6 portfolio stock earnings and the Fed's favorite inflation gauge dominate the week ahead
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The S&P 500 and the Nasdaq extended their declines to six straight sessions, their worst losing streaks in more than 1½ years. The Nasdaq sank 2% on Friday as Netflix dropped nearly 11% post-earnings and Club stock Nvidia fell 10%. The Dow Jones Industrial Average closed modestly higher Friday, led by an over 6% increase in American Express following earnings. Fed chief Jerome Powell said he sees a 'lack of further progress' this year on inflation. Fresh economic data and six Club stock earnings will take center stage in the week ahead. The main event will be the release of March personal spending and income data, including the PCE price index and the core PCE price index. The consensus estimate is for a headline PCE increase of 2.6% year over year and a core PCE gain of 2.7%. Thursday brings the government's first read on U.S. economic growth in the first quarter, with GDP expected to have advanced at a 2.2% annualized rate. The state of the housing market is also in focus next week, with the March new home sales and pending home sales reports. Six Club names set to report next week include Danaher, Meta Platforms, Ford, Honeywell, Microsoft, and Alphabet. Other notable companies reporting include Verizon Communications, General Motors, Tesla, Visa, Boeing, AT&T, and Exxon Mobil.

#StockMarket #Earnings #Inflation #EconomicData #PcePriceIndex #CorePcePriceIndex #Gdp #HousingMarket

https://www.cnbc.com/2024/04/20/6-club-stock-earnings-and-pce-inflation-dominate-the-week-ahead.html