This week will be a busy one for investors with defense income, credit cards and airlines all reporting quarterly results.
The stock market is having a mixed week with the Dow Jones Industrial Average down more than 2%, while the S&P fell slightly while the Nasdaq Composite rose nearly the same despite a strong Friday.
TBEN Business analyzes this week’s major market events.
HEDGE FUND INDUSTRY LOST $125B IN ASSETS IN 2022
The IRS tax season begins with the acceptance and processing of individual tax returns for 2022. This is because the IRS has adjusted the tax brackets upward to account for inflation for the 2023 tax year.
Elsewhere, Activision Blizzard, maker of games like World of Warcraft, Overwatch and Daiblo, will stop working in China on Monday. This is because Blizzard refused to renew a 14-year contract it had with NetEase, a Chinese company, to host the game in China. Blizzard is looking for a new partner in China.
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In auto news, GM will begin notifying car owners of a recall aimed at not turning off daytime running lights, which can cause dangerous glare.
In earnings news, before the market opens, Baker Hughes and Synchrony Financial will take center stage.
After the bell, investors will listen to Brown & Brown and Zions Bank.
In economic news, the Conference Board’s index of leading economic indicators is expected to fall 0.7%.
On Tuesday, Apple will launch its new MacBook Pro computers with improved internal chips.
The Oscar nominations will be announced Monday in a year that saw the highly anticipated sequels to both Avatar and Tom Cruise’s Top Gun.
Also on Monday, the Senate will hold a hearing on the ticketing industry following the Taylor Swift Eras tour fiasco and subsequent lawsuit by her fans. Lawmakers will investigate whether Ticketmaster acted as a monopoly and whether it should be attacked under antitrust rules.
A barrage of earnings on Tuesday includes 3M, General Electric, Johnson & Johnson, PACCAR, Lockheed Martin, Raytheon Technologies, Travelers, Union Pacific and Verizon.
Following the bell, investors will hear from Capital One Financial, Microsoft and Texas Instruments.
Economic data released Tuesday includes the S&P Global manufacturing PMI and services, as well as the Richmond Fed services index.
Microsoft’s Developer Direct games presentation includes announcements about Redfall, Forza Motorsport, Minecraft Legends, and The Elder Scrolls Online.
Meanwhile, Amazon workers in the UK will go on strike at a warehouse as waves of strikes sweep across the UK.
Before the market opens, investors will tune in to earnings calls for AT&T, Boeing, General Dynamics, NextEra Energy, US Bancorp, Textron, Hess, Nasdaq and Norfolk Southern.
After the bell, investors will eagerly follow the earnings of Tesla, which recently cut prices, as well as IBM, Crown Castle, Lam Research, Flex, CSX and Levi Strauss.
Wednesday’s economic data includes mortgage applications and weekly EIA crude inventories.
MORTGAGE PRICES FALL TO THE LOWEST LEVEL SINCE SEPTEMBER
The FDA meets Thursday to discuss the future of COVID shots and boosters.
Audi unveils Activesphere concept car as part of its collection of concept cars, including the Grandsphere, Skysphere and Urbansphere, all built on a Volkswagen group’s PPE electric vehicle platform.
Earnings to start the day include Comcast, Dow, MasterCard, Northrup Grumman, Sherwin-Williams, Tractor Supply Co, Valero Energy, Alaska Airlines, American Airlines, Jetblue and Southwest.
After the bell, investors will hear from Visa, Intel, KLA and L3Harris Technologies.
On the economic calendar, the first reading on GDP will be released in the fourth quarter and is forecast to show growth of 2.8%.
Other data to watch includes building permits, durable goods and first jobless claims.
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Disneyland resorts are celebrating Walt Disney’s 100th birthday.
This is because Disney is locked in a battle for control of its board, while activist investor Nelson Peltz fights for a seat.
Friday market open gains will close out the week with American Express, Chevron, Charter Communications, Colgate-Palmolive and Booz Allen Hamilton.
Economic data to close out the week includes personal income, personal consumption, the University of Michigan consumer confidence index and projected home sales.