What To Expect in the Markets This Week

Investors anticipate comments from Federal Reserve Chairman Jerome Powell and other central bank officials after positive economic data last week.

Presidential candidate Kamala Harris will speak at the Democratic National Convention on Thursday.

Retailers Lowe’s (LOW) and Target (TGT) will report earnings this week, while technology firms Palo Alto Networks (PANW) and Snowflake (SNOW) are also scheduled to release financial updates.

Monday, Aug. 19

• Democratic National Convention begins
• U.S. leading indicators (July)
• Federal Reserve Gov. Christopher Waller delivers remarks
• Palo Alto Networks and Estee Lauder (EL) report earnings

Tuesday, Aug. 20

• Democratic National Convention continues
• Fed Vice Chair Michael Barr and Atlanta Fed President Raphael Bostic deliver remarks
• Lowe’s reports earnings

Wednesday, Aug. 21

• Democratic National Convention continues
• Federal Open Market Committee (FOMC) July 30-31 meeting minutes
• TJX Cos (TJX), Target, Snowflake, Zoom Video (ZM), Toll Brothers (TOL), and Macy’s (M) report earnings

Thursday, Aug. 22

• Initial jobless claims (Week ending Aug. 17)
• Existing home sales (July)
• S&P Global flash U.S. services and manufacturing PMI (August)
• Democratic National Convention concludes with remarks from presidential candidate Kamala Harris
• Jackson Hole Economic Symposium begins
• Intuit (INTU), TD Bank (TD), Workday (WDAY), and Ross Stores (ROST) report earnings

Friday, Aug. 23

• Fed Chair Powell delivers remarks at the Jackson Hole Economic Symposium
• New home sales (July)

Investors Await Comments from Powell

Market watchers will be focused this week on comments from Federal Reserve officials.

After economists analyzed inflation and retail data last week, many forecast the Federal Reserve would begin cutting interest rates in September. But so far, few Fed officials have confirmed that sentiment, with speakers last week providing vague details on the path of interest rates. 

Fed Chair Powell is expected to provide some clarity in his remarks Friday at the Jackson Hole Economic Symposium. The remarks are expected to be his first since the consumer price index (CPI) for July showed inflation fell to its lowest levels since March 2021, giving officials more evidence that price pressures have eased.

Earlier in the week, Fed Gov. Wallace, Fed Vice Chair Barr and Atlanta Fed President Bostic will speak. On Wednesday, the release of the July Federal Open Market Committee (FOMC) meeting minutes will provide details on members’ discussions about economic conditions in their July meeting.

Investors Await Reports from Retailers, Cybersecurity Firms 

Several large retailers will update investors on their earnings this week, following higher retail sales in July that surprised market watchers. A handful of tech firms are also scheduled to report earnings.

Hardware retailer Lowe’s will report on Tuesday, coming after May earnings showed consumers were buying fewer big-ticket items. 

On Wednesday, Target looks to turn around disappointing first-quarter sales figures. Big-box rival Walmart reported strong earnings the week earlier.  On the same day, Macy’s report comes after the company last month ended talks with activist investor groups that were seeking to acquire the troubled retailer. 

Discount retailers TJX Cos, the parent of TJ Maxx, and Ross Stores are also reporting this week. 

Palo Alto Networks’ report on Monday is expected to give investors insight into the strength of the cybersecurity industry, as the company is expected to show quarterly growth in both revenue and net income. On Wednesday, cloud data firm Snowflake looks to bounce back after it missed earnings estimates last quarter, despite growing demand for its artificial intelligence (AI) products. 

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