Stock markets declined for the week, snapping their five-week winning streak, as hotter-than-expected consumer and producer price reports, coupled with surging consumer sentiment, raised concerns that inflation will remain higher for longer, pushing the Fed’s first rate cut to a later date than was previously forecasted.
This will be a holiday-shortened trading week, as the markets will be closed on Monday for President’s Day. While it will be relatively light on economic reports, there are several market-moving events scheduled for the next few days, including the Federal Reserve January meeting’s minutes and Nvidia’s (NVDA) earnings.
Three Economic Events
Here are three economic events that could affect your portfolio this week. For a full listing of all upcoming economic events, check out the TipRanks Economic Calendar.
» February’s S&P Global Manufacturing PMI (preliminary reading) – Thursday, 02/22 – The Manufacturing PMI captures business conditions in the manufacturing sector, which contributes a significant part of total GDP. The manufacturing PMI is considered an important indicator of business conditions and the overall economic climate in the U.S.
» February’s S&P Global Services PMI (preliminary reading) – Thursday, 02/22 – The Services PMI captures business conditions in the services sector; it is a crucial indicator since the services sector is responsible for over 70% of total U.S. GDP. PMI indices are leading economic indicators used by economists and analysts to gain timely insights into changing economic conditions, as the direction and rate of change in the PMIs usually precede changes in the overall economy.
» January’s Existing Home Sales Change – Thursday, 02/22 – This report measures the sales volumes and prices of existing single-family homes, condos, and co-ops nationwide. Existing homes account for over 90% of total home sales in the country, so this report provides insights into the health of the housing market which has significant implications for economic activity throughout the U.S.
