The Week Ahead
by Geoff Garbacz
The NASDAQ 100, Dow Jones Industrial Average and S&P 500 were higher for the week. Meanwhile the Russell 2000 was lower.
1.Geopolitical and Fiscal Events. The evasive stimulus bill will drive headlines again this week. The Republican Convention takes place this week through Thursday.
2.Economic Releases. Releases of note this week include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as new home sales, consumer confidence, durable goods orders, Q2 GDP (2nd estimate), pending home sales, personal income and University of Michigan Consumer Sentiment.
3.Earnings Releases. Notable releases this upcoming week include PANW SXI CRM MDT RY SPLK TD VMW DG DELL.
Monday, August 24
The Republican National Conventions begins virtually and in Charlotte, North Carolina. It will run through Thursday night when President Trump delivers the final speech.
President Trump holds a press conference with FDA Commissioner Hahn at 6 pm ET tonight to unveil “a major therapeutic breakthrough” in the fight against Covid-19. Speculation is that breakthrough regards blood plasma to treat COVID patients.
Tuesday, August 25
July New Home Sales are due out at 10:00 a.m. EDT and is expected to rise to 787,000 from 776,000 in June.
August Consumer Confidence is due out at 10:00 a.m. EDT and is expected to 93 from 92.6.
The latest NYSE and NASDAQ Short Interest Data is due out after the close and is through settlement of August 15th. During this period, the S&P 500 rose 3.74%.
Wednesday, August 26
July Durable Goods Orders is due out at 8:30 a.m. EDT and is expected to drop to 3.9% from 7.6%. Thursday, August 27
Q2 GDP (2nd Estimate) is due out at 8:30 a.m. EDT and is expected to remain at -32.9%.
July Pending Home Sales are due out at 10:00 a.m. EDT and are expected to fall to 5.6% from 16.6%.
Federal Reserve Chairman Jerome Powell will speak in the morning from Jackson Hole, Wyoming at the Federal Reserve Kansas City Symposium.
Friday, August 28
July Personal Income is due out at 8:30 a.m. EDT and is expected to fall by -0.2% from -1.1%.
University of Michigan Consumer Sentiment – Final and is expected to remain at 2.8%.
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