The markets will be closed this Monday in honor of President’s Day, but that’s unlikely to halt the market fluctuations we’ve been experiencing recently. More major companies are releasing earnings this week, and there are several economic events ahead that are likely to move the markets.
Here are three to watch for this week. Check TipRanks’ Economic Events Calendar regularly to keep track of all economic events.
FOMC Minutes Release – Wednesday, 2/22, 2:00 p.m. – This Wednesday, the Fed will release the minutes from its meeting of January 31-February 1. A report from Raphael Bostic, the Atlanta Feb President, will follow. Investors are nervously anticipating indications of another 50 basis point interest rate hike. That’s because the Federal Reserve aims to tame persistently rising inflation, and the latest slew of economic data (the increasing consumer price index, producer price index, retail sales numbers, and consumer confidence), are all aggravating the problem.
Existing Home Sales Report – Tuesday, 2/21, 5:00 p.m. – Last month’s report showed existing home sales falling to the lowest level since November 2010, likely due to rising interest rates. According to a Redfin report, mortgage-purchase applications have been down. It would not be surprising if this Tuesday’s report showed sluggish sales of existing homes.
Preliminary GDP Sales – Thursday, 2/23, 3:30 p.m. – GDP rose 2.9% in the fourth quarter of 2022, in a higher-than-expected increase. Last week’s positive CPI report could serve as a sign for the GDP, which could well show another rise. GDP (Gross Domestic Product) gives information about the size of the economy and how it’s performing, so an increase in GDP would suggest a healthy economy.
