Powell, Yellen testify, Government shutdown deadline, GDP & Amazon event top week ahead

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Micron Technology, CarMax and Herman Miller Earnings Tap . Feather

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Leading housing and inflation data and eyeglasses retailer Warby Parker’s stock market started the week on top as the US government faces a shutdown.

This was followed by gains in the Dow Jones Industrial Average and the S&P 500 on Friday, while the Nasdaq changed little.

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Why is FEDEX’s labor shortage fatal to the economy?

anchor the protection The last Change Change %
Me: DJI dow jones average 34798 +33.18 +0.10%
SP500 S&P 500 4455.48 +6.50 +0.15%
me: comp NASDAQ Composite Index 15047.699032 -4.54 -0.03%

Granthshala Business takes a look at upcoming events that are likely to go ahead financial market In the coming days.

Monday 9/27

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August Durable Goods and Core Capital Goods orders will open the week for economic data.

New York Federal Reserve Bank President John Williams will also comment on the economy and monetary policy ahead of the 2021 annual meeting of the National Association for Business Economics, titled “Shocks, Shifts, and the Emerging Economic Landscape.”

In addition, House Speaker Nancy Pelosi has set a deadline for passing a bipartisan $1.2 trillion infrastructure bill on Monday. However, this deadline could be missed because of a $3.5 trillion budget reconciliation package, possibly taking longer than expected to be finalised. Progressives such as Alexandria Ocasio-Cortez have expressed that they will only support the infrastructure bill if it is passed together with a reconciliation package.

anchor the protection The last Change Change %
UAL United Airlines Holdings, Inc. 48.79 +1.32 +2.78%
Delhi Municipal Corporation McDonald’s Corp. 246.42 +1.64 +0.67%

Other notable developments include a fully immunized deadline for all United employees and corporate McDonald’s employees.

Tuesday 9/28

Earnings will begin Tuesday with FactSet Research Systems, IHS Markit, United Natural Foods and Cal-Main Foods and Micron Technology following the bell ringing before the market opens. Investors will be watching what management says about the current chip shortage.

anchor the protection The last Change Change %
FD FactSet Research Systems, Inc. 372.78 -0.72 -0.19%
Information IHS Markets Ltd. 124.57 +0.37 +0.30%
UNFI United Natural Foods, Inc. 37.04 -0.32 -0.86%
Calm Cal-Main Foods, Inc. 36.52 -0.03 -0.08%
mu Micron Technology, Inc. 74.05 +0.01 +0.01%

Housing and Consumer will focus on economic data along with the FHFA Monthly Home Price Index, Case-Shiller Home Price Index and consumer confidence.

More Fed Speak is on tap at the Community Banking Research Conference with St. Louis Fed President James Bullard and the Central Bank of the Philippines and the Reinventing Bretton Woods Committee Event, Atlanta Fed President Rafael Boustik in the Virtual Mid-Size Economic Outlook. Bank Coalition of America CEO talks and Chicago Fed President Charles Evans remarks before the virtual Federal Reserve Bank of Chicago Payments Symposium.

In addition, Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen prepare to testify at a Senate hearing on the Treasury and Federal Reserve’s oversight of the CARES Act.

anchor the protection The last Change Change %
AMZN AMAZON.COM, INC. 3,425.52 +9.52 +0.28%

Amazon is also set to hold a hardware event in which the e-commerce giant is expected to release details on its latest devices, features and services.

Wednesday 9/29

On Wednesday, investors will pick up earnings from Cintas, Jabil Circuits and Herman Miller and the weekly crude stocks of pending home sales, weekly mortgage applications, and the Energy Information Administration.

anchor the protection The last Change Change %
CTAS tape corp. 401.47 -0.31 -0.08%
JBL Jabil, Inc. 62.21 +0.73 +1.19%
HMLR No No No No

In addition, Warby Parker will debut on the New York Stock Exchange through direct listing under the WRBY symbol. The company plans to sell 77.7 million Class A shares. During the first half of 2021, approximately 2 million shares were sold in private transactions at $24.53 per share. If the company listed its initial public offering shares at that price, Warby Parker would have a fully diluted market value of $2.9 billion.

Also on Wednesday, China’s Evergrande will receive a $47.5 million payment for March 2024 notes.

anchor the protection The last Change Change %
Use United States Oil Fund LP 51.82 +0.44 +0.86%

And the OPEC+ Joint Technical Committee will meet to finalize compliance data for its oil production cuts. Earlier this month, OPEC+ agreed to raise the production target to 400,000 barrels per day from October.

Thursday 9/30

Closing the week for earnings will be Bed Bath & Beyond, CarMax, McCormick & Company, Paychex and Jefferies Financial Group. Investors will also look at second-quarter GDP, corporate profits, the Chicago Purchasing Managers Index, and weekly initial and continuing jobless claims.

anchor the protection The last Change Change %
bbby Bed Bath & Beyond, Inc. 22.95 -0.51 -2.17%
KMX Carmax, Inc. 144.42 +2.26 +1.59%
mkc McCormick & Company, Inc. 84.55 -0.23 -0.27%
pecs Paychex, Inc. 109.98 -0.33 -0.30%
jef Jefferies Financial Group, Inc. 37.29 +0.03 +0.08%

Thursday also marks the deadline for Congress to fund the federal government and end the Family First Coronavirus Response Act.

Friday 10/1

The end of the week for economic data will be real disposable income and real consumer spending, core inflation, market manufacturing PMI, ISM manufacturing index, construction spending, consumer sentiment index and 5-year expected inflation rate.

anchor the protection The last Change Change %
district Walt Disney Company 176.00 -0.25 -0.14%

The day also marks the beginning of Walt Disney World’s 50th anniversary celebrations.

In addition, the USDA would raise the average SNAP benefit for fiscal year 2022 to $36.24 per person per month, or $1.19 per day.


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