Get forward of the market by subscribing to Looking for Alpha’s Wall Avenue Week Forward, a preview of key occasions scheduled for the approaching week. The publication retains you knowledgeable of the largest tales set to make headlines, together with upcoming IPOs, investor days, earnings experiences and convention shows.
The Federal Reserve assembly will draw all the eye this week, regardless that merchants think about it a fait accompli. Fed funds futures say there’s a 99% probability that the Federal Open Market Committee retains rates of interest on maintain. This previous week’s scorching inflation information has cemented that perception and put the deal with the Abstract of Financial Projections, also referred to as the dot plot. For now, the market remains to be pricing in a primary quarter-point price reduce in June. Investing Group Chief James A. Kostohryz says based mostly on the February CPI, “the Fed wants to significantly improve the hawkish tone of its communications with a view to dampen expectations relating to the timing and extent of Fed price cuts in 2024.” But when FOMC members push out their forecasts the higher-for-longer narrative achieve steam once more. Together with the Fed, there will likely be a number of housing numbers to think about. The NAHB Housing Market Index for March, the February begins and permits figures and February present residence gross sales are all due.
Earnings highlight: Monday, March 18 – StoneCo (STNE), Comtech (CMTL) and Science Functions (SAIC). See the complete earnings calendar.
Earnings highlight: Tuesday, March 19 – Tencent Music (TME), Caleres (CAL), Citi Developments (CTRN) and Core & Important (CNM). See the complete earnings calendar. See the complete earnings calendar.
Earnings highlight: Wednesday, March 20 – Micron Expertise (MU), Signet Jewelers (SIG), Common Mills (GIS) and 5 Under (FIVE). See the complete earnings calendar. See the complete earnings calendar.
Earnings highlight: Thursday, March 22 – Nike (NKE), FedEx (FDX), Accenture (ACN), Lululemon (LULU) and Darden Eating places (DRI). See the complete earnings calendar. See the complete earnings calendar.
Volatility watch: Choices buying and selling quantity is elevated for Chewy (CHWY). The listing of highly-shorted shares heading into the brand new week contains B. Riley (RILY), Imperial Petroleum (IMPP) and Atmus Filtration Expertise (ATMU). Essentially the most overbought shares per their 14-day Relative Power Index embody Pure Useful resource Companions (NRP), Zoominfo (ZI) and Ziff Davis (ZD). Essentially the most oversold shares per their 14-day Relative Power Index embody Air Merchandise and Chemical compounds (APD), Infosys (INFY) and Tesla (TSLA).
IPO watch: Reddit (RDDT) headlines the IPO calendar with its much-anticipated debut. The social media firm is anticipated to cost 22M shares between $31 and $34 per share, elevating as much as $748M with the deal. Intel-backed Astera Labs (ALAB) additionally launches its IPO this week. The semiconductor connectivity firm plans to promote 17.eight million shares between $27 and $30 per share to lift as much as $534M. About 3M of the shares bought come from present shareholders. As well as, Instacart (CART) will exit its lockup interval.
Investor occasions: Nvidia (NASDAQ:NVDA) will maintain its annual GTC convention on the San Jose Conference Middle over a four-day interval. CEO Jensen Huang will unveil the corporate’s newest breakthroughs in accelerated computing, generative AI, and robotics. (Extra beneath.) CERAWeek in Houston, Texas will convey collectively international leaders to advance new concepts, perception and options to the largest challenges going through the way forward for vitality, the atmosphere, and local weather. Audio system embody Exxon Mobil (XOM) CEO Darren Woods, Chevron (CVX) CEO Mike Wirth, Shell (SHEL) CEO Wael Sawan and Saudi Aramco (ARMCO) CEO Amin Nasser. Additionally forward are Western Midstream Companions’ (WES) Digital Power & Utilities Day, Brown-Forman’s (BF.A) (BF.B) Investor Day, Huntington Ingalls Industries’ (HII) Investor Day, Altair Engineering’s (ALTR) Investor Day and Synopsys’ (SNPS) Investor Day.
GTC preview: BofA Securities calls Nvidia’s (NVDA) GPU Expertise Convention “AI Woodstock.” Perhaps many individuals will say they had been there many years from now. Wedbush says attendees will likely be in search of commentary of liquid cooling wants for the highly effective structure and that “one of many struggles for liquid cooling in gaining traction has been an absence of an ordinary implementation.” From a inventory perspective, Investing Group Chief Livy Funding Analysis says that “Nvidia is presently buying and selling precisely at the place it needs to be. Primarily based on historic observations” and that “momentum is anticipated to select up progressively post-GTC, and extra prominently approaching the F1Q25 period-end and on the heels of mentioned earnings launch.”