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Crossmark Global Investments chief investment officer Bob Doll discusses inflation, the Federal Reserve, the markets and China’s impact on the global economy.
Investors will be watching the Federal Reserve closely this week as the agency offers new insight into inflation and its impact on the US economic outlook and monetary policy going forward.
The market will also incorporate key housing data and a host of income from big names like FedEx, Nike and Costco.
President Biden is also expected to speak in person at the 76th session of the United Nations General Assembly for the first time since taking office.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| Me: DJI | MEDIUM DOW JONES | 34584.88 | -166.44 | -0.48% |
| SP500 | S&P 500 | 4432.99 | -40.76 | -0.91% |
| I: COMP | NASDAQ COMPOSITE INDEX | 15043.967518 | -137.96 | -0.91% |
This as the market appears to be rebounding after a losing week and a difficult September.
FOX Business takes a look at the news that is likely to move Financial markets in the coming days.
Monday 9/20
Kicking off the week will benefit homebuilder Lennar and the National Association of Homebuilders Housing Market Index.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| LEN | CORP. | 101.28 | +1.03 | +1.03% |
| MTCH | MATCH GROUP, INC. | 157.14 | -2.92 | -1.82% |
| PRGO | PERRIGO CO. PLC | 43.94 | -0.34 | -0.77% |
It will also be a big day for Match Group, which will replace Perrigo Company in the S&P 500.
Tuesday September 21
Profits will rise on Tuesday with Adobe, AutoZone and Cracker Barrel before the market opens and FedEx and Stitch Fix after the bell.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| ADBE | ADOBE, INC. | 654.48 | -10.63 | -1.60% |
| AZO | AUTOZONE, INC. | 1,592.88 | -14.54 | -0.90% |
| CBRL | CRACKER BARREL OLD COUNTRY STORE, INC. | 138.61 | +2.20 | +1.61% |
| FDX | FEDEX CORP. | 255.22 | -3.16 | -1.22% |
| SFIX | FIXED POINT | 35.51 | +1.30 | + 3.80% |
On the economic side, investors will be watching building permits, housing starts and the US current account for the second quarter.
This given that the Organization for Economic Co-operation and Development (OECD) will update its forecasts for major economies in its interim outlook.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| RJF | RAYMOND JAMES FINANCIAL, INC. | 133.53 | -1.03 | -0.77% |
Other market-related events to watch include the Raymond James 3 for 2 stock split, which will take effect in the form of a 50% stock dividend payable to shareholders of record on September 9. Shareholders will receive one additional share of Raymond. Common shares of James Financial for two shares held, which will be distributed on Tuesday. Cash will be distributed instead of fractional shares based on the closing share price on Monday.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| XRX | XEROX HOLDING CORP. | 20.98 | 0.00 | 0.00% |
| ICE | INTERCONTINENTAL EXCHANGE, INC. | 117.70 | -1.23 | -1.03% |
| NDAQ | NASDAQ, INC. | 192.90 | -2.53 | -1.29% |
Xerox will also transfer its listing of common shares from the New York Stock Exchange to the Nasdaq on Tuesday. The company will keep its current ticker symbol XRX.
Also on Tuesday, Universal Music Group is expected to start trading on Euronext Amsterdam, according to its IPO prospectus. The label behind Taylor Swift and the Rolling Stones is targeting an estimated equity value of 33 billion euros, or $ 39 billion. Around 60% of Universal’s shares will be distributed to French media group Vivendi, including its controlling billionaire Vincent Bolloré. Last month, Bill Ackman’s Pershing Holdings bought a 10% stake in the company, based on a valuation of 35 billion euros. Tencent Holdings also bought a full 20% stake last year.
President Joe Biden speaks about the COVID-19 relief program in the State Dining Room of the White House on Monday, March 15, 2021, in Washington. (AP Photo / Patrick Semansky) (AP / AP Images)
In the world of politics, Biden will deliver remarks at the 76th session of the United Nations General Assembly. The in-person speech will come as the world continues to grapple with the COVID-19 pandemic, the spread of its variants and uneven vaccination rates. It also comes as the Biden administration has come under fire for withdrawing US forces from Afghanistan.
