Written by Brenda Nakalema

Nvidia, Salesforce, Zoom, Macy’s, Plus Other Stock Movers This Week

This week will witness many technology and retail companies report their latest quarterly results. Those interested will be tuning in …

This week will witness many technology and retail companies report their latest quarterly results. Those interested will be tuning in to the Federal Reserve’s annual confab in Jackson Hole, Wyo, at the close of the week.

Zoom video communications (ticker: ZN) will release earnings on Monday, followed by results from Nvidia (ticker: NVDA), Advance Auto Parts, Intuit, Macy’s, Nordstrom, and Toll Brothers on Tuesday.

On Thursday, the Kansas City Fed’s three-day Economic Policy Symposium begins with economists and officials discussing the year’s theme of “Reassessing Constraints on the Economy and Policy.”

This week will feature various economic data, including S&P Global’s Manufacturing Services and Purchasing Managers’ Indexes for August on Tuesday. The Census Bureau will also release its durable-goods report for the month of July on Wednesday, and the Bureau of Economic Analysis reports personal income and spending figures for the month of July on Friday.

Monday 22/8

Quarterly results released by Palo Alto Networks and Zoom Video Communications. The National Activity Index for July released by The Federal Reserve Bank of Chicago. The consensus estimate stood at a negative 0.14 reading, a better figure than in July.

Tuesday 23/8

Second-quarter fiscal results for 2023 released by Nvidia. In company released an early announcement of its expectation for weaker sales for the quarter due to the demand decline in its gaming segment. Shares dropped 6% since then.

Advance Auto Parts, Bank of Nova Scotia, Intuit, J.M Smucker, Macy’s, Medtronic, Nordstrom, and Toll Brothers all release earnings.

New residential sales data for July released by the Census Bureau. Economists forecast that sales of new single-family homes were at a seasonally adjusted rate of 577,500, a figure that was 12,500 less than in June. New-home sales dropped more than 40% from the summer of 2020.

S&P Global released both its Manufacturing and Service Purchasing Manager’s indexes for August. Expectations stood at a Manufacturing PMI of 52, while services PMI is seen at 50. This contrasts with readings of 52.2 and 47.3, respectively, in July. This represented the first reading below 50 for the Services PMI in over two years, an indication of a contraction in the sector.

Wednesday 24/8

Autodesk, NetApp, Royal Bank of Canada, Salesforce, Snowflake, and Williams Sonoma all report earnings.

The Census Bureau releases its durable goods report for the month of July. The consensus call is for new orders for durable manufactured goods to gain 0.5% month over month to $274 billion.

Thursday 25/8

The following companies hold conference calls to discuss quarterly earnings Burlington Stores, Canadian Imperial Bank of Commerce, Dell Technologies, Dollar General, Dollar Tree, Marvell Technology, Toronto-Dominion Bank, Ulta Beauty, VMware, and Workday.

The Federal Reserve Bank of Kansas City organises its three-day 2022 Economic Policy Symposium in Jackson Hole, Wyo. This year’s confab will be held under the theme “Reassessing Constraints on the Economy and Policy.”

The Bureau of Economic Analysis reports its second gross domestic product growth estimate. The preliminary estimate was that GDP contracted at a seasonally adjusted rate of 0.9% in the second quarter. This marked two consecutive quarters of decline, further pointing to a possible recession.

Friday 26/8

Personal income and spending for the month of July report released by the BEA. Income is expected to climb 0.6% month over month, matching June’s increase. Spending is seen increasing 0.5% compared with 1.1% previously. The consensus estimate is for the core personal consumption expenditures index to climb 4.7% year over year, following a 4.8% jump in June.


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