Investors will get a fresh update on the state of the labor market as several key reports will release throughout the week. Bed Bath & Beyond will also be watched closely as the retailer's leadership outlines its next strategic steps.
On Friday, U.S. stocks saw a sharp selloff with the Dow Jones Industrial Average touching a 1,000+ point drop.
The S&P 500 and the Nasdaq Composite shed over 3%. Federal Reserve Chairman Jerome Powell delivered a warning about the health of the economy, with interest rates expected to rise even further as policymakers try to tame red-hot inflation.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
While Monday will be quiet for corporate earnings and economic data, the CME Group will expand its cryptocurrency derivatives offering with the introduction of Bitcoin Euro and Ether Euro futures.
Russia's Moscow Exchange will also ban the use of dollars as collateral to underwrite transactions.
The week's earnings will kick off on Tuesday with Baidu, Best Buy, Big Lots and Kirkland's before the market opens and ChargePoint Holdings, Chewy, CrowdStrike, Hewlett-Packard Enterprise and PVH Corporation after the bell.
Ticker Security Last Change Change % BIDU BAIDU INC. 147.71 -3.31 -2.19%BBY BEST BUY CO. INC. 74.15 -4.04 -5.17%BIG BIG LOTS INC. 22.02 -1.34 -5.74%KIRK KIRKLAND’S INC. 4.21 -0.51 -10.81%CHPT CHARGEPOINT HOLDINGS 15.28 -0.41 -2.61%CHWY CHEWY INC. 38.10 -2.47 -6.09%CRWD CROWDSTRIKE HOLDINGS INC. 194.56 -8.38 -4.13%HPQ HP INC. 31.39 -3.10 -8.97%PVH PVH CORP. 64.03 -3.69 -5.45%
On the economic data front, investors will take in the JOLTs report, consumer confidence and the FHFA and Case-Shiller home price indexes.
Richmond Fed president Thomas Barkin will also speak in person before the Hungtington Regional Chamber of Commerce on inflation and the economy and New York Fed president John Williams will participate in a moderated discussion before the Wall Street Journal's Live Q&A event.
The U.S. Securities and Exchange Commission is also expected to decide on whether it will approve the listing and trading of the ARK 21Shares spot bitcoin ETF.
On Wednesday, Barnes & Noble Education, Brown-Forman, Chico’s FAS, Designer Brands, Express and Vera Bradley will deliver earnings results before the market opens. Meanwhile, Cooper Companies, Five Below, Nutanix and Okta will take the spotlight after the bell.
Ticker Security Last Change Change % BNED BARNES & NOBLE EDUCATION INC COM 2.29 -0.14 -5.76%BF.B BROWN-FORMAN CORP. 75.75 -1.81 -2.33%CHS CHICO’S FAS INC. 6.38 -0.15 -2.30%DBI DESIGNER BRANDS INC. 17.22 -0.26 -1.49%EXPR EXPRESS INC. 1.95 -0.10 -4.88%VRA VERA BRADLEY INC. 4.53 -0.24 -5.03%COO THE COOPER COS. INC. 296.72 -17.25 -5.50%FIVE FIVE BELOW INC. 127.14 -7.06 -5.26%NTNX NUTANIX INC. 18.14 -1.27 -6.54%OKTA OKTA INC. 93.48 -5.09 -5.16%
The revamped ADP national employment report will be the main event on Wednesday for economic data. Investors will also digest weekly mortgage applications and the Energy Information Administration's weekly crude stocks.
In addition, Cleveland Fed president Loretta Mester will speak on the economic outlook and monetary policy before the Dayton Area Chamber of Commerce Government Affairs Breakfast Series and Atlanta Fed president Raphael Bostic will deliver remarks and participate in a moderated conversation at the Georgia Fintech Academy.
Ticker Security Last Change Change % BBBY BED BATH & BEYOND INC. 10.70 +0.60 +5.94%
Bed Bath & Beyond will also provide a "business and strategic update" to investors during a conference call on Wednesday. The call will take place at 8:15 a.m. Eastern Time, with a press release and related materials to be issued approximately 45 minutes prior.
"We recognize the strong interest in our company and our plans to better serve customers, recapture market share, drive growth and profitability, ensure our vendors are supported, and strengthen our balance sheet," Bed Bath & Beyond interim CEO Sue Gove said.
The announcement coincides with a Wall Street Journal report that the domestic goods retailer is reportedly nearing final terms for a loan of close to $400 million from Sixth Street Partners to strengthen its liquidity.
Wrapping up the week for earnings before the market opens will be 1-800-Flowers, Build-A-Bear Workshop, Campbell Soup, Duluth Holdings, Hormel Foods, Hovnanian Enterprises, J. Jill, Lands’ End, Ollie’s Bargain Outlet, Signet Jewelers and Toro.
Ticker Security Last Change Change % FLWS 1 800 FLOWERS COM 8.94 -0.38 -4.08%BBW BUILD A BEAR WORKSHOP INC 16.86 -1.36 -7.46%CPB CAMPBELL SOUP CO. 50.69 -0.55 -1.07%DLTH DULUTH HOLDINGS INC 8.99 -0.59 -6.16%HRL HORMEL FOODS CORP. 51.09 -0.38 -0.73%HOV HOVNANIAN ENTERPRISES 42.97 -2.48 -5.46%JILL J.JILL INC. 16.22 -0.07 -0.43%LE LANDS END 14.66 -1.08 -6.86%OLLI OLLIE’S BARGAIN OUTLET HOLDINGS INC. 61.13 -4.64 -7.05%SIG SIGNET JEWELERS LTD. 68.41 -2.31 -3.27%TTC THE TORO CO. 84.46 -3.17 -3.62%
Meanwhile, Broadcom and lululemon athletic will be in focus after the bell.
Economic data on the docket for Thursday will be the ISM manufacturing PMI, construction spending, vehicle sales, productivity and initial and continuing jobless claims. Atlanta Fed president Raphael Bostic will also make a presentation to the undergraduate finance class at Georgia Tech’s Scheller College of Business.
Other notable events include Monster Beverage's 6% price increase in the U.S. due to "continued cost pressures" and the deadline for regulators in the United Kingdom to make an initial decision on whether Microsoft's $68.7 billion deal to buy Activision Blizzard could result in a "substantial lessening of competition within any market or markets in the United Kingdom for goods or services."
The August jobs report and factory orders will finish out the week for economic data.
Friday also marks the deadline for Meta, Twitter, TikTok, Truth Social, Rumble, Gettr, Telegram and Gab to provide information to the House Oversight Committee on how they are responding to a spike in online threats against law enforcement officers following the Federal Bureau of Investigation's court-authorized search of former President Trump’s Mar-a-Lago Club earlier this month.