Mon. Jun 27th, 2022

Powell testimony, home sales, FedEx earnings top week ahead

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After another volatile week for the stock market prompted by worries over record high inflation and growing recession fears, investors can take a breather Monday as the financial markets will be closed in observance of Juneteenth. 

This after U.S. stocks wrapped the worst week since the height of the 2020 pandemic. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 29888.78 -38.29 -0.13%
SP500 S&P 500 3674.84 +8.07 +0.22%
I:COMP NASDAQ COMPOSITE INDEX 10798.349529 +152.25 +1.43%

However, the upcoming week is set to be another busy with the Federal Reserve, earnings and key economic reports on tap. 

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

FED COULD ‘BREAK’ THE ECONOMY WITH AGGRESSIVE RATE HIKE CAMPAIGN, ANALYST SAYS

Tuesday 6/21

Kicking off the week for earnings will be Lennar Corporation before the market open on Tuesday. 

Ticker Security Last Change Change %
LEN LENNAR CORP. 64.55 +0.39 +0.61%

On the economic data front, investors will take in existing home sales and the Chicago Federal Reserve’s national activity index. 

Ticker Security Last Change Change %
KDP KEURIG DR PEPPER INC. 34.35 -0.09 -0.26%
ON ON SEMICONDUCTOR CORP. 52.46 -1.00 -1.87%
UAA UNDER ARMOUR INC. 9.17 +0.22 +2.46%
IPGP IPG PHOTONICS CORP. 88.56 +4.57 +5.44%

Also, Keurig Dr Pepper and ON Semiconductor will replace Under Armour and IPG Photonics Corp. respectively in the S&P 500. 

Ticker Security Last Change Change %
TRN TRINITY INDUSTRIES INC. 22.87 +0.44 +1.96%
YELP YELP INC. 28.47 +1.02 +3.72%
ENDP ENDO INTERNATIONAL PLC 0.35 +0.04 +12.61%
RRGB RED ROBIN GOURMET BURGERS INC. 8.43 +0.74 +9.62%

Under Armour and IPG Photonics will replace Trinity Industries Inc. and Yelp in the S&P MidCap 400. Trinity Industries and Yelp will replace Endo International plc and Red Robin Gourmet Burgers Inc. respectively in the S&P SmallCap 600.

Ticker Security Last Change Change %
SHC SOTERA HEALTH TOPCO INC 18.92 -0.51 -2.62%
SWAV SHOCKWAVE MEDICAL 158.18 +1.45 +0.93%
URBN URBAN OUTFITTERS INC. 20.97 +0.63 +3.10%
RAMP LIVERAMP HOLDINGS INC. 26.45 +1.11 +4.38%

Sotera Health Company and Shockwave Medical Inc. will replace Urban Outfitters and LiveRamp Holdings in the S&P MidCap 400. 

Ticker Security Last Change Change %
TCMD TACTILE SYSTEMS TECHNOLOGY INC 7.11 +0.21 +3.04%
VRA VERA BRADLEY INC. 4.65 -0.02 -0.43%
IRWD IRONWOOD PHARMACEUTICALS INC. 11.42 +0.15 +1.33%
GHL GREENHILL & CO. INC. 9.47 +0.04 +0.37%

Urban Outfitters and LiveRamp Holdings will replace Tactile Systems Technology Inc. and Vera Bradley Inc. in the S&P SmallCap 600. Ironwood Pharmaceuticals Inc. will replace Greenhill & Co Inc. in the S&P SmallCap 600.

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Wednesday 6/22

Earnings on the docket for Wednesday include La-Z-Boy before the market open and HB Fuller, KB Home and Steelcase after the bell. Fortinet’s 5-for-1 stock split will also take effect.

Ticker Security Last Change Change %
LZB LA-Z-BOY INC. 23.18 +0.61 +2.70%
FUL H.B. FULLER CO. 60.30 -0.29 -0.48%
KBH KB HOME 25.58 -0.41 -1.58%
SCS STEELCASE INC. 10.33 +0.14 +1.37%
FTNT FORTINET INC. 268.99 +5.26 +1.99%

The Federal Reserve will be in focus as chairman Jerome Powell gives his semiannual testimony to Senate lawmakers on monetary policy. 

Federal Reserve Chairman Jerome Powell

Federal Reserve Chairman Jerome Powell speaks during a news conference following an Open Market Committee meeting at the Federal Reserve Board Building, Wednesday, June 15, 2022, in Washington.  ((AP Photo/Jacquelyn Martin) / AP Newsroom)

The Fed recently raised its benchmark interest rate by 75-basis points for the first time in nearly three decades as policymakers intensify their fight to cool red-hot inflation, a move that threatens to slow U.S. economic growth and exacerbate financial pressure on Americans. The move puts the key benchmark federal funds rate at a range between 1.50% to 1.75%, the highest since the pandemic began two years ago.

Officials also laid out an aggressive path of rate increases for the remainder of the year. New economic projections released after the agency’s two-day meeting last week showed policymakers expect interest rates to hit 3.4% by the end of 2022, which would be the highest level since 2008. 

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Thursday 6/23

Earnings will ramp up on Thursday with Accenture, Darden Restaurants, FactSet Research Systems, Rite Aid before the market open. Meanwhile, BlackBerry, FedEx, and Smith & Wesson Brands will take the spotlight after the bell. 

Ticker Security Last Change Change %
ACN ACCENTURE PLC 275.55 +4.53 +1.67%
DRI DARDEN RESTAURANTS INC. 114.30 +2.84 +2.55%
FDS FACTSET RESEARCH SYSTEMS INC. 349.79 +1.11 +0.32%
RAD RITE AID CORP. 6.20 +0.14 +2.40%
BB BLACKBERRY LTD. 5.20 +0.13 +2.56%
FDX FEDEX CORP. 230.74 +5.17 +2.29%
SWBI SMITH & WESSON BRANDS 13.41 -0.11 -0.81%

Thursday’s economic data will include the current account for the first quarter of 2022, the latest in initial and continuing jobless claims and the Energy Information Administration’s weekly crude stocks. 

The Fed will also publish the results of its annual stress test of the nations’ largest banks, which examines how their portfolios would perform under a hypothetical market downturn. 

Friday 6/24

CarMax will wrap up earnings for the week before the market open on Friday.

Ticker Security Last Change Change %
KMX CARMAX INC. 86.90 +1.35 +1.58%

Investors will also digest new home sales and the final revision of the University of Michigan’s consumer sentiment index.



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