town hall Thursday. (WEWS)
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| NSC | NORFOLK SOUTHERN CORP. | 228.35 | -0.25 | -0.11{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
After a 22{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} decline in sales during the holiday period and some layoffs, Mattel will give a strategic update to investors and share plans for the year in a virtual investor meeting. Rival Hasbro could also be active.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| MAT | MATTEL INC. | 18.06 | +0.17 | +0.95{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| HAS | HASBRO INC. | 55.62 | +0.55 | +1.00{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
The Senate Health, Education, Labor and Pensions Business Committee will vote on a subpoena of Howard Schultz, CEO of Starbucks Corp., to be immediately followed by a hearing to examine defending the right of workers to organize unions free from illegal corporate union-busting. Last week, Starbucks told FOX Business they are in communication with Sen. Bernie Sanders over the request but at this point are maintaining the original decision not to appear.
JUDGE SAYS STARBUCKS COMMITTED ‘EGREGIOUS AND WIDESPREAD’ LABOR VIOLATIONS FIGHTING UNIONS
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 104.55 | +1.54 | +1.50{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
Earnings before the markets open will include Brown-Forman, Campbell Soup, United Natural Foods and Vita Coco.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| BF.B | BROWN-FORMAN CORP. | 67.03 | +1.19 | +1.80{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| CPB | CAMPBELL SOUP CO. | 52.41 | -0.01 | -0.02{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| UNFI | UNITED NATURAL FOODS INC. | 42.63 | +0.41 | +0.97{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| COCO | VITA COCO CO. | 17.11 | 0.00 | 0.00{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
After the bell, earnings will include Fossil, Groupon, IDT and loanDepot.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| FOSL | FOSSIL GROUP INC. | 4.57 | +0.12 | +2.70{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| GRPN | GROUPON INC. | 6.82 | +0.07 | +1.04{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| IDT | IDT CORP | 30.64 | +0.22 | +0.72{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| LDI. | n.a. | n.a. | n.a. | n.a. |
Economic data on Wednesday will include mortgage applications, ADP national employment, international trade, JOLTS job openings, EIA weekly crude stocks and the WASDE crop report.
AMERICA’S LOW LABOR PARTICIPATION RATE ‘A SOCIAL AND ECONOMIC DISASTER,’ EXPERTS WARN
Thursday, March 9
On Thursday, earnings include BJ’s Wholesale Club, Build-A-Bear Workshop, JD.com and Wheels Up Experience.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| BJ | BJS WHSL CLUB HLDGS INC | 73.96 | -0.18 | -0.24{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| BBW | BUILD A BEAR WORKSHOP INC | 21.09 | +0.42 | +2.03{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| JD | JD.COM INC. | 47.46 | +0.39 | +0.83{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| UP | WHEELS UP EXPERIENCE INC | 1.13 | +0.01 | +0.89{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
After the bell, earnings from American Outdoor Brands, Gap, Smith & Wesson Brands, Ulta Beauty and Vail Resorts will be released.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| AOBC | n.a. | n.a. | n.a. | n.a. |
| GPS | GAP INC. | 12.77 | -0.02 | -0.16{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| SWBI | SMITH & WESSON BRANDS | 11.11 | +0.36 | +3.35{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| ULTA | ULTA BEAUTY INC. | 522.06 | +0.94 | +0.18{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
| MTN | VAIL RESORTS | 239.04 | +1.87 | +0.79{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
Economic data on Thursday will include Challenger layoffs and initial jobless claims.
Also on Thursday, Disney’s Bob Iger will participate in a Q&A at Morgan Stanley’s Tech, Media and Telecom Conference.
Bob Iger (Charley Gallay / Getty Images for Disney / File / Getty Images)
Iger, who returned to replace Bob Chapek after a firestorm of PR blunders, is speculated to be mulling a successor. FOX Business’ Charlie Gasparino reported last week NBA Commission Adam Silver may be on the short list.
large;”>Disney.
BJ’s Wholesale Club will hold an investor day after issuing earnings to update long-term growth strategy and outlook.
| Ticker | Security | Last | Change | Change {3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
|---|---|---|---|---|
| BJ | BJS WHSL CLUB HLDGS INC | 73.96 | -0.18 | -0.24{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c} |
Friday, March 10
Florida Gov. Ron DeSantis will be in Iowa for events in Des Moines and Davenport. At both events, DeSantis will be interviewed by Iowa Gov. Kim Reynolds.
Florida Gov. Ron DeSantis (James A. Jones Jr. / Bradenton Herald / Tribune News Service via Getty Images / File / Getty Images)
On Friday at noon, Apple will begin their annual shareholder meeting where CEO Tim Cook and General Counsel Kate Adams will take the virtual stage to field selected questions from shareholders and give some company updates.
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In Massachusetts, mobile sports betting will go live.
Economic data on Friday will include the February’s jobs report and the federal budget.
U.S. employers are expected to have added 200,000 jobs last month, down from the robust 517,000 reported in January. The unemployment rate is expected to hold steady at 3.4{3df20c542cc6b6b63f1c547f8fb389a9f235bb0504150b9df2ff264aa9a6c16c}.
There are no earnings of note on Friday.
