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Morning Matters:

The Week Ahead
by Geoff Garbacz

August 23, 2021

The S&P 500, Dow Jones Industrial Average, Russell 2000 and NASDAQ 100 were all lower for the week.

1.Geopolitical and Fiscal Events. On Thursday the Jackson Hole Symposium begins. Congress is back for a one week session before going back on recess while the Supreme Court is still hearing cases and may rule on the eviction moratorium this week.

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 existing home sales, new home sales, durable orders, Q2 GDP, personal income, PCE Core and University of Michigan Consumer Sentiment.

3.Earnings Releases. Notable releases this upcoming week include JD PANW MDT INTU CRM RY TD VMW WDAY DG BIG HIBB. See the Earnings section of Chart Room for more details.

Monday, August 23rd

July Existing Home Sales are due out at 10:00 a.m. EDT and is expected to fall to 5.85 million from 5.86 million.

Tuesday, August 24th

July New Home Sales are due out at 10:00 a.m. EDT and is expected to come in at 700,000 from 676,000 in June.

The latest NYSE and NASDAQ Short Interest Data through the 13th of August settlement and on a trade basis from August 11th back to July 28th. During that period, the S&P 500 rose 1.07%.

Wednesday, August 25th

July Durable Order are due out at 8:30 a.m. EDT and are expected to remain at 0.30%.

Thursday, August 26th

Q2 GDP – second estimate is due out at 8:30 a.m. EDT and is expected to remain at 6.0%.

The Kansas City Federal Reserve holds its annual symposium in Jackson Hole, Wyoming and it will run through Saturday. The event is now virtual from in person.

Friday, August 27th

July Personal Income is due out at 8:30 a.m. EDT and is expected to rise to 0.2% from 0.1%.

July PCE Prices – Core is expected to fall to 0.3% from 0.4%.

August University of Michigan Consumer Sentiment – final is due out at 10:00 a.m. EDT and is expected to improve to 70.7 from 70.2.

Federal Reserve Chairman Powell will speak at the Jackson Hole Symposium.

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