US stock and bond markets will be closed Monday for Labor Day. It’s been a quiet week on the earnings calendar once investors have returned from the long weekend, but a few major economic data releases should get a lot of attention.
This week’s results will come from
will also host a product launch event on Wednesday, when it is expected to unveil a new line of iPhones and Apple Watches.
Economic data released next week includes the Institute for Supply Management‘s Services Purchasing Managers Index for August on Tuesday. The consensus estimate is that the index will decline about three points, to 54.
Other data investors and economists will need to watch next week will be the Federal Reserve’s sixth Beige Book of the year on Wednesday and the Department of Labor’s first unemployment claims for the final week of Thursday.
The European Central Bank also announces a monetary policy decision on Thursday. Futures markets are pricing in the highest probability of a 75 basis point hike, which would bring the ECB’s benchmark interest rate target to 0.75%.
Equities and fixed income securities markets are closed on Labor Day.
The Institute of Supply Management publishes its Services Purchasing Managers Index for the month of August. The consensus estimate is for a reading of 54, about three points lower than in July. The index is a far cry from its November high of 68.4, but still above the expansionary 50 level.
Apple is hosting a launch event, titled “Far Out,” at its headquarters in Cupertino, California. The company is expected to unveil four new iPhone 14 models and three new Apple Watches, along with other products.
GameStop and NIO report quarterly results.
The Federal Reserve publishes the beige book for the sixth time out of eight this year. The report summarizes current economic conditions with anecdotal data collected by the 12 regional Federal Reserve banks.
mortgage bankers The Association releases its survey of mortgage applications for the week ending September 2. Mortgage applications have fallen for three straight weeks and are at multi-decade lows amid record house prices and rising mortgage rates.
DocuSign and Zscaler are hosting conference calls to discuss quarterly results.
organizes a research and development day, with presentations from its leaders, including CEO Stéphane Bancel.
The European Central Bank announces its monetary policy decision. Traders are pricing in a 60% chance of a giant 75 basis point hike, which would take the ECB’s deposit facility rate to 0.75%. At its last meeting in July, the central bank raised its policy rate by half a percentage point, from minus 0.5% to zero. It has been just over a decade since the deposit facility rate was last above zero.
The Ministry of Labor reports the first jobless claims for the week ending September 3. Applications averaged 241,500 in August and have risen steadily this year from historic lows.
Kroger announces results for the second quarter of fiscal 2023.
the parent company of fashion brands Coach and Kate Spade, is hosting an Investor Day at its headquarters in New York. The company will discuss its long-term strategic initiatives and update its financial outlook.
The Federal Reserve publishes the financial accounts of the United States for the second quarter. The report provides an overview of household net worth and debt in the country. In the first quarter, household net worth fell $544 billion to $149.3 trillion. This is the first decline since the first quarter of 2020. With the
index plunging more than 16% in the second quarter, it is very likely that the report will show another decline.
Write to Nicholas Jasinski at [email protected]