by ‘The Bubba Show’ host Todd Horowitz and Seaport Securities founder Ted Weisberg analyze the resilient US economy after fresh higher-than-expected inflation data arrived in ‘The Claman Countdown’.
Investors are in for a busy week of congressional hearings, big names and important earnings reports.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 33390.97 | +387.40 | +1.17% |
| SP500 | S&P500 | 4045.64 | +64.29 | +1.61% |
The stock market has had a solid week, with the Dow Jones Industrial Average and S&P 500 up nearly 2%, while the Nasdaq Composite is up 2.6%.
FOX Business breaks down this week’s top market events:
The Fed is signaling that more rate hikes are needed to combat persistent inflation
Monday, March 6th
On Monday at 11:00 a.m. ET, the CEO of TikTok will virtually speak about what’s next for social media at an event celebrating the 100th anniversary of the Harvard Business Review.
In the earnings news, before the opening bell, reports Lordstown Motors.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DRIVE | LORDSTOWN ENGINES | 1.12 | +0.06 | +5.66% |
Post-bell earnings include Grindr, Sealed Air, thredUP, and WW International.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GRND | GRINDR | 6.60 | +0.05 | +0.76% |
| SEE | SEALED AIR CORP. | 49.12 | +0.39 | +0.80% |
| TDUP | THREDUP INC. | 1.60 | -0.05 | -3.03% |
| ww | WW INTERNATIONAL INC. | 4.25 | +0.38 | +9.82% |
Business news forecasts US manufacturing factory orders to fall 3.7%.
Tuesday March 7th
On Tuesday, Federal Reserve Chairman Powell will deliver his semi-annual monetary policy report to lawmakers.
Jerome Powell, Chairman of the Board of Governors of the Federal Reserve, attends a central bank symposium at the Grand Hotel in Stockholm, Sweden January 10, 2023. (CLAUDIO BRESCIANI/TT News Agency/AFP via Getty Images/Getty Images)
Also in Washington, DC, the District of Columbia Circuit Court of Appeals will hear oral arguments in Grayscale’s lawsuit against the SEC after it blocked Grayscale’s attempt to convert its Bitcoin Trust into an ETF.
Grayscale CEO Michael Sonnenshein shared his perspective on the case with FOX Business.
Full interview below:
FOX Business’ Charlie Gasparino speaks with Michael Sonnenshein, CEO of Grayscale Investments, about his firm’s case against the SEC for rejecting a Bitcoin ETF on The Claman Countdown.
FTX FALLOUT MEETS SILVERGATE, BITCOIN
On Capital Hill, the House Ways and Means will hold a hearing on the state of the American economy: The Heartland and Senate Banking Housing and Urban Affairs will have a hearing on the federal debt limit and its economic and financial implications.
In terms of earnings, Barnes & Noble Education, Dick’s Sporting Goods, Dole PLC and Vivid Seats all report before the market opens.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BNED | BARNES & NOBLE EDUCATION INC COM | 1.89 | -0.05 | -2.58% |
| DCS | DICK’S SPORTING GOODS INC. | 132.12 | +2.65 | +2.05% |
| DOLE | DOLE PLC | 29.12 | +0.21 | +1.74% |
| SEAT | VIVID SEATS INC | 7.19 | -0.40 | -5.27% |
After the markets close, Bsquare, Casey’s General Stores and Stitch Fix will all report profits.
Economic data includes wholesale inventories, wholesale sales and consumer credit expected to rise $20 billion as the ISM report on hospital supply chains is released at 10:00 a.m. ET.
Wednesday March 8th
Wednesday will see the first meeting of the new board created by the Florida state government, headed by Gov. DeSantis, that will oversee the development of Disney World.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 101.14 | +2.22 | +2.24% |
DESANTIS APPOINTS MOMS FOR LIBERTY CO-FOUNDER TO THE NEW DIRECTORS OF DISNEY WORLD
Elsewhere, the Pennsylvania State Senate has subpoenaed the CEO of Norfolk Southern to testify about the derailment in East Palestine, Ohio. The hearing will be the first time a Legislature in the United States has testified the CEO after the disaster.
WATCH: OHIO RESIDENTS STRIKE OUT
A Norfolk Southern official was severely criticized on behalf of his company Thursday at a city hall in eastern Palestine, Ohio. (WEWS)
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NPC | NORFOLK SOUTHERN CORP. | 228.35 | -0.25 | -0.11% |
After a 22% sales drop during the holiday season and some layoffs, Mattel will give investors a strategic update and outline plans for the year in a virtual investor meeting. Rival Hasbro could also be active.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MAT | MATTEL INC. | 06/18 | +0.17 | +0.95% |
| HAS | HASBRO INC. | 55.62 | +0.55 | +1.00% |
The Senate Health Education Labor and Pensions Business is served by a subpoena from Howard Schultz, Chief Executive Officer, Starbucks Corporation; immediately followed by a hearing defending the right of workers to organize unions free from illegal anti-union activities. Last week, Starbucks told FOX Business that they are in touch with Sen. Bernie Sanders about the request, but are sticking to the original decision not to appear at this time.