Wednesday 22 September
General Mills, BlackBerry, HB Fuller, KB Home and Steelcase are all expected to report profits on Wednesday.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| GIS | GENERAL MILLS, INC. | 58.92 | +0.20 | + 0.34% |
| BB | BLACKBERRY LTD. | 10.03 | -0.13 | -1.28% |
| FULL | HB FULLER CO. | 60.72 | -1.61 | -2.58% |
| KBH | KB HOME | 42.54 | +0.43 | +1.02% |
| SCS | STEELCASE, INC. | 13.64 | -0.04 | -0.29% |
Investors will also follow the FOMC decision and the subsequent press conference by Federal Reserve Chairman Jerome Powell. Inflation has increased since the last meeting, presenting possible headwinds for the central bank.
Leuthold Group Chief Investment Strategist Jim Paulsen, Chief Markets Strategist, Group of Advisors Phil Blancato and Kaltbaum Capital Management Chairman Gary Kaltbaum on Federal Reserve and Economic and Market Trends.
In other economic news, data on existing home sales, weekly mortgage applications and weekly crude inventories from the Energy Information Administration will be released.
Wednesday will also be filled with initial public offerings from Brands, Freshworks and Toast. Toast and aka. The brands will trade under the symbols TOST and AKA on the New York Stock Exchange, while Freshworks will trade under FRESH on the NASDAQ.
Meanwhile, MoneyLion is expected to trade on the New York Stock Exchange under the ticker symbol ML after shareholder approval. MoneyLion plans to go public through a business combination with Special Purpose Acquisition Company (SPAC) Fusion Acquisition Corp.
Microsoft will also host a special event on Wednesday where it is expected to unveil new Surface devices and provide an update on Windows 11, which is slated to launch on October 5.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 299.87 | -5.35 | -1.75% |
Thursday 23/09 /
Accenture, Darden Restaurants and Rite Aid will close the week before the opening bell. Meanwhile, Costco, Nike and Vail Resorts are expected to be in the spotlight after the bell.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| ACN | ACCENTURE PLC | 335.40 | -6.83 | -2.00% |
| DRI | DARDEN RESTAURANTS, INC. | 149.43 | -0.87 | -0.58% |
| RAD | RITE HELP | 17.40 | -0.32 | -1.81% |
| COST | COSTCO GROS CORP. | 459.51 | -3.80 | -0.82% |
| OF | NIKE, INC. | 156.42 | -1.18 | -0.75% |
| MTN | VAIL STATIONS | 308.50 | +7.50 | + 2.49% |
Economic data on Thursday’s agenda will be initial and continuing weekly jobless claims, the national activity index, the Markit indices of purchasing managers in services and manufacturing, the index of economic indicators advances and readings of real household equity and real non-financial debt for the second quarter.
Also, it will be another busy day for initial public offerings with Knowlton Development and EngageSmart trading on the New York Stock Exchange and Thorne HealthTech, Sterling Check, Sovos Brands, Brilliant Earth Group and Remitly Global trading on NASDAQ.
Friday 24/9
Building permits and new home sales will end the week for economic data.
It will also be a busy day for the Federal Reserve as Powell delivers the keynote address ahead of a virtual “The Fed Listens: Perspective on Pandemic Recovery” event. Other Fed officials are also expected to speak.
President Biden will also host the first-ever White House Quad Leaders Summit with Australian Prime Minister Scott Morrison, Indian Prime Minister Narendra Modi and Prime Minister Yoshihide Suga of Japan. According to the White House, the meeting will focus on deepening our ties with the Quad Leaders and “advancing practical cooperation” in areas such as the fight against COVID-19, the fight against the climate crisis, the partnership on emerging technologies and cyberspace; and the promotion of a free and open Indo-Pacific.
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