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Earnings highlights this week include
Nike
on Monday,
Adobe
on Monday,
General Mills
on Wednesday, and
Darden Restaurants
on Thursday.
Nvidia
will hold an investor day on Tuesday and
Moderna
will host an event Thursday to discuss its vaccine pipeline.
Economic data out this week will include the Census Bureau’s new-home sales data for February on Wednesday, followed by the National Association of Realtors’ Pending Home Sales Index for February on Friday.
The Census Bureau will also release the durable goods report for February on Thursday—often seen as a proxy for business investment. Total new orders are expected to decline 0.5% from January, but when excluding transportation, they are seen rising 0.5%.
Geopolitics will also be in focus this week. US President Joe Biden will travel to Brussels for a two-day meeting with NATO and EU leaders. The focus will be Western allies’ response to Russia’s invasion of Ukraine.
Monday 3/21
Nike reports third-quarter fiscal-2022 results.
The Federal Reserve Bank of Chicago releases its National Activity Index for February. Economists forecast a 0.55 reading, slightly lower than the January data. The index has had four consecutive positive monthly readings, which is associated with the economy growing faster than historical trends.
Tuesday 3/22
Adobe announces first-quarter fiscal-2022 earnings.
NetApp
and Nvidia hold their 2022 investor days.
Wednesday 3/23
Cintas and General Mills report quarterly results.
Western Petroleum
holds an investor meeting to discuss its low-carbon strategy. Shares of the upstream oil-and-gas company are up 94% this year, making it the best performer in the S&P 500 index.
The Census Bureau reports new-home sales data for February. Consensus estimate is for a seasonally adjusted annual rate of 810,000 new single-family houses sold, roughly even with the January figure. The average selling price for a new home was a record $496,900 in January, while the median price was $422,300.
Thursday 3/24
President Biden meets with NATO and EU leaders to discuss Russia’s invasion of Ukraine. The two-day summit will be held at NATO headquarters in Brussels.
Darden Restaurants, FactSet Research Systems, and
NIO
hold conference calls to discuss quarterly results.
Moderna hosts its third annual Vaccines Day virtually. The mRNA-therapeutics pioneer will discuss the progress of its vaccines pipeline.
The Census Bureau releases the durable goods report for February. New orders for manufactured durable goods are expected to decline 0.5% month over month to $277 billion. Excluding transportation, orders for durable goods are seen rising 0.5%, after increasing 0.7% in January.
The Department of Labor reports initial jobless claims for the week ending on March 19. Claims have averaged 223,000 for the past four weeks and have normalized to roughly prepandemic levels. Continuing claims—the number of people receiving benefits under regular state unemployment-insurance programs—totaled 1.42 million as of March 5. That is the lowest figure in more than five decades, underscoring the tight labor market as job openings continue to outpace job seekers.
Friday 3/25
The National Association of Realtors reports its Pending Home Sales Index for February. Economists forecast a 1% increase in pending home sales, after a 5.7% drop in January.
Write to Nicholas Jasinski at nicholas.jasinski@barrons.com
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