JUDGE SAYS STARBUCKS COMMITTED “DISGUSTING AND WIDESPREAD” WORKPLACE INJURIES DURING UNION FIGHTING
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 104.55 | +1.54 | +1.50% |
Premarket earnings include Brown-Forman, Campbell Soup, United Natural Foods and Vita Coco.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BF.B | BROWN FORMAN CORP. | 67.03 | +1.19 | +1.80% |
| CPB | CAMPBELL SOUP CO. | 52.41 | -0.01 | -0.02% |
| UNFI | UNITED NATURAL FOODS INC. | 42.63 | +0.41 | +0.97% |
| COCONUT | VITA COCO CO. | 11/17 | 0.00 | 0.00% |
Earnings after the bell include Fossil, Groupon, IDT, and LoanDepot.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FOSL | FOSSIL GROUP INC. | 4.57 | +0.12 | +2.70% |
| GRPN | GROUPON INC. | 6.82 | +0.07 | +1.04% |
| IDT | IDT CORP | 30.64 | +0.22 | +0.72% |
| LDI. | n / A | n / A | n / A | n / A |
Economic data on Wednesday includes Mortgage Applications, National ADP Employment, International Trade, JOLTS Jobs, EIA Weekly Crude Inventories and the WASDE Harvest Report.
AMERICA’S LOW LABOR PARTICIPATION RATE “A SOCIAL AND ECONOMIC DISASTER,” EXPERTS WARN
Thursday, March 9th
Thursday’s revenue includes BJ’s Wholesale Club, Build-A-Bear Workshop, JD.com and Wheels Up Experience.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BJ | BJS WHSL CLUB HLDGS INC | 73.96 | -0.18 | -0.24% |
| bbw | BUILD A BEAR WORKSHOP INC | 09/21 | +0.42 | +2.03% |
| JD | JD.COM INC. | 47.46 | +0.39 | +0.83% |
| HIGH | WHEELS UP EXPERIENCE INC | 1.13 | +0.01 | +0.89% |
After the bell, earnings from American Outdoor Brands, Gap, Smith & Wesson Brands, Ulta Beauty and Vail Resorts will be released.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AOBC | n / A | n / A | n / A | n / A |
| GPS | GAP INC. | 12.77 | -0.02 | -0.16% |
| SWBI | SMITH & WESSON BRANDS | 11.11 | +0.36 | +3.35% |
| ULTA | ULTA BEAUTY INC. | 522.06 | +0.94 | +0.18% |
| MTN | VAIL RESORTS | 239.04 | +1.87 | +0.79% |
Thursday’s economic data includes challenger layoffs and initial jobless claims.
Also on Thursday, Disney’s Bob Iger will participate in a Q&A at Morgan Stanley’s Tech, Media and Telecom Conference.
LOS ANGELES, CALIFORNIA – NOVEMBER 18: Disney Executive Chairman Bob Iger attends the Exclusive 100 Minute Sneak Peek of Peter Jackson’s The Beatles: Get Back at the El Capitan Theater on November 18, 2021 in Hollywood, California. (Photo by Charley Gall ((Photo by Charley Gallay/Getty Images for Disney)/Getty Images)
It is speculated that Iger, who returned to replace Bob Chapek after a firestorm of PR failures, is considering a successor. FOX Business’ Charlie Gasparino reported last week that NBA Commission Adam Silver may be shortlisted.
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BJ’s Wholesale Club will hold an investor day following the earnings release to update the long-term growth strategy and outlook.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BJ | BJS WHSL CLUB HLDGS INC | 73.96 | -0.18 | -0.24% |
Friday March 10th
Florida Gov. Ron DeSantis will be in Iowa for events in Des Moines and Davenport. At both events, DeSantis will be interviewed by Iowa Gov. Kim Reynolds.
Florida Gov. Ron DeSantis on January 31, 2023. (James A. Jones Jr./The Bradenton Herald/Tribune News Service via Getty Images) (James A. Jones Jr./The Bradenton Herald/Tribune News Service via Getty Images/Getty Images)
On Friday at 12:00 p.m. Apple will begin its annual shareholder meeting, where CEO Tim Cook and General Counsel Kate Adams will take to the virtual stage to answer handpicked questions from shareholders and provide some company updates.
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Mobile sports betting will go live in Massachusetts.
Economic data on Friday includes the February jobs report and the federal budget.
US employers are expected to add 200,000 jobs last month compared to the robust 517,000 reported in January. The unemployment rate is expected to remain stable at 3.4%.
On Friday there is no significant income.
