Another busy week for investors is almost upon us with some major names reporting earnings, the State of the Union address and a speech from Federal Reserve Chairman Jerome Powell leading the docket.
The stock market is also coming off a solid week with the Nasdaq Composite gaining 3.4% while the S&P edged up by 1.6%. The Dow Jones Industrial Average was little changed.
The tech-heavy Nasdaq Composite is close to exiting the bear market it entered in March 2022.
FOX Business breaks down this week’s top market events:
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Missouri on Monday will become the latest state to sell recreational pot to its residents aged 21 or older.
Monday will also see the arrival of a new CEO, John Koryl, at The RealReal, an online retailer for used designer and luxury fashion. Koryl will tap his experience at Neiman Marcus and eBay to drive growth at the company.
On the earnings docket are diesel engine maker Cummins as well as Energizer Holdings, ON Semiconductor, Spirit Airlines and Tyson Foods, which has recently been plagued by an avian flu that caused chicken deaths and egg prices to soar.
After the bell, investors will hear from Activision Blizzard, which settled with the SEC this past Friday, as well as Pinterest and Take-Two Interactive, the owner of Rockstar games and 2K.
President Joe Biden will give the State of the Union address on Tuesday at 9 p.m. EST. The speech will likely focus on the administration’s past achievements and often includes plans for the upcoming year.
Tuesday may also see Sam Bankman-Fried’s (SBF) bail backers revealed unless a court appeal is accepted. SBF’s bail was secured at a record $250 million dollars, leaving many asking where the money came from.
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Congress on Tuesday will host a hearing on “FAA Reauthorization: Enhancing America’s Gold Standard in Aviation Safety,” which comes after some major hiccups at Boeing and some recent general aviation incidents.
Also, Powell will give a speech on Tuesday this comes after the central bank last week raised interest rates by a quarter of a point and signaled that it will continue to raise interest rates for the time being.
Earnings on Tuesday also include DuPont, Hertz Global, KKR, Royal Caribbean and Western Union.
After the bell, Chipotle Mexican Grill, Container Store, H&R Block, Prudential Financial and Trivago all report.
Investors will be paying close attention to the Balance of Trade and change in consumer credit both being announced on Tuesday. The U.S. trade deficit is expected to expand from $61 billion to $68 billion this week, and consumer credit is expected to fall from $28 billion to $24 billion.
On Wednesday, General Motors will unveil the 2024 Chevy Trailblazer and Toyota will unveil the Grand Highlander as the two companies fight for car market supremacy.
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John Williams, president and CEO of the Federal Reserve Bank of New York, will speak on Wednesday.
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In the morning, investors will devour earnings reports from CVS Health, Dominion Energy, Emerson Electric, New York Times, Penske Automotive Group, Uber, Under Armour and Yum Brands. Yum Brands is the owner of well-known brands that include KFC and Taco Bell. Fox Corp., parent of FOX Business and Fox News, will also report.
After market close, investors will tune in to earnings calls from 23andMe, Mattel, MGM Resorts, O’Reilly Automotive, Robinhood Markets, Sonos and Walt Disney.
The Mouse House will be closely watched as returning CEO Bob Iger faces off with activist investor Nelson Peltz.
Economic data piquing investors’ interest on Wednesday will include mortgage applications, wholesale inventories, wholesale sales and EIA weekly crude stocks.
Thursday will see the beginning of the Chicago Auto Show, which runs through Feb. 20. Subaru is set to unveil the 2024 Crosstrek on opening day.
As for earnings, Hilton Worldwide, Kellogg, PepsiCo, Philip Morris, Ralph Lauren, S&P Global, Thomson Reuters and Warner Music Group all report.
After the bell, investors will be tuned into results from Expedia, Lions Gate Entertainment, Lyft, Motorola Solutions, Nautilus, PayPal and Yelp.
Economic data to round out the week will include the University of Michigan’s consumer sentiment index, which is expected to remain at 64.9, and the federal budget.